by | Feb 11, 2012 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week
Two new questions on tax returns for businesses are giving tax preparers fits and exposing taxpayers to potentially large penalties. The IRS wants to know if self-employed, farmers, landlords, partnerships, regular corporations, and S corps made payments that must be...
by | Jan 30, 2012 | Cost Cutting, Current Affairs, Tax Tip of The Week
Are you short of cash for an IRA contribution this year? The IRS may give you a “loan”. Planning strategy: Use your federal income tax refund to fund your IRA contribution. Simply file your 2011 return early, claiming a deduction for the amount you intend to...
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...
