Tax Tip of the Week – 2010 is a good year to buy a business vehicle

by | Oct 25, 2010 | Cash Flow, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week

For 2010 the maximum write-off for cars in the first year is $11,060. That will fall to around $3,000 in 2011.The limit is higher for new SUVs with loaded weights over 6,000 pounds. If the SUV is put in use this year: Up to $25,000 of the cost can be expensed, half of...

Tax Tip of the Week – October 15th Tax Deadline

by | Oct 8, 2010 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week

Many of you may know the October 15th deadline for filing personal income tax returns on extension is approaching. My staff and I have been scrambling to finish the returns that were brought in. For those of you who completely forgot all about your tax return on...

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...