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Get the Maximum Benefit from a Casualty Loss Deduction
An unexpected casualty can wreak havoc emotionally and financially. An itemized tax deduction may help ease the financial burden if your home, vehicle, or other personal property has been damaged or destroyed by an unforeseen disaster. Typically, you claim a casualty...
Five Reasons to Incorporate Your Business
As your business grows, you may want to consider the benefits of incorporating. Many start a new venture with no thought about the legal structure for their business. The IRS considers “sole proprietor” to be the default structure in which your business profits are...
New IRS Collection Policy Update
As we progress through 2017, be aware of major changes to the IRS Collection Policy. According to accountingtoday.com "During the past five years, new laws and IRS administrative changes to collection policy have been frequent, and can be hard for taxpayers and tax...
A Tax Refund for You or an Interest Free Loan for the IRS?
Are you anticipating a big refund this year? Since getting a large refund actually costs you money, you may want to do some tax planning each year in order to minimize the amount you get back. If you are among the millions of taxpayers who receive a refund each year...
Tax Bracket, Tax Rate, What's the Difference?
It's not a trick question, there is a difference between your tax bracket and your tax rate. Your tax rate indicates your tax liability in relation to your total income but for planning purposes, you will also want to be aware of your tax bracket. As an example, to...
Economic Incentives You Do Not Want To Miss
There are State and Local Government economic incentives that are often missed by growing new businesses because they do not apply early enough. Or companies think their project was not large enough or important enough to warrant said incentives. There are specific...
IRS Changes Deadline to File W-2 and 1099's
Issue Number: IR-2016-143 Reminder: Employers Face New Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15 IR-2016-143, Oct. 28, 2016 WASHINGTON — The Internal Revenue Service today reminded employers and small businesses of a new Jan. 31 filing...
When Disaster Strikes, Will Your Business Be Prepared?
Do you know how your business would be affected in the event of a disaster? It may be time to begin planning if you’re not sure. The following is a quick look at how you can prepare as well as what relief might be available following a disaster. BEFORE DISASTER...
Follow These Suggestions for Better Pricing Decisions
Every aspect of your business, including long-term viability, short-term profits, market share and customer loyalty are all affected by the prices you set for your products and services. There is no perfect answer to this important decision, but you can use the...
Lack of Diversification Makes for Risky Business
Don’t put your business at risk by relying on too few customers, vendors or key employees. To ensure your business is adequately diversified, consider the following: Customers. Being dependent on only a few customers for the majority of your sales could cause...