Tax Tip of the Week – WARNING- New 1099 Rules

by | Sep 17, 2010 | Accounting & Bookkeeping, Books, Current Affairs, Income Taxes, QuickBooks, Small Business Owners, Tax Tip of The Week

The new health insurance legislation imposes significant new tax reporting requirements. In essence, you will have to report most annual payments for goods and services exceeding $600 — including payments to corporations — on Form 1099 At least this...

Tax Tip of the Week – IRS Expands Use of Electronic Payments, Discontinues Paper Coupons

by | Sep 9, 2010 | Accounting & Bookkeeping, Books, Current Affairs, Small Business Owners, Tax Tip of The Week, Web/Tech

The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper coupon payment system will be shut down at the end of this year. With...

Tax Tip of the Week- Tax on Capital Gains and Dividends

by | Jul 28, 2010 | Business Profit & Cash Flow Tips, Current Affairs, Income Taxes, Tax Tip of The Week

The end for the Bush administration tax cuts is finally near. Those rock-bottom tax rates for long-term capital gains and qualified dividends you've cherished the last few years are set to expire after 2010.   Now is a good time to examine your investment...

Marketing & Selling Tip of the Week – How the Online Servers and a Smartphone Can Save Your Caboose!

by | Jul 28, 2010 | Business Profit & Cash Flow Tips, Current Affairs, Sales & Marketing, Small Business Owners, Web/Tech

We’ve all been in a situation where we are talking to someone and all of a sudden we realize, “Hey this can be a potential sale!” If you’re at a social gathering, you didn’t bring your sales material and your chances of picking up a new client just flew out the...

Looming Tax Hikes Putting Freeze on Small Business

by | Jul 23, 2010 | Accounting & Bookkeeping, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners

Less then six months to the largest tax increases in US History! Almost daily I have conversations with small business owners over their concerns about the economy and how it is affecting their business. And, this is before they truly understand the effect of the...

Tax Tip of the Week – Escape tax penalties on IRA distributions before age 59 ½

by | Jul 15, 2010 | Cost Cutting, Current Affairs, Income Taxes, Tax Tip of The Week

If you are under 59 ½, you generally must pay the 10% penalty on withdrawals from a traditional IRA. But, as the case with plan distributions, the tax law has carved out certain exceptions, including: · Annuity-like payments · Withdrawals due to death or disability ·...