Tax Archives - Page 9 of 10

1 10, 2010

New Penalties for Failure to File or Furnish Information Returns

By Gabrielle Luoma| 2010-10-01T13:58:25+00:00 October 1st, 2010|Blog, Our Services, Tax|Comments Off on New Penalties for Failure to File or Furnish Information Returns

Tax law requires businesses to provide information returns, such a 1099s, to each payee that the business has paid $600 or more for the year. The law also includes penalties for failure to file the same information returns with the IRS. To ensure compliance with these requirements, there are substantial penalties, and, as part of the recently passed Small Business Jobs Act of 2010, those penalties have been doubled. The penalties are generally based upon how late the returns are filed with the IRS or provided to the recipient of the income and are broken down into three tiers:

22 09, 2010

Tax Tips for New Business Owners

By Gabrielle Luoma| 2010-09-22T15:37:48+00:00 September 22nd, 2010|Blog, Business Advice, Our Services, QuickBooks, Tax|Comments Off on Tax Tips for New Business Owners

If you are planning to open a new business, there are a number of tax and accounting issues you need to be aware of. The following are some of the more commonly encountered issues a new business owner needs to cope with. 1. Entity Selection – First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of businesses are the sole proprietorship, partnership, corporation, S corporation and limited liability company. This office can assist you in making that determination and setting up the chosen entity. Depending on the type of entity you choose, you may also need the services of an attorney to complete legal documents required to establish the business.

15 09, 2010

Tax Increases Are Coming Unless Congress Takes Action

By Gabrielle Luoma| 2010-09-15T15:09:19+00:00 September 15th, 2010|Blog, Our Services, Tax|Comments Off on Tax Increases Are Coming Unless Congress Takes Action

Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, there will be a tax increase affecting just about everyone in every tax category. In order to skirt a Senate rule that requires 60 votes to pass a bill that increases the deficit beyond a ten-year window, Congress passed the Bush tax cuts in 2001 and 2003 with most provisions designed to sunset this year.

20 08, 2010

Tax Tips for Newlyweds

By Gabrielle Luoma| 2010-08-20T14:17:49+00:00 August 20th, 2010|Blog, Our Services, Tax|Comments Off on Tax Tips for Newlyweds

Getting married involves hundreds of details and decisions, from wedding planning to house hunting to joint checking accounts. Although taxes may not be high on your priority list, it’s important to consider how you will file your annual returns as newlyweds. With tax season less than a year away, it’s a great time to look at some of the changes you may need to make for the IRS. Here are some basic tips:

23 06, 2010

Expanded Home Tax Credit for Armed Service Members

By Gabrielle Luoma| 2010-06-23T16:35:27+00:00 June 23rd, 2010|Blog, Our Services, Tax|Comments Off on Expanded Home Tax Credit for Armed Service Members

Our courageous armed service men and women now have until April 30, 2011 to take advantage of the home buyer tax credit. Although it expired a little over a month ago for most Americans, this extra year goes a long way for qualified service members.

2 06, 2010

Healthcare Changes for Small Businesses Part 2: 2013-2014

By Gabrielle Luoma| 2010-06-02T17:21:43+00:00 June 2nd, 2010|Blog, Our Services, Tax|Comments Off on Healthcare Changes for Small Businesses Part 2: 2013-2014

Additional modifications to health care are anticipated for 2013 and 2014. (See Healthcare Changes for Small Business, part 1: 2010-2011 for the first installment.) Changes starting in 2013 Beginning in 2013, the itemized medical expense deduction floor will be raised from 7.5% to 10% in order to limit tax-subsidized medical expenses.

10 05, 2010

Healthcare Changes for Small Businesses Part 1

By Gabrielle Luoma| 2010-05-10T16:07:11+00:00 May 10th, 2010|Blog, Our Services, Tax|Comments Off on Healthcare Changes for Small Businesses Part 1

Part 1: 2010-2011 American healthcare is poised for some pretty radical changes over the next several years – changes that are relevant to everyone from the youngest child to the oldest retiree. If you're a small business owner or an employee of a small business, you’re probably wondering whether the new laws and regulations will impact you. Read on to learn about potential changes to your insurance and healthcare premiums.

25 01, 2010

How to Use Your CPA for More than Just Taxes

By Gabrielle Luoma| 2010-01-25T13:43:43+00:00 January 25th, 2010|Blog, QuickBooks, Tax|Comments Off on How to Use Your CPA for More than Just Taxes

Savvy business owners use a Certified Public Accountant to help with their taxes, knowing that training and experience can help to dramatically boost tax savings. But a good CPA is more than just a tax advisor—he or she is a business expert who can help with a range of financial and business development concerns. If you're interested in learning more about the types of assistance a CPA can offer, consider these tips: • Budgets and Business Planning: Whether you’ve just launched a new business or own an existing corporation, seeking the advice of an experienced CPA can be very helpful in establishing realistic budgets and benchmarks for your business. A strategic plan can make the difference between success and failure in today's marketplace; a CPA can help you set business goals, establish checkpoints to measure progress, and take measures to encourage growth within your company.

31 12, 2009

Energy-Saving Tax Credits

By Gabrielle Luoma| 2009-12-31T13:32:16+00:00 December 31st, 2009|Blog, Our Services, Tax|Comments Off on Energy-Saving Tax Credits

Going “green” has become all the rage lately, with more people embracing energy-saving tactics at home and at work. But Mother Earth isn’t the only one who stands to benefit from the emphasis on eco-friendliness—did you know that you can earn significant tax credits for energy-efficient improvements? Earlier this year, the American Recovery and Reinvestment Act (ARRA) outlined some new and expanded tax benefits for individuals and business owners who invest in energy-saving appliances, improvements, or alternate energy sources that result in reduced usage and conserved resources. Homeowners can earn a tax credit of up to 10% of the cost of solar energy systems, energy-efficient construction, or other alternate energy sources. This isn’t just a deduction of your income—it’s a full credit that is deducted directly from the amount of taxes you’re required to pay.

28 12, 2009

Correcting Mistakes on a Tax Return

By Gabrielle Luoma| 2009-12-28T11:38:27+00:00 December 28th, 2009|Blog, Our Services, Tax|Comments Off on Correcting Mistakes on a Tax Return

Believe it or not, we’re just a few short weeks away from the start of the 2009 tax filing season. One of the biggest taxpayer concerns—after “how much will my refund be?”—is the risk of making a mistake on a tax return. It can happen to even the most meticulous filer: after sending off your e-return to the IRS or dropping it in the mail, you notice an error. After the initial flurry of panic, you can relax—your return may technically be out of your hands, but it’s not set in stone just yet. The IRS has factored in a margin of error for busy taxpayers by providing the Form 1040X. The “X-file” allows you to specify what you reported on your original return, where the error was made, and what the correct figures are. You can even use the form to add or remove dependents or change your filing status. The IRS allows you to file an amendment up to three years after the original filing date. Below are a few CPA-recommended tips for filing the Form 1040X: