One of the first decisions you face as a new business owner is whether or not to incorporate your business. The biggest advantage of incorporating is limitation of your liability. The responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not […]
Obama proposes temporary cuts in payroll taxes
Read the whole article on Bloomberg here: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy
Democrats discuss new infrastructure package funded by tax increases
To read the news article published in ‘The Hill’, click on the following title link: Do more on jobs, Dems tell Obama
Tax breaks can help when disaster strikes
Recent events here and abroad are reminders that disasters can occur at any time – often with staggering human and financial costs. If you’re an unlucky victim of a disaster, you may receive help from insurance and federal disaster aid. But the tax code also offers some relief. You may be able to take an […]
Estate taxes might not affect you, but you still need a plan
There’s good news if you’re concerned about estate taxes. For the next two years (2011 and 2012), the value of your estate that’s excluded from tax is set at $5 million. And the top rate on taxable estates is 35%. The $5 million exemption is per person, thus a couple’s exemption is $10 million. Also […]
New law repeals expanded 1099 reporting rules
On April 14, 2011, President Obama signed legislation (Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011) repealing the previously expanded reporting rules for businesses and landlords that had been created by laws passed in 2010. Business reporting. The Form 1099 reporting rules were changed by the 2010 health care legislation. […]
Health Care Tax Credit Will Help Small Businesses
Small Business Health Care Tax Credit to Help Small Businesses A new Health Care Tax Credit will help small businesses and small tax-exempt organizations afford the cost of covering their employees. Our firm is extending an additional service to new and existing clients in determining eligibility for this credit. The eligibility rules include providing health care […]
Life Stages Series: HSAs Offer Tax Breaks
Health Savings Accounts Offer Tax Breaks A Health Savings Account (HSA) is a trust account into which tax-deductible contributions can be made by qualified taxpayers who have high deductible medical insurance plans. Income earned on the HSA balance is tax-free. The funds from these accounts are then used to pay “qualified medical expenses” not covered […]
Life Stages Series: This Week “Entrepreneurs”
A relationship with an accountant is important for every stage of your life, most especially if you are in business for yourself. Entrepreneurs face some of the same financial challenges as larger companies. Taxes, for one. Payroll and income tax too. Large companies have accountants on staff working for them, but smaller companies may not […]
