by | May 12, 2011 | Current Affairs, Income Taxes, Tax Tip of The Week
The IRS announced that they paid out tons of bogus claims for homebuyer’s credits. This was based on an investigation by Treasury department inspectors. They uncovered claims that were paid out for homes that were purchased before the credit took effect, by taxpayers...
by | Apr 28, 2011 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Small Business Owners
Congress finally repealed the new 1099 reporting rules for business owners and rental property. President Obama signed the law on April 14th. The current law requires business owners to report on form 1099 payments to service providers who are not incorporated and...
by | Apr 21, 2011 | Current Affairs, Income Taxes, Personal financial planning
The following is an article from The Tax Strategist newsletter that does a very good job of explaining the advantages of donations straight from an IRA. Contact me if you think this is something that might help you. Charitable-minded retirees have another chance to do...
by | Apr 6, 2011 | Accounting & Bookkeeping, Books, Business Success Series, Cash Flow, Cost Cutting, Income Taxes, Sales & Marketing, Small Business Owners
A common theme with my clients this past week has been the importance of good bookkeeping. Two different small business clients were surprised when I told them that they were going to owe $30-$40,000 in additional taxes. When we compared what they gave...
by | Apr 5, 2011 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, QuickBooks, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week
Here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS. By Joy Taylor, Assistant Editor, The Kiplinger Tax Letter www.kiplinger.com/links/auditredflags Ever wonder why some tax returns are audited by the IRS while most are ignored?...
by | Mar 25, 2011 | Accounting & Bookkeeping, Income Taxes, Tax Tip of The Week
From QuickFinder 1040 for 2010 General record keeping requirements for noncash contributions: 1) Name of charitable organization. 2) Date and location of contribution. 3) Reasonably detailed description of contributed property. 4) Fair market value and method of...
