Reads from last week

Posted by on Aug 1, 2010 in Opinions, Week in review | 1 comment

She’s back and moved Taking the leap

What did I miss?

Dealing with the gray 

I do so find accountant stereotypes amusing. This week’s episode of White Collar takes us back to the days when accountants wore visors. White Collar dig at accountants

 3 Types of Business Income

 Has to be my favorite this week – Debunking 5 Bush tax cut myths

 RTM = FTR a must read

 Where’s George?

 The tax credit program was a scam. Can we still have our tax credits?

 Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know. IRS Presents: Six Tax Tips for New Business Owners

IRS Presents: Five Facts about the Making Work Pay Tax Credit

The Tax Foundation launched a new calculator last week that helps users see how their taxes might rise in 2011. In a FoxNews piece about it, we explained that some families making $250,000 or less could see a tax increase under Obama’s budget proposal, which would be a violation of his famous campaign promise not to raise taxes on families with incomes of $250,000 or less. Here’s how that would happen. How Would President Obama’s Tax Plan Raise Tax Payments for a Couple Earning $250,000 or Less?

Tax Relief News: 1 in Every 75 Taxpayers Will Be Audited By the IRS In plain terms, an IRS audit is to ensure that your tax return is filed correctly — that you’re not claiming too many unwarranted deductions, and that you’re paying what you really owe Uncle Sam. It all starts with a number that the IRS computer assigns to your tax return known as the DIF score.

Remember those new reporting requirements for businesses that were tucked away inside the health care bill? “Unpopular” doesn’t even begin to describe the provision. Repeal, What Repeal? We’ve Got Egos to Stroke! Special Interest Groups to Pacify!

Recording Fixed Assets

AN INTERESTING ANSWER –

“Back on July 15th my TWTP post discussed “An Interesting Question” raised by a reader that concerned the possible New York State income tax liability of a New Jersey resident.

I ended the post with a request –

“And I would open the question to any of my tax pro readers who have experience with such a situation. You can let me know what you have to say either by submitting a comment or sending me an email at rdftaxpro@yahoo.com and I will include all responses in a future follow-up post.”

I received only one response.” . . .  You’ll have to read Roberts post to get the rest.

And if your missing it his WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION  & on Saturday’s  WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ gives more post from other tax bloggers.

And since I missed it. (I won’t miss it next year) THE NATP ANNUAL CONFERENCE IN AUSTIN – PART 1 and THE NATP ANNUAL CONFERENCE IN AUSTIN – PART II

401(k) Fee Disclosure Comes From DOL

Roth Conversions Not For Everybody 

What’s the Best Way to Save Money is and has always been living within your means. Saving money is important because unexpected emergencies creep upon you without warning.

The Key to Successful Budgeting – You as a person or a family are an economic unit that needs to operate like a business. To be financially sustainable as an economic entity you must manage your spending so that you spend less than your income every day, every week, every month and every year.

A recession is a time when tight financial control will help you make a saving despite the spiraling costs of goods and services. How to Save Money During a Recession

 Identity theft and other forms of theft are uncomfortable to think about, but they are real. Identity Theft By the Numbers – Facts and Trivia

Break Glass In Case Of Fire: Keeping Two Emergency Funds Most personal finance advisers suggest that we should have an emergency fund for those tough times. Dave Ramsey even includes this recommendation in his Baby Steps system for getting out of debt and becoming financially free.

Carnival of Money Stories #64 – No Debt Plan Edition

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Reads from Last Week

Posted by on Jul 25, 2010 in Information, Opinions, Week in review | 0 comments

Five Critical Facts About Business Growth is a video blog post from Chad over at Bordeaux and Bordeaux in Charlotte North Carolina. I haven’t posted much from his blog but that’s because I am to lazy to watch so I can’t really say if they are worth watching or not. However I did watch this one and every business owner needs to watch this one. He discusses the following five facts about business growth:

  1. There is no such thing as a mature business or market.
  2. Not all growth is good growth.  Some growth can be disastrous for your Company.
  3. Growth is a mentality – created by the leaders within a Company
  4. Balance growth is the key to long-term prosperity.
  5. Growing your business is much less risky than NOT growing your business.

If the rest of his video posts are like this I have been missing some things. Keep up the great work my friend.

Unfortunately, most young adults find themselves on their own when entering the “real world” without guidance about money and how to manage it. 7 Things About Money I Wish I Knew in My 20s is a great post.

IRS Presents: Five Facts about the Making Work Pay Tax Credit

Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know. IRS Presents: Six Tax Tips for New Business Owners.

Have you ever wondered how banks can offer higher than average interest rates on savings or checking accounts? Banks are in the business of making money, even if that means taking a loss sometimes. While that might sound counter-intuitive, it often works out well in the long run. So, How Do Banks Make Money by Offering High Interest Rates?

During the NATP annual conference my friend RDF ran some really great reruns. If you missed them please visit The Wondering Tax Pro

Your 2011 tax burden

Are you ready for a Roth?

Don’t fall for health care tax rumors

How To Prepare for Tax Increases Next Year In this Sluggish Economy

Am I Saving Enough Money For Retirement and How Much You Should Be Putting Away in 401K or IRA Accounts

LLC vs S Corp

Tax Relief FAQ: You Received a CP-504 Notice From the IRS for Back Taxes You Owe – What Does This Mean?

Back Taxes Aren’t Your Only Problem When Concealing Income from the IRS

This Month’s Runner Up for the Strangest Tax Form

Is extreme remodeling a charitable contribution?

Recording Fixed Assets

“Tax Cuts Will Expire” – Geithner

Me, me, me. It’s all about me.

What the Heck is Basis, Anyway?

Don’t Get Too Anxious to Stuff Just Anything into Your IRA

How Would the Expiration of the 2001 and 2003 Tax Cuts Affect Individual Taxpayers? With just a week left before Congress leaves town for the August recess, the fate of the 2001 and 2003 tax cuts is up in the air.

Last week I wrote About The Three Most Common Payroll Tax Mistakes and I shared one of my reasons and thought process as to why I have started writing about non-tax stuff. Truth is as the non-tax stuff goes, the bookkeeping is very important for your taxes. The IRS even tells you in Publication 583 (1/2007), Starting a Business and Keeping Records “Except in a few cases, the law does not require any specific kind of records. You can choose any recordkeeping system suited to your business that clearly shows your income and expenses.” As I read the second sentence or even interrupt it, the IRS is saying to you (business owners), it doesn’t matter if you use QuickBooks, Peachtree, or even Microsoft Office Accounting (before it was discontinued), but you need something “that clearly shows your income and expenses.”  I promote QuickBooks because it is in my opinion, with over 12 years as a self-employed tax accountant, that QuickBooks is the best suited for those who keep their own books.

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