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...

Tax Tip of the Week- Tax Aspects Of New Health Care Law

by | May 24, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week

The new health care law includes sweeping changes for both employers and individuals. It is a major bill that has items it that will affect every business and citizen when it is finally implemented in full. We will be discussing each of these in detail during the next...

Tax Tip of the Week- New Tax Break for Hiring Unemployed

by | May 11, 2010 | Accounting & Bookkeeping, Cost Cutting, Current Affairs, Small Business Owners, Tax Tip of The Week

Finally, congress passes a law designed to stimulate hiring! Just a couple of years later then they should have. Amazing how mid-term elections get the politicians moving to try cutting taxes in order to stimulate hiring. The new Hiring Incentives to Restore...