Tag Archives: Tax tips

Tax Tips for the Well-traveled Businessperson

As you probably already know, food and lodging expenses can be deducted when you are away from home for business purposes. This may be particularly beneficial to self-employed individuals who travel extensively. Like everything in the tax law, there are … Continue reading

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Employing a Family Member

A way to reduce the overall family tax bill is by employing family members through your business, which allows you to shift income to them and provide them with employment benefits. Employing your Spouse. Reasonable wages paid to your spouse … Continue reading

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Ten Helpful Tips for Paying Your Taxes

Are you making a payment with your federal tax return this year? If so, here are 10 important things the IRS wants you to know about correctly paying your federal income taxes. 1. Never send cash. 2. If you file electronically, you … Continue reading

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A Reminder – If You Did a Roth Conversion in 2010

This is just a reminder that if you did a Roth Conversion in 2010 and elected to defer the tax on that conversion to 2011 and 2012, don’t forget to include one-half of the conversion taxable income on your 2012 … Continue reading

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And you thought being a parent was a non-paying job?

Your children may help you qualify for valuable tax benefits, such as certain credits and deductions. If you are a parent, here are eight benefits you shouldn’t miss when filing taxes this year. 1. Dependents. In most cases, you can … Continue reading

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Ten Tips to Help You Choose a Tax Preparer

Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your federal income tax return this year, the IRS urges you to choose that preparer carefully. … Continue reading

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5 good reasons to e-file your tax return.

If you haven’t tried IRS e-file before, now is the time. Most taxpayers – more than 80 percent – file electronically. The IRS has processed more than 1 billion individual tax returns safely and securely since the nationwide debut of … Continue reading

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6 tips for Students starting summer jobs!

School’s out, but the IRS has another lesson for students who will be starting summer jobs. Summer jobs represent an opportunity for students to learn about the tax system. Not all of the money they earn will be included in … Continue reading

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What Turbo Tax won’t tell you!!!

With tax season in full swing, many brave taxpayers are considering using software such as Turbo Tax to prepare their taxes. The software itself is very easy to use and fairly intuitive. Unfortunately the tax code itself is not that … Continue reading

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Is your business getting paid on time?

Small businesses regularly fail. In fact, fewer than 50% are still operating within five years of opening their doors. Why is the failure rate so high? Often it’s because management hasn’t established and implemented a strong collection policy. Deadbeat customers … Continue reading

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