Reads from last week
10 Things Grads Should Know About Retirement Planning -
Brought to my attention via email from the author, this is great information for people who are just getting started. Too many people in their 20s simply don’t know the first thing about retirement planning or smart spending, and it’s because they’re too focused on earning money now to think about what they’ll need later. If you’re in that boat, don’t worry: it’s not too late to change course. With a few tips, you’ll be able to start planning for the day when you won’t have to work anymore.
(Planning For Retirement, Improving Your Retirement, Retirement calculators.)
Homebuyer tax credit payback chaos? – “You all do remember that when it was created, the so-called credit was really just an interest-free federal loan, don’t you? And loans, despite what some homeowners think, must be paid back.
But I’ll guarantee that this coming tax-filing season, affected taxpayers and the IRS are going to be spending a lot more time making sure that the first-time homebuyer credit repayment rules are met.”
Not exactly last week but a missed post that needs mention:
10 Ways To Get Out Of Debt Starting Now – Debt is as American as apple pie. It is estimated that 80% of Americans live with debt and that includes $8 trillion in home mortgage debt. Many of us go to work every day simply to pay for products or services that we’ve already received. We can’t help our children with college, fund our retirements, participate in charitable giving, or simply go on that dream vacation we’ve always dreamed of.
Sometimes a Little Boost Is All You Need
Homebuyer Tax “Surprise” Just a Figment of the Media’s Imagination – they shouldn’t be. They knew exactly what they were getting into. They may not have liked it after the fact but they can’t say they didn’t know. Time is coming that the first round to start paying back is getting near.
Social Media’s Not For You. Or Is It? It should be if you plan on growing your business. Ignoring social media is a mistake for any business that earns revenue from customers, has competitors, or isn’t the Kleenex of your category. If you’re questioning whether your business should engage in social media, consider these three questions:
- Is your business built on relationships?
- Do you have competitors?
- Does everybody you want to do business with already know your name?
Report: U.S. taxes overly confusing – There may be no surprise that the federal income tax is confusing but a new report done at President Obama’s request is detailing just how confusing and contradictory it is.
Obama Proposes Tax Breaks for Business: Too Little, Too Late? – Where were you on December 1, 2007? It’s one of those dates that you’re likely not to remember. But according to the National Bureau of Economic Research, that’s about when the recession really started. If you believe that we’re still in a recession (and most economists seem to), that makes 34 months.
How to cut down your own business costs by hiring virtual assistants -
Snubbed Again! And a Sincere Apology – I don’t get it. I didn’t make Accounting Today’s top 100 most influential people a-g-a-i-n. I mean, they don’t appear to think that my stay home tax practice or my quirky blog posts are influential enough to name. But I guess I should have been tipped off when I wasn’t contacted to supply a cute pic or provide a snappy bio.
E*Trade Online Brokerage Account Review
Tax Relief FAQ: What Should a Business Owner Do In Regards to Delinquent Payroll Deposits or Past Due Employment Taxes? – The best thing you can do is to stay current on your employment taxes from this point forward and seek immediate tax help.
Online Payment Agreement – You don’t need a tax lawyer if you owe the federal government (IRS) $25,000 or less in income tax, penalties and interest. Instead, you can access an online payment agreement.
Are Your Tax Dollars Supporting the Ghostbusters?
H&R Block Records Lower Losses – The nation’s largest tax preparer, H&R Block Inc. reported lower losses by 2% for its first quarter in the fiscal year ended July 31, 2010. In the midst of a flurry of cost cutting measures, the Kansas City, Missouri based tax preparer posted a net loss of $130.7 million.
QuickBooks billing tips, tricks, workarounds – Tracking client retainers
Expert Tax Help FAQ: Can the IRS Get Personal When It Comes to Payroll Taxes? – The sure answer is “YES”
What your IRA can learn about paying tax from Cornell University
If At First It Doesn’t Work, Try, Try, Try Again – Not much is worse than a failed attempt at a resolving a problem being offered as a solution to the very problem it failed to resolve. True, one ought not give up after one unsuccessful try, but is there not some limit to the pursuit of futility?
