Audit-Proofing Your Meal & Entertainment Expenses

December 15th, 2012

When looking for deductions to add to your taxes, don’t overlook your meal and entertainment expenses. These types of expenses must be “ordinary” and “necessary” to your business or trade and must be “directly related to” or “associated with” the active conduct of business. In order for the IRS to allow these deductions, documentation is […]

Recently Enacted Tax Breaks for Small Businesses

March 13th, 2012

Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to keep you up date. Cell Phones No Longer Listed Property – This means that cell […]

It’s Tax Time! Are You Ready?

January 17th, 2012

If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax money you save! When you arrive at your appointment fully […]

Tax Tips for Self-Employed Individuals

March 15th, 2011

If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed, and you will need to include on your tax return your income and allowable business expenses to determine your net profit. Your net profit is subject to […]

Last Chance to Qualify for the 2011 Retention Credit

November 27th, 2010

There are two tax incentives to induce businesses to hire, during 2010, individuals who have been unemployed for at least 60 days.  The first incentive exempts the employer from the matching 6.2% Social Security payroll tax on a qualifying employee’s wages for the remainder of 2010. The second incentive is a Retention Credit, available on […]

Employer Tax-Free Medical Benefits Available to Children Under Age 27

April 23rd, 2010

As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010.  Generally, under pre-Act law, to be a qualifying child of a taxpayer for this purpose the child must have […]

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