Many businesses continually incur expenses to improve and maintain business property. However, it is not always clear whether the amount incurred to repair or refurbish that business property is a ... Read More
April 15 is the day typically associated with annual income tax deadlines. However, there are several equally important income tax dates that should be on your tax calendar ... Read More
Many sole proprietors benefit from family members assisting with their business, especially in the start-up phase. While these services are often uncompensated, tax-saving opportunities are available if ... Read More
Retirement savings plans, such as qualified plans and IRAs, are important to your financial well-being for several reasons. Right now, you can accumulate income without currently paying income tax, and the power of compounding pretax dollars makes ... Read More
Effective for tax years beginning after 2009, cell phones and similar telecommunications devices used for business are no longer subject to the ultra-strict recordkeeping requirements ... Read More
If you are unable (or prefer not) to borrow from a bank or other outside source, your qualified retirement plan may be a good option. IRS guidelines permit a limited amount of borrowing ... Read More
Until now, a self-employed individuals federal income tax deduction for health insurance premiums could not be deducted as an expense when calculating ... Read More
The President recently signed the Small Business Jobs Act of 2010 (2010 Small Business Act), which includes a number of provisions to spur business activity ... Read More
There is still time to lower your 2010 tax bill, contribute to your tax-advantaged retirement accounts, and do some 2010 tax planning to prepare your business for year end taxes ... Read More
Tax law changes made back in 2001 established the right to make additional catch-up contributions to certain types of tax-advantaged retirement accounts ... Read More
A taxpayer can use either cash or property to make a charitable contribution. That choice can affect the taxpayers overall tax deductions resulting from ... Read More
Tax law changes made back in 2001 established the right to make additional catch-up contributions to certain types of tax-advantaged retirement accounts ... Read More
Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits. HSAs are targeted mainly at the self-employed, small business owners ... Read More
The costs of commuting from a personal residence to places of business or employment generally are nondeductible personal expenditures. The deduction for commuting costs ... Read More
If escalating energy costs have you looking for ways to reduce your gas and electric bills, here are some tips on how you can cut costs and reap tax-saving energy credits as well ... Read More
One of the most common areas of contention between the IRS and businesses is the issue of worker classification. If a worker is an employee, the business is responsible ... Read More
If debt collection is a problem for your business, deducting uncollectible (bad) debts from your tax bill may somewhat lessen the sting of simply writing them off. Here is some ... Read More
July 15—If the monthly deposit rule applies, employers must deposit the tax for payments in June for social security, Medicare, withheld income tax, and nonpayroll withholding ... Read More
During this difficult economic period, taxpayers struggling financially should be wary of using IRA funds to supplement their income. In a recent real-life example, a taxpayer struggled ... Read More
The Patient Protection and Affordable Care Act (Health Care Act) provides a new beneficial tax credit for small employers. For tax years beginning in 2010 through 2013, this legislation ... Read More
The Hiring Incentives to Restore Employment Act (HIRE Act) recently passed by Congress includes three meaningful business tax breaks intended to boost hiring and lower the ... Read More
Many people would contribute more to charity if they could afford it. One often overlooked asset that could be donated to charity is a life insurance policy that is no ... Read More
The Hiring Incentives to Restore Employment Act (the HIRE Act) includes two temporary payroll tax breaks ... Read More