Financial Mistakes You’d Make All Over Again – My favorite post this week.
SOME FACTS AND FIGURES ABOUT THE FEDERAL TAX SYSTEM – Here are some interesting facts and figures concerning our current tax system that were included in the “Report on Tax Reform Options” recently issued by the President’s Economic Recovery Advisory Board
The Strangest Tax Write-Offs…Ever!
A “PTIN Facebook” for registered tax preparers? – As part of the new preparer registration process, the IRS should make it easy for taxpayers to confirm the identity and PTIN registration credentials of their tax preparers.
Should taxpayers be enforcing the new preparer regulations?
When you hear people say things like “I’m in the 35% income tax bracket,” what are they really saying? Are they truly paying out 35 cents on every dollar they earn just in federal income tax? And what do people mean by the “marriage penalty?” When you’re looking at how to calculate income tax, it’s important to remember that we have several tax brackets in the U.S. Here’s how they break down How to Calculate Federal Income Tax.
Now is the Time to Use an Income Tax Estimator – This is the time to calculate what you’re going to owe and make adjustments in your payroll withholding and estimated tax payments. You know you’ve estimated right when you don’t pay much or get much back in a refund.
How Do You React to Financial Emergencies?
Get ready for FSA changes: IRS issues regs for 2011 OTC drug reimbursements – If you have a flexible spending account, or plan to sign up for one in the workplace benefits enrollment season that will soon be here, remember that medical flexible spending accounts face a change in 2011.
Reads From Last Week
I am back on the racks over at Alltop. Thank you everyone for helping get there.
What is it?
Alltop is sort of a “digital magazine rack of the Internet. To be clear, Alltop sites are starting points” the site provides categorized selections of links to blogs and other web resources that make it easy to scan a lot of information on a particular subject. For example the Taxes page lists many tax blogs with links to the most recent posts. Alltop is a valuable resource for anyone wanting to research, or just keep up on, well, stuff. If you have ever been to a real magazine rack you know.
Anyway, I am very excited to have been added once again. Very Exciting times. . .
THE REPORT ON TAX REFORM OPTIONS – In a meeting yesterday afternoon (Friday, August 27th) the President’s Economic Recovery Advisory Board (PERAB) released its report, summarized their concerns, and voted to send the report to President Obama for review.
Paul Volcker has the President’s ear on tax reform…but will he listen?
Obama tax reform panel report released
10 Year Treasury Bond at Lows.. What Does it Mean?
Another great source of collected blogs BlogRoll Beans from Cafétax
Let the Charitable Mud-Slinging Begin!
The Internet is the Best, and Worst, Thing That Happened to Tax Planning and Preparation – the Internet has a long memory – as in, forever. So, things posted in 2004 might have been true then, but no longer are true. But that doesn’t stop search engines from pulling old articles and others from posting the articles on their website in an attempt to boost Google search rankings.
My favorite news this week, What You Can Learn From Roni Deutch’s $34 Million Fraud Lawsuit.
Read more about Roni Deutch’s $34,000,000 Lawsuit:
Brown Seeks $34 Million from TV’s Tax Lady Roni Deutch: Official News Release
TV Tax Lady Roni Deutch Facing Legal Troubles
Tax Lady Roni Deutch Sued for “Heartless Scam”
Roni Deutch Sued by California AG
‘Tax Lady’ Accused of Unladylike Behavior
Unladylike Behavior or Election Year Politics?
California Sues Roni Deutch for “Heartless” Pennies on the Dollar Tax Scheme
Here’s what she had to say, Tax Lady: California lawsuit ‘election year politics’
The TaxProf has more.
