The cash balance pension plan — little-known and even less understood — is growing in popularity, according to a story at CNNMoney. It’s the best-kept secret in retirement planning. Even CPAs don’t know about it,” says Stephen Dobrow, president of Burlingame, Calif.-based Primark Benefits. The plans, which involve mandatory annual contributions, work best for small […]
Best-Kept Tax Secret For Small Bizs Read More »
The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is a business or a hobby, an activity not engaged in for profit. In order to make this determination, taxpayers should consider the following factors: – Does the time and effort put into the activity indicate an intention to make
Forbes.com has put together a list of year-end tax tips to help reduce your anxiety and possibly lower your 2009 tax bill. Spend your FSA balance. If you set up a flexible spending account (FSA) and had money regularly withdrawn from your paychecks and deposited into the account, make sure you spend the money before
The Wall Street Journal: Attention, small-business owners: it’s not too late to make some smart moves and slash your business’ 2009 taxes. To start with, some soon-to-expire tax breaks are too good to ignore if your operation is healthy enough to need and be able to pay for equipment and software. And there’s more. Here’s
Three Tax Strategies Small Businesses Can Do Now Read More »
Entrepreneur’s Journal reports that with the recession, the federal government implemented a variety of tax-saving programs to spur business. But as should be expected, there are limits. Might some of the tax-breaks go away next year? Net Operating Losses (NOLs): Typically, you can carry back NOLs two years. But, with new legislation from Congress, the
Last-Minute Tax Strategies Read More »
photo credit: Robert Scarth Entrepreneur.com: You’ve no doubt been at pains to cut costs during this recession. Now is the perfect time to review your hiring strategies and pay scales. More important, it’s time to look at the fringe benefits you could and should be offering. Your company might save a bundle by replacing dollars
More Benefits Could Mean Fewer Taxes Read More »
The Wall Street Journal: Five years ago, car-wash owner Orman Wilson set up a pension plan for himself and six employees. For that, he may owe the IRS a $1.2 million tax penalty. Mr. Wilson, the owner of 19 coin-operated car washes in Houston, says he relied on four advisers, including a certified public accountant,
Small-Biz Owners Fret Over Large IRS Fines Read More »
Fortune Small Business: Two bills introduced on Capitol Hill aim to revise the tax code and get more money flowing into small business coffers. A bill from Rep. Neil Abercrombie, D-Hawaii, would raise the deductible percentage of business meals from 50% to 80%. This could be a boon for America’s restaurants, 70% of which are
Small Biz Tax Hacks Read More »
photo credit: Hey Paul Business Week: Missing from Washington’s health-reform discussion is a simple change that would make insurance more affordable for millions of the nation’s smallest business owners by letting them fully deduct the cost of their health insurance premiums. By a quirk in the tax code, self-employed workers who buy their own health
Repeal the ‘Health-Care Tax’ on the Self Employed Read More »
Internet Retailer: Threats by retailers to cut off affiliate marketing relationships in states that are trying to tax sales generated by affiliates have had an effect. The governors of California and Hawaii have vetoed legislation that would have imposed such taxes in those states. The governors acted after such major online retailers as Amazon.com Inc.,
Two States Think Better Of Imposing Sales Taxes On E-Retailers Read More »
