Tax Tip of the Week – Will The New Small Business Stimulus Bill Really Help?

by | Sep 30, 2010 | Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week

After two years of ignoring small business concerns and spending over 2 trillion dollars bailing out big banks, big business and big unions, congress and the president finally decided to try to help the small businesses who employ almost 90% of employees. The problem...

Tax Tip of the Week – WARNING- New 1099 Rules

by | Sep 17, 2010 | Accounting & Bookkeeping, Books, Current Affairs, Income Taxes, QuickBooks, Small Business Owners, Tax Tip of The Week

The new health insurance legislation imposes significant new tax reporting requirements. In essence, you will have to report most annual payments for goods and services exceeding $600 — including payments to corporations — on Form 1099 At least this...

Tax Tip of the Week – IRS Expands Use of Electronic Payments, Discontinues Paper Coupons

by | Sep 9, 2010 | Accounting & Bookkeeping, Books, Current Affairs, Small Business Owners, Tax Tip of The Week, Web/Tech

The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper coupon payment system will be shut down at the end of this year. With...

Tax Tip of the Week- Am I Over Itemizing?

by | Aug 27, 2010 | Cash Flow, Income Taxes, Tax Tip of The Week

Wonder how your itemized deductions compare with those of other filers? Check the averages in this table. It compares several key write-offs claimed by filers at various income levels, using data compiled by IRS from 2008 returns. Adjusted Gross Income Taxable Income...

Tax Tip of the Week- Tax on Capital Gains and Dividends

by | Jul 28, 2010 | Business Profit & Cash Flow Tips, Current Affairs, Income Taxes, Tax Tip of The Week

The end for the Bush administration tax cuts is finally near. Those rock-bottom tax rates for long-term capital gains and qualified dividends you've cherished the last few years are set to expire after 2010.   Now is a good time to examine your investment...

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 ·...