by | Jun 6, 2013 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Income Taxes, Small Business Owners, Small Business Success Series
I recently saw a statistic that approximately 85 percent of small businesses are set up as S Corporations. There are three great tax reasons why so many tax advisors recommend small business owners use an S Corp: 1.To reduce self-employment tax. If your...
by | May 25, 2013 | Accounting & Bookkeeping, Current Affairs, Income Taxes
(And how incorporating your business will reduce your audit risk by 714%) The IRS released their 2012 Data Book that reported the following information about its audit activity for the 12 months ended 9/30/12: Tax Tip: If your small business or rental activity...
by | May 24, 2013 | Current Affairs, Income Taxes
You can claim a mortgage deduction on your main home and one other home, such as a vacation home in a resort area. The law limits the deductible amount to the interest paid on acquisition debt of up to $1 million, plus interest paid on a home equity loan of up...
by | May 14, 2013 | Current Affairs, Income Taxes
Several 2012 court decisions affirmed IRS denials of taxpayers’ charitable contributions because they failed to satisfy all the requirements for deducting them. These cases are a reminder to taxpayers and tax preparers alike to follow all substantiation...
by | May 7, 2013 | Current Affairs, Income Taxes, Small Business Owners
In 2012 the U.S. Supreme Court ruled that ObamaCare was legal basically because it was a tax bill. Whether you agree with them or not, you can’t argue that ObamaCare and its 20+ new or increased tax provisions won’t raise taxes for many taxpayers. These...
by | May 6, 2013 | Books, Business Profit & Cash Flow Tips, Business Success Series, Current Affairs, Income Taxes, QuickBooks, Sales & Marketing, Small Business Owners, Web/Tech
Go to ITunes to download Innovative Small Business Magazine app for your IPad and subscribe to our monthly subscription.
