2015 Year-End Tax Planning
While the fate of several business-related tax extenders such as Research & Development tax credits, bonus depreciation, and Section 179 expensing that expired at the end of 2014 is uncertain, there are still a number of end-of-year tax planning strategies businesses can use to reduce their tax burden for 2015. Deferring Income Businesses using the
10 Tips for Deducting Losses from a Disaster
National Hurricane Season is officially in progress. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tips you should know about deducting casualty losses: 1. Casualty loss. You may be able to deduct losses based
Start Planning Now for Next Year’s Taxes
You may be tempted to forget about your taxes once you’ve filed your tax return, but did you know that if you start your tax planning now, you may be able to avoid a tax surprise when you file next year? That’s right. Now is a good time to set up a system so you
6 Tax Tips For Charitable Giving
Richard Lipton, founder of Lipton CPA & Associates, says if you make charitable donations and want to claim a tax deduction for your gifts, you must itemize your deductions. He offers the following tips for business gifts to charity: Qualified charities. You can only deduct gifts you give to qualified charities. This can include churches,
SIMPLE Retirement Plan for the Self-Employed
Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match Plan for Employees) is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE IRA plans work well for small
Ensuring Financial Success for Your Business
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to make numerous adjustments along the way – decisions
Year-End Tax Planning for Businesses
While the fate of several business-related tax extenders such as R&D credits, bonus depreciation and Section 179 expensing that expired at the end of 2013 is uncertain, there are still a number of end of year tax strategies businesses can use to reduce their tax burden for 2014. Purchase New Business Equipment Section 179 Expensing:
A SIMPLE Retirement Plan for the Self-Employed
Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE IRA plans work well for small
Tips for Safeguarding Financial Records
Some natural disasters are more common in the summer. But major events such as hurricanes, tornadoes and fires can strike at any time, so it’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here
8 QuickBooks Reports You Should Run Regularly
You send invoices because you sold products and/or services. Purchase orders go out when you’re running low on inventory, and there are always bills to pay, it seems like. All of this activity is, of course, important in itself, but all of your conscientious bookkeeping culminates in what’s probably the most critical element of QuickBooks:
Eight Facts to Know if You Receive an IRS Letter
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be easily dealt with without having to call or visit an IRS office. Here are eight things you should know about if you receive a notice or letter from the IRS: 1. There
Turn Your Vacation Into a Tax Deduction
Tim, who owns his own business, decided he wanted to take a two-week trip around the U.S. So he did — and was able to legally deduct every dime that he spent on his vacation. Here’s how he did it. 1. Make all your business appointments before you leave for your trip. Most people believe