Your business plan is your blueprint to success- No two business plans look alike but they all share the important common attribute of being your blueprint to success. A business plan is a living document that combines your goals and aspirations with the practical realities of starting and operating a business.
Is your home office deductible? - Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes, you may be able to take a home office deduction.
Making Sense of your Financial Statements - Financial statements provide an overview of the economic situation of a business or individual. While many small business owners often keep themselves busy well beyond an eight- or 10-hour workday and "live and breathe" their business, the nuts and bolts facts of their financial condition are often overlooked.
FAQ's on Tax Rebate's - Feb 2008 : Congress passed an economic-stimulus plan last week that provides rebates.
Buying or Selling a Business - March 2008 : For the purchase of a business to be successful, there can be no room for surprises. A review of the business being acquired needs to be done to determine if there is anything that should be known before the deal takes place.
Simplify your life: Organize your tax records - May 2008 : Did you spend hours pulling together your tax records in preparation for filing your 2007 tax return? It doesn't have to be that way. Avoid the problem next year by taking a few simple steps now.
How will the Presidential Election affect your Tax Bill? - June 2008 : Taxes are going up sooner or later--sooner if you're well-off and Democrats take the White House. Here's the canadiates positions and what actions you can take.
IRS pumps up standard mileage rates - July 2008: Due to rising gas prices, the IRS has increased the "standard mileage rate" for business drivers in 2008.
Have you planned your business equipment purchases for this year? - August 2008: Don't let time slip away and lose out on a big 2008 tax break for your business.
Time's running out to reduce your 2008 tax bill - September 2008: Early fall is the perfect time to take stock of your tax situation for the year. You have enough information to produce a reasonably close estimate of your 2008 income and deductions, and there's still enough time left before year-end to make some tax-saving moves.
Business Planning during the Credit Crisis - October 2008 : The recent credit crisis is just a reminder of the importance and benefits of having a sound strategy that you can use to navigate through turbulent times.
Tax Change is Coming - January 2009: Though Congress tried to extend some tax breaks for businesses, it could not put the necessary legislation together before adjourning for Thanksgiving. Congress was able to pass a law authorizing seven more weeks of unemployment benefits for out-of-work individuals (13 more weeks of benefits for individuals in states where the unemployment rate is above 6%).
Can I Deduct That? A Guide To Uncommon Expenses - February 2009: When it comes to taking deductions, most business owners know pretty well the expenses that the Internal Revenue Service considers "ordinary and necessary" for business. What about not so common deductions?
Are there tax breaks for you in the new law? - You're probably aware that President Obama signed the "American Recovery and Reinvestment Act of 2009" on February 17. But have you checked to see what the new law contains that could benefit you? Here's a quick look at the law's tax changes and who's likely to benefit.
Claim the 2009 homebuyer credit now or later - The IRS announced recently that taxpayers who qualify for the first-time homebuyer tax credit on a home purchased from January 1, 2009, through November 30, 2009, may claim the credit on either their 2008 income tax return due April 15, 2009, or on their 2009 tax return due April 15, 2010.
Additonal funding keeps "Cash for Clunkers" alive - Congress acted just before its August recess to keep a popular car trade-in program alive. The new Car Allowance Rebate System (CARS) -- formerly called the "cash for clunkers" program -- was extended on August 7 with an additional $2 billion injection of government funds.
IRS Scam Emails May Put Your Info at Risk - The IRS never begins investigations or contacts taxpayers with tax information unannounced via email. Never. Ever. Never..
What is the status of Health Care Reform - The "Patient Protection and Affordable Care Act of 2009" would expand health insurance coverage to 94% of Americans and pay for it with billions of dollars in new taxes and fees.
Save it or Shred It? - Once you've filed your 2009 tax return, you may wonder which records you should keep and which ones you can run through the shredder. Here are a few suggestions.
