January 17, 2012Exemption from IRA Early Withdrawal Penalty – Education ExpensesDid you know that the IRS has several exemptions to the 10% IRA early withdrawal penalty? Normally when a person takes money out of their IRA prior to reaching the…Read More
January 10, 2012New 2011 1099-BDid you have any stock transactions in 2011? This Mid-February everyone will get a nice surprise when they open up the newly revised 1099-B from their brokerage accounts. Regulations are requiring…Read More
January 3, 2012New Year Business ChecklistWell, here we are at the start of a new year. This is the time of year that businesses make their yearly goals and set up new procedures. Below are…Read More
December 27, 2011Small Business Healthcare Tax CreditAre you a small business owner that pays your employees health insurance premiums? If so, you need to make sure that you are taking advantage of The Small Business Healthcare…Read More
December 20, 2011Writing Off Bad Debt (Cash vs Accrual)Every year during year-end-tax planning meetings I get asked “This particular customer owes me money, can I write this off?” To which my usual response is, it depends on whether or not…Read More
December 13, 2011“Other Income” Items That Will Make You SmileBelieve it or not the tax code does have some funny and interesting tax laws. The “other income” items talked about below will either make you laugh or shake your…Read More
December 6, 2011Food & Beverage Industry FICA Tip CreditIs your company in the Food & Beverage Industry? Do you have tipped employees? If so, you need to make sure you are taking advantage of the FICA Tip Credit. …Read More
November 29, 2011Employer Identification Number (EIN)What is an Employer Identification Number (EIN)? Just as every individual taxpayer has a social security number that represents them, the EIN is a Tax ID number for a business.…Read More
November 22, 2011Deducting Moving ExpensesI have had this come up several times recently. It seems as though many people overlook the moving expense deduction. Taxpayers are entitled to deduct moving expenses provided they meet…Read More
November 15, 2011Trust Fund Recovery PenaltyMany employers these days are trying to run their businesses on limited cash flows. With cash flows tight, sometimes payroll withholding gets overlooked and set aside to pay at a…Read More