Bonus Plans
A year-end bonus sounds like a good idea, but is it in the best interest for your employees and company?
Early Withdrawals from Your IRA
Although you may withdraw money from an IRA at any time, these funds are intended for retirement. To encourage you not to touch this money until you retire, the IRS imposes penalties for early withdrawals.
Club Dues and Meal and Entertainment Expenses—Some are Deductible, Many are Not
Generally, club dues are not a deductible expense, but depending on the circumstances, a business meal at the club might be.
Final Tax Returns for Decedents
Even in death, you cannot escape taxes. Even after you have passed, your surviving spouse or estate need to file your final personal tax return.
Recordkeeping for Individuals—Personal Residence Tips
Keeping records and receipts for home improvements is essential as it lowers your tax basis in your home. This is most important when calculating the gain when eventually selling your home.
Do I Need a Consultant?
If you have a business, you are likely not an expert at all facets of running your business. A consultant can be hired to lead you in areas that are not your expertise.
What is Consulting?
Consulting can help a business by examining existing problems, developing solutions and identifying best practices. Consulting can also be targeted to one segment of the business like taxes or information technology.
Fair Tax Bill
The Fair Tax Bill was first introduced in July 1999 and was re-introduced in early 2003 by U.S. Representative John Linder. The Bill repeals all federal personal income taxes, corporate income taxes, payroll taxes, self-employment taxes, capital gains taxes, gift taxes and estate taxes. In place of the repealed taxes, there would be a 23% national retail sales tax on all retail sales of new goods and services. Let us explore some of the elements of the Fair Tax Bill.
Are You Withholding Enough to Cover Your Tax Liability?
Withholding money from your paycheck is part of our “pay as you go” system for paying income tax. Generally you want to withhold enough to cover 90% of your tax liability.
Will it Really Take 39 Years to Deduct the Cost of Your Commercial Building?
If you do not want to wait 39 years to deduct the cost of your commercial building, a cost segregation study can classify some elements as personal property.