12/14/2010 http://www.irs.gov/retirement/article/0,,id=111419,00.html#1 If you are a business owner looking for a fast and easy way to reduce your tax burden this year, SEP-IRAs are one of my favorite recommendations. SEP is the acronym for Simplified Employee Pension plan. And while the truth is that no qualified plan is really “simple” – SEPs come pretty close.… Continue Reading
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Category Archives: Dollars for Tax – Businesses
2010 Tax Countdown – Small Business (and Household Employer!) Healthcare Tax Credit Effective for 2010 through 2013
12/06/2010 Small business owners and household employers (as in Nanny)– listen up! And watch a YouTube from our buddies at the IRS http://www.youtube.com/watch?v=85i1kzIG57k. The Affordable Care Act of 2010 passed earlier this year may offer some financial relief for you IF you provide health insurance for your employees. Here is the skinny on qualifying for… Continue Reading
2010 Tax Countdown – S Corporation Shareholders and Health Insurance Deduction – Check NOW
[UPDATE DEC 2011: We have been told by a seminar presenter that for 2011 and beyond, S corps should report health insurance for shareholders on W-2 in Box 12 with DD code instead of Box 14 as in the past…we are going to research this a tad more…but there you have it for now. Also, the presenter… Continue Reading
2010 Tax Countdown – 2010 ONLY Additional Health Insurance Deduction for the Self Employed
11/29/2010 With all the talk about health insurance reform, here is one that may level the playing field for self employed people who calculate Social Security and Medicare tax on Schedule SE in the personal Form 1040 – that is those who file Schedule C, Schedule F or Schedule E for earned income (not generally… Continue Reading
2010 Tax Countdown – NEW Law Regarding Cell Phone Deduction
11/28/2010 The Small Business Jobs Act of 2010, passed on September 27, 2010 offers new and extended tax assistance for America’s small and self-employment businesses. I will be posting a number of blogs covering the highlights. Here is the first: The new act promises simplification of record-keeping rules for business cell phone use. YAY!… I… Continue Reading
New Landlord Law – 1099s for Service Providers
UPDATE 2011 – GOOD NEWS!!! THIS WAS REPEALED!!! DISREGARD!! I AM LEAVING IT POSTED SO YOU WILL KNOW IT WAS REPEALED – Best, Kathy 12/05/2011] 11/17/2010 The recently enacted Small Business Jobs Act promises some tax relief for America’s small businesses, but hidden in its recesses is an overlooked item that impacts you, if you have rental… Continue Reading
BIPARTISAN TAX FAIRNESS AND SIMPLIFICATION ACT OF 2010 – MOVING IN THE RIGHT DIRECTION?
02/28/2010 Show of hands, please – how many people out there are NOT in favor of simplifying tax law? Ah, just as I thought, not one hand went up. Not even mine and I make my living on the complications of tax law. We haven’t seen a real effort in Congress to simplify tax law… Continue Reading
You Gotta Eat – How to Deduct Meals
01/14/2010 We all deduct meal expenses in our businesses and some of us get unreimbursed business expense deductions from our jobs. Do you know what is and isn’t actually deductible? Give yourself a quiz: 1. You, the business owner or local sales rep, make several service calls every day. You stop for lunch wherever and… Continue Reading
Phishing Season – Don’t Get Caught
01/08/2010 We had a number of clients last year contact us with a wide array of identity theft schemes disguised as notices from the Internal Revenue Service. Some of them looked pretty convincing complete with letterhead, web site links, and just enough personal information to be effective—and frankly, pretty scary. It’s a new year and… Continue Reading
2010 Tax Changes–A Few Notes
01/07/2010 • REQUIRED MINIMUM DISTRIBUTIONS from Traditional, SEP and SIMPLE IRAs as well as employer qualified contribution plans (ie 401k’s, 403b’s) must be made during 2010 for those over age 70.5 or those receiving distributions from a decedent IRA. During 2009, there was a hiatus, but that is finished – so don’t forget to take… Continue Reading