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 ·...

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 – Health Care Credit for Businesses

by | May 28, 2010 | Current Affairs, Small Business Owners, Tax Tip of The Week

The IRS has issued guidance to help small business owners cope with new requirements in the monumental health care legislation. (IR-2010-38) Under the new health care law, a small business is eligible for credit for contributions used to purchase health insurance for...