Trust decanting: A powerful estate-planning tool
02/21/2013Read moreIf I had a dollar for every time a client came to me asking to change a signed irrevocable...
House Republicans reject tax increases to avert sequester
02/21/2013Read moreHouse Republicans, shrugging off rising pressure from President Obama, are resolutely opposing new tax increases to head off $85...
U.S. wholesale prices rise for the first time in 4 months
02/21/2013Read moreWholesale prices in the U.S. rose in January for the first time in four months, reflecting higher costs for...
Save Money with the Child Tax Credit
02/21/2013Read moreIf you have a child under age 17, the Child Tax Credit may save you money at tax-time. Here...
Accrued wage and bonuses
02/21/2013Read moreAccrued wages and bonuses should be paid by March 15, 2013 for 2012 calendar year corporate income tax returns...
Documentation of Expenses
02/21/2013Read moreIt is important to have documentation for expenses via credit card statements and bank cards. You don’t need to...
Classification of employees vs. independent contractors
02/21/2013Read moreThis is something that the IRS takes seriously and can be caught if you end a business relationship with...
Hiring family members as employees
02/21/2013Read moreSave on your profits by paying them as wages to your children for helping out with your business. Under...
S Corporation elections
02/21/2013Read moreFor tax years beginning after 2012, the Relief Act increased the top rate for qualified dividends from 15% to...
Office equipment vs. supplies
02/21/2013Read moreEquipment can be “expensed” directly via a 179 deduction, but it is important to classify the difference between just...
Business tax credits extended
02/21/2013Read more“The Relief Act extended the availability of several business tax credits that had expired. Most notably, it extended the...
Reimbursed Business Expenses
02/21/2013Read moreFor small business owners, particularly if they operate flow through entities such as S corporations or Limited Liability Companies,...
Section 179 Rules
02/21/2013Read moreThe Relief Act authorized a much higher Section 179 deduction limit for tax years beginning in 2012. Now, businesses...
Mileage Deductions
02/21/2013Read moreTake the mileage deduction instead of gas bill receipts! The IRS gives two options for gas bills — getting...
Retirement Plans
02/21/2013Read moreEven though the year is over, employers can still contribute to their employees’ SEP IRA or other retirement plan...
