Richard Lipton, CPA, Author at Tire Review Magazine - Page 4 of 7
Tips for Safeguarding Financial Records

With the 2012 hurricane season now under way and memories of tornadoes and other natural disasters from last year fresh in our collective minds, now is the time for individuals and businesses to safeguard their tax records by taking a few simple steps.                               • Take Inventory. Gather all of your documents and make an inventory

10 Things to Know About Capital Gains

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price

Tax Court Ruling Benefits Small Business Owners

Owners of closely held businesses, including family owned and other small businesses, can now pass assets to heirs with minimal taxation thanks to a recent tax court ruling (Wandry v. Commissioner, U.S. Tax Court, March 26, 2012). Under current regulations, ownership of the business can be transferred to heirs using yearly and lifetime exemptions ($5,120,000

Employee or Independent Contractor: Which Is It?

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. The IRS and state regulators scrutinize the distinction between employees and independent contractors because many business owners try to

Spring Cleaning: Tax Records You Can Throw Away

Spring is a great time to clean out that growing mountain of financial papers and tax documents that clutters your home and office. Here’s what you need to keep and what you can throw out without fearing the wrath of the IRS.

7 Common Small Business Tax Misperceptions

When it comes to tax planning for small businesses, the complexity of tax law generates a lot of folklore and misinformation that also leads to costly mistakes. Here is a look at some of the more common small business tax misperceptions.

10 Changes for 2011 That Benefit Most Taxpayers

From Roth conversions to changes in reporting capital gains and losses, there were a number of tax changes in 2011. Whether you already know about them or simply need a reminder, here’s a look at 10 changes in 2011 that might benefit you, the taxpayer, this tax season. 1. April 17 Tax Deadline: Two Extra

How to Get Paid on Time

With the current economic conditions, the collection of 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 its credit and collections

Customer Refunds: Are You Doing Them Right?

Refunds. You probably wince at the word. Some – like customer refunds for returns – are fairly uncomplicated, thanks to QuickBooks’ tools and those on POS systems. Others, not so much. You may find yourself unable to balance your accounts receivable. There are numerous scenarios that necessitate the use of credit memos, including overpayment, order

The Three Most Common Budgeting Errors

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It’s almost impossible to set spending priorities without clear goals for the coming year. It’s important to identify, in

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 2011. Here’s the lowdown on some of the best options. Purchase New Business EquipmentSection 179 Expensing. Businesses should take advantage of Section 179 expensing this year for a couple of reasons. First, starting in tax year 2010 and

Getting an Accurate Business Valuation

If you’re conscientious about financial reporting, you may already have a sense of your company’s worth. But in some instances you might need a formal business valuation, such as: • For certain transactions. Selling your business? Planning an IPO? Need financing? • For tax purposes. Includes estate planning, stock option distribution, and S Corporation conversions.