Richard Lipton, CPA, Author at Tire Review Magazine - Page 3 of 7
Five Last Minute Tax Tips for 2014

Are you one of the millions of Americans who haven’t filed (or even started) your taxes yet? With the April 15 tax-filing deadline less than a week away, here is some last minute tax advice for you. 1.  Stop Procrastinating – Resist the temptation to put off your taxes until the very last minute. Our office

How to Get Paid on Time

Due to current economic conditions, it’s likely that collecting on your accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. The following suggestions will help your business improve its cash flow and tighten up

Reviewing 2014 Tax Changes

With the start of a new year, it’s always a sure bet that there will be changes to the tax law, and 2014 is no exception. From health savings accounts to retirement contributions and standard deductions, here is a checklist of tax changes to help you plan the year ahead. Filing Season Delayed by 10

Tax Changes for 2013

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes in 2013. Standard Mileage Rates The standard mileage rate in 2013 is 56.5 cents per business mile driven, 24 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service

Tax Provisions of the Affordable Care Act

The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for individualsand businesses. With healthcare exchanges set to open

Leaving a Business: Which Exit Plan Is Right For You?

Selecting your business successor is a fundamental objective of planning an exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP),

Tax Planning for Small Business Owners

Tax planning is the process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants, but tax

Tips for Safeguarding Financial Records

With hurricane season under way and memories of tornadoes and other natural disasters fresh in our minds, now is the time for individuals and businesses to safeguard their tax records.

Don’t Be Fooled: The Dirty Dozen Tax Scams for 2013

Although the 2012 tax season is officially over, tax scams unfortunately are not, which is why the IRS issues an annual "Dirty Dozen" list that includes common tax scams affecting taxpayers. Taxpayers should be aware of these tax scams so they can protect themselves against claims that sound too good to be true, and because

2012 Tax Changes for Businesses

Whether you file as a corporation or sole proprietor, here’s what business owners need to know about tax changes for the 2012 tax year. Standard Mileage Rates: The standard mileage rate in 2012 is 55.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile

Year-End Tax Planning for Businesses

There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2012. Here’s the lowdown on some of the best options. Purchase New Business Equipment: Business should take advantage of Section 179 expensing this year for a couple of reasons. First is that in 2012 businesses can

Tax Implications of the Health Care Act

The July 2012 Supreme Court ruling upholding what’s collectively referred to as the "Affordable Care Act" (ACA) has resulted in a number of changes to the U.S. tax code. While all manner of rumors have been floated about the real impact of the new health care law, there are some real-world impacts that businesses and