The Internet, Virtual Meetings, and Taxation
Tax Relief for Innocent Spouses – You Must Act Swiftly to File Your Claim with the IRS – In recent tax relief news, the Seventh Circuit Court of Appeals ruled that the IRS can continue to apply the two-year deadline for taxpayers looking to file for “innocent spouse” relief. Basically, this treasury ruling upholds that taxpayers claiming innocent spouse tax relief must make their claims within 2 years of the IRS’s commencement of collection action.
What is meant by an “innocent spouse”?
Tax and the City: Philly Tax Takes on a Life of Its Own
A Tax on Blog Writing or on Blog Business?
Philadelphia Demands License Fee and Taxes from Bloggers
All in all, I’d rather not be in Philadelphia
Click here for more information on Alltop. Or go to their home page at Alltop.com to start checking out your favorite information.
Reads from Last week
Your Take: Bush Era Income Tax Cuts – December 31st, 2010 is not too far away and the debate is growing louder by the day as the November mid-term elections draw closer. Some Democrats and President Obama would like to continue the tax cuts for the lowest four brackets while letting the top two return to 2001 levels. Republicans would like to keep the cuts as they are.
Democrats, Deficits, the “Middle Class” and the Bush Tax Cuts
Are Tax Cut-Defending Republicans Inconsistent in Concern over Budget Deficits?
CBPP: Wealthy Would Benefit from Extension of ‘Middle-Class’ Bush Tax Cuts
How Expiring Bush Tax Cuts Affect Taxpayers
What the Experts Are Doing With Their Own Roth IRAs – This is the first year all taxpayers have been eligible to switch into Roth IRAs, which promise tax-free withdrawals in the future. Is it finally time to convert a traditional individual retirement account to a Roth? And if so, how should you do it?
Happy 75th Birthday Social Security – On Aug. 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law.The Social Security Act (SSA) created a social insurance program for a variety of individuals. It started out providing a monthly benefit to those age 65 and older who no longer worked, the amount based on the retiree’s payroll tax contributions. The SSA also provided unemployment insurance, aid to dependent children and grants to states for medical care.
“The end is near”
Understanding Annuities: Why They Should Be Part of Your Financial Plan For Retirement
3 Tips to Maintain Focus on Your Financial Goals – Have you settled into financial apathy? Has the economy got you down? Are you not seeing any true progress toward your financial goals?
Maintaining consistent focus over a long period of time on any activity is difficult.
Tax Help and Tips from Tax Blogger Includes Refreshing and Candid Look at Issues Facing Today’s Taxpayers – Stacie’s More Tax Tips blog features tax help and tips, Michael Rozbruch is particularly drawn to her candid refreshing take on the triumphs and woes of today’s taxpayer. This is great.
Start-Up Village Emerges in SoMA’s 410 Townsend – Interesting.
10 Ways to Know You Were Born to Be an Accountant
Maybe I’m only a half-accountant?
What it Really Takes to Start a Small Business
Safely Using Real Estate Professional Status To Pay Less Tax – The real estate professional status can be a godsend if you are holding real estate that is losing money. Here’s the deal on deducting real estate losses: You can deduct up to $25,000 of real estate losses in which you actively participate provided you make less than $100K per year.
Tax Implications of Dumping Bad Real Estate
White House tax reform panel report to be issued on Aug. 27
Net worth of all U.S. presidents – This was really interesting. Be mindful, to get the numbers you’ll need to click through the link to the post.
The IRS Dips Into Your Tips: The IRS Hits Hard on Tip Income – The IRS is cracking down on tip income Nationwide. It’s not enough that service industry employees work long hours for little pay; the Tax Man wants his cut. Here’s the rub on new IRS compliance initiatives to increase IRS Form 8027 filings in the restaurant industry.
BP’s Wants YOU to Pay for Their Outrageous $10 Billion Tax Credit!
