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 ·...

Tax Tip of the Week – Hiring My Other Half Can Save Me in Taxes? How?

by | Jul 6, 2010 | Cost Cutting, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week

If you’re a business owner, you know how much you rely on your family’s support. Your spouse probably already is helping you in your business. Actually, putting them officially on the company’s payroll has many advantages.  1.    If your spouse was...

Tax Tip of the Week – Edge for Solo 401(k) Plans

by | Jun 14, 2010 | Cost Cutting, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week

Do you run your small business as a one-person operation? You might consider setting up a solo 401(k) plan. This type of qualified retirement plan provides an edge over comparable plans.   You may have an IRA or have considered investing in one for its tax...

Tax Tip of the Week – Carve out bigger Section 179 deductions

by | Jun 3, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week

In case you’re a new business owner, you may not be familiar with Section 179 and its benefits.  Section 179 allows business owners to fully deduct certain equipment purchases in the year they were purchased rather than depreciating the expenses over several...

Tax Tip of the Week- Tax Aspects Of New Health Care Law

by | May 24, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week

The new health care law includes sweeping changes for both employers and individuals. It is a major bill that has items it that will affect every business and citizen when it is finally implemented in full. We will be discussing each of these in detail during the next...