If escalating energy costs have you looking for ways to reduce your gas and electric bills, here are some tips on how you can cut costs and reap tax-saving energy credits as well. A great way to cut energy costs and save up to $1,500 in federal income taxes is to make certain energy-efficient improvements [...]
The Hiring Incentives to Restore Employment Act (the HIRE Act) includes two temporary payroll tax breaks intended to boost hiring. An interesting point about these breaks is that they could be claimed for a business owner's newly hired spouse. They might also be claimed for wages paid to other newly hired relatives of a minority [...]
One of the most common areas of contention between the IRS and businesses is the issue of worker classification. If a worker is an employee, the business is responsible for payroll taxes and fringe benefits. However, if the worker is an independent contractor, the business is generally not responsible for payroll taxes. The IRS estimates [...]
If debt collection is a problem for your business, deducting uncollectible (bad) debts from your tax bill may somewhat lessen the sting of simply writing them off. Here is some basic information on deducting business bad debts. First, the debt must be legitimate. A bona fide debt arises from a debtor-creditor relationship and is based [...]
Four years ago, the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) relaxed some restrictive rules preventing many taxpayers from converting a traditional IRA to a Roth IRA, but this favorable change was not effective until 2010. Well, 2010 is almost here and the old saying "good things come to whose who wait" is [...]
As we approach year-end, there is still time to take action to lower your 2009 tax bill and add to your tax -advantaged retirement accounts. Here are a few ideas to get you started before year-end. This is by no means an exhaustive list, so please contact us for additional ideas. Make the Standard Deduction [...]