November 9, 2009 10:49 PM in Accountants / CPAs
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The clock is ticking on tax moves you might benefit from if you act before December 31. Here are some year-end reminders.
- If you don't itemize your deductions, you may still deduct 2009 property taxes you pay, up to a $500 limit for singles and $1,000 for couples.
- If your small business doesn't have a pension plan, consider establishing one to get a tax credit of up to $500 in each of the plan's first...
October 1, 2009 10:47 PM in Accountants / CPAs
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Throughout America, in rural towns and large cities, companies come and go with clockwork frequency. That specialty store with the ragged sign and lousy service? It's been replaced by a funky restaurant that serves great linguini. Yesterday's bicycle shop is today's bakery. It's no wonder. Creating a company that can survive even a few years is not an easy feat.
If you recently lost...
September 8, 2009 7:30 PM in Accountants / CPAs
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The government is encouraging businesses to look ahead to the upcoming fall and winter flu season and to make plans to minimize the flu's effects on business productivity. Flu season may be worse this year due to the H1N1 or swine flu which still has not been effectively brought under control.
Some actions being suggested by government officials:
September 7, 2009 7:30 PM in Accountants / CPAs
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The American Recovery and Reinvestment Act, the economic stimulus law passed earlier this year, included a number of tax-saving opportunities for businesses. Because some of these tax breaks are available for a short time only, the IRS is urging small businesses to act now to benefit from the provisions.
- Equipment purchases. The $250,000 limit for immediately expensing qualified equipment purchases was extended through 2009. The deduction is...
July 5, 2009 7:20 PM in Accountants / CPAs
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Two changes could affect your 529 college plan.
1) During 2009 and 2010, you can use 529 funds for tax-free purchases of computers, peripherals such as printers, certain educational software, and Internet access.
2) For 2009 you are permitted to make two investment strategy changes ( in addition to changes made when switching the plan's beneficiary). Previously only one annual change was allowed.
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