Happy back-to-school season! Did you get your checkbook ready yet for all those expensive books, tuition, parking fees, lab fees, etc., etc., etc.? Not so fast! There are lots of options out there that will help you decrease your expenses. First, let’s take a look at everyone’s favorite American Opportunity Credit. If you or your [...]
Bad accounting? Records are a mess? Well, it’s going to cost you. Yep, just like everything else in business there is an opportunity cost to doing things badly. I am approached all the time and people ask me right off what it’s going to cost for us to do their accounting and I [...]
Year after year this is a question that I wonder about. As a service company we obviously think about retention of current customers. Marketers and consultants use the lifetime value of a customer as a reason to try to keep all the customers you currently have. It’s a simple calculation. Amount you are paid annually [...]
Article Highlights: Pay-as-you-go tax system Tax law changes affecting estimates Underpayment penalties Safe harbor estimates Our tax system is a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. [...]
So, by now, you are feeling the relief of knowing that your taxes are done, right? Well, maybe some of you are feeling relieved. Some of you are still not happy as the 2013 tax increases hit you harder than expected. Tax season is always a time to reflect on what you did last year [...]
If you have been procrastinating on filing your 2013 tax return or have other prior year returns that have not been filed, you should consider the consequences. The April 15 due date for the 2013 returns is just around the corner. That is also the last day to file a 2010 return and be able [...]
Unfortunately, we generally don’t know this term until it’s too late. Consequences require us to remember and then we have heart burn anytime we sell a stock. Yes, it’s important. Why you ask? Because: Basis is the point from which taxable gain or loss is measured Good basis records are required to minimize taxable gains [...]
2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year. Small Business Health Insurance Credit – The tax credit to small employers (25 or fewer equivalent full-time employees) that provide an affordable health insurance plan [...]
There is nothing worse than paying a penalty when you could plan better, right? That’s exactly what this is all about. There are several ways they creep up on you so beware below……. Article Highlights Taxpayers can be hit with underpayment penalties if their withholding and estimated payments are too low. Underpayment penalties can be [...]
Can you all say “yeah for simplification?” Anytime the IRS gives us an opportunity to simplify the current system I get excited! All those who have a home office will to. Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of their home. The deduction is $5 [...]