by | Jan 16, 2012 | Current Affairs, Income Taxes, Tax Tip of The Week
The IRS has informally indicated that iPads and other tablets will be treated like cell phones when employers provide them to employees. Thus, employees won’t be taxed on the value of personal use, as long as the devices are provided primarily for business reasons...
by | Jan 7, 2012 | Current Affairs, Income Taxes, Tax Tip of The Week
The IRS issued News Release 2001-103 (10/20/11) that announced the following qualified retirement plan limits for 2012: ...
by | Dec 6, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Tax Tip of The Week
Discounts on your business’s goods or services may be given to employees and their families tax free. You can provide anything your business makes or sells at a reduced price, but never below cost. Services may be provided at a discount of up to 20 percent. Discounts...
by | Nov 30, 2011 | Cost Cutting, Income Taxes, Tax Tip of The Week
Taxpayers 70 ½ and up must take their payouts from IRAs and company plans by year-end. Start with your December 31, 2010 IRA balances and divide each of them by a factor for your age (The age factors are printed in IRS Publication 590 which you can find at...
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 | 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...
