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Service charge reporting deadline postponed

Tuesday, December 18th, 2012

The Internal Revenue Service has given businesses an extra year to comply with new rules on how to treat service charges, until January 1, 2014. The new rules had been scheduled to take effect January 1, 2013, but the deadline was extended in response to public comments to allow companies time to make their accounting […]

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Tags: deduction, income, payroll, small business, tax, tax credit, tax preparation, tax tips, tips, withholding



Medicare premiums are business deductions

Wednesday, July 18th, 2012

A self-employed person may get a business deduction for health insurance premiums. The IRS has clarified that Medicare premiums paid by self-employed persons qualify as deductible health insurance premiums. If you did not include Medicare premiums in your self-employed health insurance deduction, you may want to consider amending your tax returns to include them. Before […]

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Tags: deduction, Medicare, small business, tax, tax preparation, tax return, tax tips



Effective audit representation saves money

Thursday, March 15th, 2012

The local IRS office has stepped up its audits on individuals and businesses. More and more people are coming to us for effective audit representation. Several of them had suffered costly outcomes after their initial meetings with auditors, and they came to us for help. We were able to improve upon their original assessment through […]

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Tags: business consulting, small business, tax, tax audit, tax preparation



What's a 1099-K?

Friday, February 3rd, 2012

Have you received a 1099-K this year? This new form reports electronic financial transactions. If your business takes debit or credit card payments, then you will receive a 1099-K if you process more than $20,000 AND more than 200 transactions. Business tax returns contain a new line to report 1099-K amounts. For this tax season […]

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Tags: 1099, business consulting, income, small business, tax preparation, tax return



2012 standard mileage rates

Thursday, December 22nd, 2011

The IRS has announced standard mileage rates for 2012. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven […]

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Tags: deduction, mileage, small business, tax, tax preparation, tax tips



6 Year-end tax reduction tips

Wednesday, December 21st, 2011

Use these six tax reduction tips to reduce your 2011 tax bill, but act before December 31, 2011. Make charitable contributions by December 31. Keep a canceled check, a bank statement, credit card statement or a written statement from the charity, showing the name of the charity and the date and amount of the contribution […]

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Tags: deduction, small business, tax, tax credit, tax preparation, tax return, tax tips



Preserve estate tax portability

Monday, October 24th, 2011

To preserve estate tax portability, executors must file Form 706 Estate Tax Return for decedents dying in 2011 and later. The nine month filing deadline may be extended an additional six months. This election is not available for decedents dying before 2011. In the law reinstating the estate tax in 2010, Congress established an exclusion […]

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Tags: asset protection, estate tax, family, tax preparation, tax tips



Estate tax filing relief

Thursday, September 15th, 2011

The IRS has provided some estate tax filing relief for executors of the estates of those who died in 2010. Notice 2011-76 provides an automatic extension of time to file and pay the estate tax due. The rules generally apply to estates exceeding $5 million. The estate tax was repealed for 2010 and was replaced […]

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Tags: estate tax, tax preparation, tax return



Standard mileage rates change

Friday, July 1st, 2011

The IRS has adjusted the standard mileage rates beginning July 1, 2011, in response to higher gasoline prices. The new standard mileage rates will apply through the end of 2011. Mileage Rate Changes Purpose Rates 1/1 through 6/30/11 Rates 7/1 through 12/31/11 Business 51 55.5 Medical/Moving 19 23.5 Charitable 14 14 You have the option […]

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Tags: business consulting, deduction, mileage, small business, tax, tax audit, tax preparation, tax tips



Chevy Volt tax credit may not be yours

Monday, June 6th, 2011

The Chevy Volt, General Motors’ electric car, may bring a $7500 tax credit to the original purchaser of the car. But is that you or the dealership? Stories are surfacing that dealers are using the common practice of dealer trades to get the cars titled, claim the tax credits for themselves, and then sell the […]

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Tags: tax credit, tax preparation, tax tips



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