by | Nov 20, 2013 | Income Taxes, Small Business Owners, Small Business Success Series
3 Steps Guaranteed to Slash Your 2013 Taxes (and Why Your Tax Preparer Is Probably Not Helping You Cut Your Taxes) By Wayne J. Belisle, CPA I’ve had my own business since 1991, and I passed the CPA exam way back in the late 70s. I’ve been...
by | Oct 31, 2013 | Income Taxes, Small Business Owners, Small Business Success Series
What should you do if you discover a mistake in your 2012 tax return that you already filed? You have three years to file an amended return. But the question is, should you? Meet with your tax advisor and weigh the advantages and disadvantages of filing...
by | Oct 26, 2013 | Income Taxes, Small Business Owners, Small Business Success Series
The Section 179 deduction was extended by the American Taxpayer Relief Act of 2012 (ATRA) and increased to $500,000 for 2013. Without further legislation, the maximum deduction is scheduled to drop to $25,000 for 2014. Tax Tip: Consider borrowing money...
by | Oct 11, 2013 | Cash Flow, Income Taxes, Small Business Owners, Small Business Success Series
I forgot to take my required IRA distributions for 2012. Is it too late? Better late than never. The excise tax penalty for not taking a required minimum distribution (RMD) is 50 percent of the amount due. You can pay the tax penalty by...
by | Oct 1, 2013 | Income Taxes
The IRS has started mailing notices to businesses that basically accuse them of underreporting their income. They are comparing 1099-Ks reporting payments businesses have received from credit card and debit card firms (such as PayPal) to the total...
by | Sep 20, 2013 | Income Taxes, Small Business Owners, Small Business Success Series
What is the best way to deduct your health insurance costs if you are self-employed and report your business income on a Schedule C? If you pay your 2013 health insurance for your family, the premiums are reported as a deduction to gross income on the front page of...
