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Written by rleyva728 | October 12, 2009 5:12 PM in Accountants / CPAs
297 views
Whether it is sewing, woodworking, fishing, gardening, stamp or coin collecting, millions of Americans participate in hobbies that may result in a profit. What are the tax implications of a hobby? When does a hobby become a business and how does that change the tax implications? Definition of a Hobby vs Business First, the IRS defines a hobby as an activity that is not pursued for profit. A business, on the other hand, is an activity carried on with the reasonable expectation of earning a...
Written by rleyva728 | September 15, 2009 11:36 AM in Accountants / CPAs
306 views
Out of all the types of retirement plans available to small business owners, the SIMPLE plan is the easiest to setup and least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE plans work well for small business owners who don't want to spend time and high administration fees associated with more complex retirement plans. SIMPLE plans really shine for self-employed business owners, here's...
Written by rleyva728 | September 15, 2009 11:33 AM in Accountants / CPAs
231 views
The vast majority of Americans get a tax refund from the IRS each spring, but what do you do if you are one of those who received a tax bill? Here are eight tips for taxpayers who owe money to the IRS. If you get a bill this summer for late taxes, you are expected to promptly pay the tax owed including any additional penalties and interest. If you are unable to pay the amount due, it is often in your best interest to get a loan to pay the bill in full rather than to make installment...
Written by rleyva728 | August 18, 2009 3:15 PM in Accountants / CPAs
1 comments
| 1196 views
Have you ever wondered how long to keep those old tax and accounting records? Well here are some guidlines. Storing tax records: How long is long enough? April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail? Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year...
Written by rleyva728 | August 18, 2009 3:10 PM in Accountants / CPAs
1486 views
So, you have gone into business for yourself...Way to go. But you want to put a retirement plan in place for you employees, but don't know what you can do. Here are some options that might be in interest to you. This article is a bit long, but I hope that it provides you with some information that can make take some worry off your mind. According to The Pension & Welfare Benefits Administration, small businesses employ nearly 40% of the private-sector workforce in the...
Written by rleyva728 | August 18, 2009 3:04 PM in Accountants / CPAs
633 views
Have you ever taken a vacation and wished that you could legally take the expenses as a tax deduction? In order to make it work you have to make sure that you do some very simple things. How to turn your fun trips into tax cuts How would you like to deduct every dime you spend on vacation this year? Tim did. Legally. Want to know how? Tim wanted to take a two-week trip around the US. He learned that everything is much cheaper when you can legitimately deduct it. 1. Make all your...
Written by rleyva728 | August 17, 2009 11:23 PM in Accountants / CPAs
672 views
A Coverdell Education Savings Account is an account created as an incentive to help parents and students save for education expenses. The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established. A beneficiary is someone who is under age 18 or is a special needs beneficiary. The beneficiary will not owe tax on the distributions if they are less than a beneficiary's qualified education expenses at an...
Written by rleyva728 | August 17, 2009 11:20 PM in Accountants / CPAs
449 views
Getting Married? Filing Status Considerations Summer is wedding time. If you are getting married this summer, or already have gotten married this year, you will need to consider your 2009 tax filing status. You have two filing status options: Married filing jointly or Married, filing separately. Married Filing Jointly You can choose married filing jointly as your filing status if you are married and both you and your spouse agree to file a joint return. On a joint...
Written by rleyva728 | August 17, 2009 11:12 PM in Accountants / CPAs
562 views
Do you work from home? If so then you might be able to claim part of your living expenses as a "Home Office". Some of the items that you can claim are Rent/Mortgage Interest, Property Taxes, and utilities. You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively: As your principal place of business for any trade or business As a place to meet or deal with your patients, clients or...
Written by rleyva728 | August 13, 2009 2:37 PM in Accountants / CPAs
463 views
Do you have a High School or College Age child who has worked this summer or will be getting their first job sometime this fall? If so then here are seven important tips for you and them to know. Taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. Taxpayers with multiple summer jobs will want to make sure all their employers are withholding an...
Written by rleyva728 | August 12, 2009 4:44 PM in Accountants / CPAs
1 comments
| 604 views
In this economy, many people find themselves updating their resumes and looking for a new job. If you find yourself in this situation or know someone who is, it might be possible to deduct some of your job hunting expenses on your tax return. Here are six things you need to know about deducting costs related to your job search. In order to deduct job search costs, the expenses must be spent on a job search in your current occupation. You may not...
Written by rleyva728 | August 12, 2009 4:23 PM in Accountants / CPAs
405 views
Ok you started your new business…congratulations. Here are some basic tips to help you make that new business a success. The following is a list of the basic tips offered by the IRS to avoid potential problems: Classify workers properly as employees or independent contractors as determined by law, not the choice of the worker or business owner; Deposit federal employment taxes, called trust fund taxes, according to the appropriate schedule; Start making...