Life Insurance: Why It’s Important and How to Choose the Right Policy – Few people enjoy the idea of discussing how much life insurance they need and what the ideal policy is for them. However, the truth is that having a good life insurance policy in place is very important. In fact, it can make the difference between your loved ones being able to move on, or simply …
Should You Have A Running Away Fund?
Taxpayer Education VIII – Most taxpayers know that they are entitled to a copy of their tax return for their records. It doesn’t matter if the return is mailed or e-filed or if their copy is paper or electronic, they should be getting a file copy. So, knowing this, why do so many people fail to get copies of other work their preparer does for them?
Make mine a double, the rich guy is buying – “The Tax Policy Center has a bunch of new tables on how the expiration of the Bush-era tax cuts will affect different levels. It’s useful information, but the obsession with how taxes affect “the rich” is unhealthy. Listening to some politicians, it would be fine to burn taxpayers at the stake and sell their wives and children into slavery as long as it only affected the top 2% of the income distribution.”
2011 COLA Increase for Social Security Benefits in Doubt
I hate to say ‘I told you so’… It needs to be.
IRS Asked to Rule on Same Sex Partnerships – I wish people would just pull their Righteous heads out, well. You know if two people love each other, what the #@%* (add your own euphemism). They get married, tax ‘em. Anyway read this post on what’s going on.
Caution is the better part of valor… sometimes
Do You Have a Plan for Unemployment?
You know if you don’t get enough tax news each Sunday here, Most Wednesday and Saturdays My friend writes WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION & WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ Always great commentary and links to other sources of tax guidance. His work is great and he defiantly gets around the web. I missed meeting Robert this past month down in Austin. I am surely looking forward to seeing him in Saint Louis next year. Robert, I am going to be in St. Louis, you are going, right?
Interpreting Reviews and Knowing What to Buy
Taking Notes Best advice.
How Credit Unions Differ from Banks and What It Means to You – If you’re looking for a checking account, an auto loan or another banking service, don’t forget to include credit unions in your search. Credit unions are similar to banks, and they offer many of the same financial services. You will often find that credit unions have better rates and customer service. However, credit unions have a few features that may seem a bit odd to those who have only used banks.
Ethics catch up – “FB talks about sleeping better at night because she’s ethical, but it does cost her bottom line. Here’s my take on it. I sleep better because I know sooner or later it catches up to you anyway so just get it done.”
My Two post this past week:
Form to Claim Payroll Tax Exemption for Hiring New Workers
Use QuickBooks’s Protection Tools
I am looking for a new title to my weekly recap of tax articles. If you have ideas please share them with me.
Also This past week I read a book that is a great tool for anyone starting a new business. Tax Savvy for Small Business by Frederick Daily. He writes in a great understandable normal human talk. Meaning he writes (all his books) in a way that you talk to your neighbor. Simple to understand everyday language. I have read two of his books and recommend them all. (He has three.) {I haven’t read Surviving an IRS Tax Audit, yet}
For more books that I recommend please go to my Recommended Books page. If you find one that interest you there are links for you to buy them.
Reads from Last week
There are worse things for a CPA than losing a permit to practice
Are YOUR Clients Ready for an IRS Audit? Are You Sure? Really? In the face of increasing audit rates for medium and large businesses, a KPMG survey of nearly 300 executives found that 40% stated that their company did not have formal plan for IRS audits
THE IRS IS NOT JUST ABOUT TAXES – The recent National Taxpayer Advocate’s mid-year report observes that the IRS has, over the past several years, developed into a dual role agency.
THE IRS SHOULD BE JUST ABOUT TAXES! – Much has been written and said about the fact that under current law almost one-half of the American population pays absolutely no federal income tax – and many actually make a profit by filing a 1040. While this is a true statement it is misleading.
Last week I posted a review covering QuickBooks 2010 I also reposted Choosing the Right Representative: A post written by Rob Teuber.
