Space is limited. Reserve your Webinar seat now at: https://www3.gotomeeting.com/register/248908958 Every business owner knows that you need to have a presence online, but what do you do, where do you go, and how do you pull it altogether? We will cover these questions and give you the top three strategies to help you succeed online. [...]
All tax planning involves looking ahead to reach a specific goal. People are inclined to make careful plans when they consider making a home purchase, accepting a new job, taking a dream vacation, or investing for retirement. But when it comes to taxes, they often leave matters to chance, perhaps not realizing the tax savings that can result. THE GOAL OF TAX PLANNING IS TO SAVE YOU MONEY! Every taxpayer has the right AND the responsibility to lower his/her tax bill using a number of different legal methods. Tax planning is the tool that helps you evaluate your financial situation in light of current laws to make sure that you get the benefit of all deductions you’re entitled to.
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:
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.
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.
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:
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.
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.
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.
Are you sick of being dazzled by your CPA and just want straight talk that you can understand? Do you want to work with a CPA that you like and enjoy working with? Do you feel frustrated by having to wait weeks or even months to get your taxes done? Would you like personalized attention? [...]