by | Nov 22, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Cost Cutting, Current Affairs, Income Taxes, Tax Tip of The Week
There is still time to cut your business income tax bill for 2011. Here are 7.5 tax cutters that you should consider implementing before year-end: Buy equipment this year. For 2011, the maximum 100 percent deduction of equipment under Section 179 is $500,000. This is...
by | Nov 16, 2011 | Accounting & Bookkeeping, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners
There is still time to cut your income tax bill for 2011. Here are 11.5 tax cutters that you should consider implementing before year-end: As long as it makes financial sense, sell any of your stocks that are in a loss position to offset any capital gains you may have...
by | Oct 31, 2011 | Accounting & Bookkeeping, Client Question of the Week, Current Affairs, Income Taxes, Tax Tip of The Week
Answer: Normally, no. But if your spouse is still working, you will qualify for a “spousal IRA”. If you are both over 50, you can deduct up to $6,000 each for a total of $12,000 (assuming one of you earned at least that much during the year). You have until your tax...
by | Oct 29, 2011 | Cost Cutting, Current Affairs, Income Taxes, Tax Tip of The Week
Until 12/31/11 you can use Section 179 to write off 100 percent of qualified real property (called real estate for people who don’t speak IRS). Historically, only tangible personal property (equipment) qualifies for Section 179 treatment. But for tax years beginning...
by | Oct 24, 2011 | Income Taxes, Personal financial planning
Answer: Most importantly – File your return on time! The penalty for not filing is 5 percent of the tax due per month, up to 25 percent. The penalty and interest for not paying on time is around 1 percent of the tax due per month. If you think you will have the...
by | Oct 22, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Income Taxes, Small Business Owners, Small Business Success Series
The myth most business owners believe: Hiring a good tax preparer is the secret to paying lower taxes. Why this myth causes a problem: The normal business owner believes that their work is done once they hire a tax preparer. They don’t do anything to control tax...