Connecticut “Cheshire cat” governor “wines and dines NY hedge-fund honchos” – Under current tax law, people who work for hedge funds get a much better deal on their taxes (federal as well as New York State) than folks who work at other kinds of businesses.
Why you have to manage one-on-one
MTC: Initials That May Impact Your Business – Seems most government agencies love initials, and tax agencies are no different. MTC stands for Multistate Tax Commission, and if you do business in more than one state, you may want to get familiar with it.
I love Tax history. Happy 149th Birthday, Income Tax! – It was on Aug. 5, 1861, that President Abraham Lincoln signed the revenue act that imposed the United States’ first federal income. The money was needed to finance the Civil War.
IRS debt indicator decision could doom tax refund anticipation loans The IRS is going to make it more difficult for lenders to issue loans based on expected taxpayer refunds. If it was up to me they’d do away with it all together.
IRS Changes the Way RAL Providers Will Do Business
Cash-strapped cities cut services
Retirement benefits war on the horizon? – The battleground, says New York Times writer Lieber, will pit state and municipal retirees with “seemingly guaranteed and ever-escalating monthly pension benefits [that] are breaking budgets nationwide” against taxpayers whose 401(k)s or individual retirement accounts have taken a real beating in recent years
Review: The Top 5 Tax Problems & Their Solutions
Just Say No: Pot Not Allowed as Medical Expense
More on the (Non)Deductibility of Medical Marijuana
More on BP’s $10 Billion Deduction From the Gulf Oil Spill
A New Justification for Cutting the Income Taxes of High-Income People Six congressional Democrats from New York are pushing a tax cut for people who live in high-income areas. The idea is to index everyone’s income tax brackets to the cost of living, giving a big tax break to everyone who lives in the nation’s most expensive areas.
Is Letting the “Bush” Tax Cuts Expire the “Largest Tax Increase in History?”
Which Age Groups Bear the Largest Share of the Tax Burden? – New data from the IRS provides us some insights on the composition of tax filers by age and how much of the nation’s tax burden they pay. While the data does not break down the income levels of taxpayers by age, the data can still give lawmakers a new perspective on which age groups could be most impacted by changes in tax policy.
Tax Relief News: Geithner’s TurboTax Defense is Not Reasonable Cause for Understatement of Taxes – In recent U.S. Tax Court News, Treasury Secretary Tim Geithner, who owed $34,000 in back taxes and didn’t pay all of it until Obama nominated him, was not granted penalty abatement. His defense that he relied on TurboTax to prompt him to pay his self- employment taxes was rejected and does not excuse him from penalty or errors on his tax return.
Tax Relief News: IRS Recruits Hundreds of New Agents via YouTube to Crack Down on Back Taxes
Proposition 8 Overturned, Now What?
Debt and Wealth The Extreme of Both!
Fear of Money – The fear of money, this has to be one of the most interesting phobias for the modern age; the official name for this phobia is Chrematophobia, as all good things this is derived from the ancient Greek language from the words for money and fear.
4 Money Moves for Your Freshman Year in College – It’s back to school time, and that means that many students are heading to college for the first time. This is an exciting time, but it is also one that requires some serious thought and planning.
Best Business Credit Cards – If you have a business, chances are good that you have expenses that need to be made online, or expenses which require a credit or debit card. Credit cards are easier for expenses such as travel, rental cars, and similar expenses because they don’t tie up funds held in your business checking account. As long as you have the cash flow to pay the bill each month, credit cards are a great way to go.
Behold the Power of Backup Plans
Why Obama Will be a One Term President and What He Should Do To Save Our Economy!
25% of Americans Have a Credit Score of Less Than 600. Here’s How To Improve Your FICO Credit Score
Reads from last week
She’s back and moved Taking the leap
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
Has to be my favorite this week – Debunking 5 Bush tax cut myths
RTM = FTR a must read
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!
“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
Reads from Last Week
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:
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There is no such thing as a mature business or market.
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Not all growth is good growth. Some growth can be disastrous for your Company.
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Growth is a mentality – created by the leaders within a Company
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Balance growth is the key to long-term prosperity.
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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
- TILL DIVORCE DO US PART – PART I
- TILL DIVORCE DO US PART – PART IV
- TILL DIVORCE DO US PART – PART III
- TILL DIVORCE DO US PART – PART II
- PAY THE SALES TAX AND AVOID THE DIVORCE LAWYER
Don’t fall for health care tax rumors
How To Prepare for Tax Increases Next Year In this Sluggish Economy
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?
“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.
Reads From Last Week
Sales tax collection on online purchases: legislation to ease it, lawsuit to stop it.
PREPAYING INDEBTEDNESS AT A DISCOUNT DOES NOT ALWAYS GIVE RISE TO CANCELLATION OF INDEBTEDNESS INCOME – the reduction in the amount due will often be characterized as cancellation of indebtedness income, which is subject to income tax.
HIRE and 941′s – 941s can be confusing to the new employer and with the new payroll forgiveness provision in the Hiring Incentives to Restore Employment Act it’s even more trouble. . . IRS info on the HIRE Act
Why Are My Social Security Benefits Taxable??
There are 2 main time limits: How long debt stays in your credit reports and how long you can be sued for it. If you’re struggling, here’s what you need to know. Is there a statute of limitations on debt?
An Interview with the Richard “The IRS Hitman” Close
US banks with the largest branch networks have already started to discontinue free checking accounts for new customers. Andy has some great advice in his post The End of Free Checking and How to Avoid Monthly Account Fees.
- How to Choose a 529 Plan And Save Now For Future College Costs – Prepaid vs. College Tax Savings Plan
- How and Where to Open a Traditional or Roth IRA Account and Factors to Keep in Mind
- 401k Rollover and Conversion To Roth Accounts May Soon be Permitted
ON THE ROAD AGAIN from The Wondering Tax Pro tells the tale of an upcoming event I had hoped and planned to attend. Alas, I had issues that caused me to change those plans. However, Nothing will keep me from next year’s conference (at least nothing I can foresee) as I have already let all who need to know, know. It is already in my planner and what not. I will see everyone in St. Louis in 2011. Only a four hour drive. See you then my friend.
Want to know how to have more money? Start with saving, it’s the easiest way to have more money. How to Have More Money. Save Money to Make Money.
How to Open a Business Checking or Savings Account “One of the most important things you can do when you own a business is separate your business and personal income. The most important reason is to make things much easier when filing your taxes. One of the easiest ways to separate your personal and business finances is by opening a business bank account, such as a business checking and/or business savings (I recommend both).” I also recommend having both. I separate banking account from your personal is a must in my opinion.
How to Create a Sub Account in ING
One of the most commonly touted benefits of being a home owner is the ability to deduct mortgage interest from your taxes. How Much Are You Really Saving with the Mortgage Interest Deduction?
Small Business News: The Better Business Owner Today we realize that it is not so much money or the right connections that make a business succeed in the long run. How many well-funded businesses have you seen run into the ground by owners who failed to successfully negotiate a change in the market or who really didn’t ever understand the market to begin with? Similarly, the better business owner does not do everything for money. There’s a passion too for their business that is truly extraordinary and there is a vision that is unique and belongs to no one else. What sets the better business owner apart is information, the information to achieve their goals, and passion, a love for your product, service or brand that nothing can shake. We aim to provide the foundation for both in this edition of the small business roundup.
If you missed my post this past week I posted a two part explanation coving the Profit and Loss Statement. The information came from two sources cut and edited for the general information provided. Please be sure to check these out if you haven’t already.
Prepare your taxes on-line With L & R Tax Preparation
L & R Tax Preparation
Tax Preparation, Payroll, and Accounting,
Including online services.
E=MC2 or use QuickBooks
