Author Archives: kristynhill

Small Business Tax Update -Now that your corporate tax return or your corporate tax extension has been filed, it is as good a time as any to begin making changes that will save your business tax dollars and make tax record keeping a little easier. The following points highlight some small business tax issues that you may want to consider as you move your business forward. The Obvious Have an organized accounting system that includes entering all business expenses in a systematic and timely manner. Along these same lines, keep personal and business expenses separate. Never overlap the use of … Click to Read More

  Tax Alert for Small Business Start-Ups! – Any new business owner will soon realize that business taxes are one of the largest business expenses. This being the case, saving money on tax dollars is one of the most effective ways of increasing profitability. However, since the IRS tax code governing the start-up and continuing operation of a small business is so fluid and complex, keeping up with all of the available small business tax breaks can be a daunting task in itself. Outlined below are some of the ways that small businesses start-ups can save tax dollars in 2014. … Click to Read More

Some Business Tax Mistakes to Avoid Some Business Tax Mistakes to Avoid – Since the sum total of the taxes paid by a business is such a major expense, the saving of tax dollars can be one of the most important contributing factors to business success and profitability. With the corporate tax deadline fast approaching, this article is focused on giving business owners a heads up on some common tax mistakes to avoid. One common business tax error is to incorrectly classify workers as independent contractors when they should be classified as employees. Unfortunately, selecting the correct classification can be … Click to Read More

Small Business Tax Deduction Alert – With the 2013 business tax deadline fast approaching, it is important to be aware of those tax breaks that are available to help your business reduce its overall tax liability. In any given year, the use of tax deductions, tax credits, tax exemptions and tax incentives can significantly reduce the tax bill that your business will have to pay. On the flip side, to overlook these tax breaks essentially means that your business will overpay its tax bill. The following is a list of some of the small business tax breaks that are available for … Click to Read More

Choosing the right business entity is one of the most important decisions a small business owner has to make. While many factors must be taken into account in making this choice, the tax implications of the various business structures are probably the most important consideration. Each business entity is subject to different tax rates, tax liabilities and tax reporting procedures, making entity selection the one of the most important elements of effective tax planning. Because the tax code for business is not only complex but constantly changing, the entity selection process may require the help of a competent tax professional. … Click to Read More

This article discusses Tax Notifications and Updates for 2014:          Postponement of Filing Date    Taxpayers are still feeling the effects of the federal government shutdown which lasted for 16 days in October. According to the IRS, January 31st is the earliest date that the agency will begin processing individual tax returns, a postponement that was necessary in order to complete all the system updates which were affected by the shutdown. Taxpayers can still submit their returns electronically as soon as they are ready and the e-filer will hold them until processing begins. However, the IRS encourages anyone who … Click to Read More

  It seems that unemployment benefits may be set to expire. When Congress passed a budget deal last week, they failed to extend the program that provides federal unemployment benefits to the long term unemployed. As a result, unemployment benefits for anyone depending on federal unemployment assistance will stop this week. Federal benefits normally start when state benefits run out and can extend the overall benefit period by almost a year. Although the federal benefit checks are usually less than the state checks, they have provided extended relief to many who have not been able to find employment during the … Click to Read More

Wishing you a Happy New Year from Business Tax Preparation!  

  In November, the United States economy added 203,000 jobs, beating the economists’ prediction by 20,000. At 7%, the unemployment rate is at the lowest level since November 2008. This news is inspiring for the 11 million Americans who remain unemployed. The big gains this month came from the two ends of the wage spectrum – jobs that pay low wages and those that pay higher salaries. For example, while restaurants and retailers continued to create jobs, business and professional services created even more. According to Deloitte’s Chief Financial Officer, Frank Friedman, “This was a strong, good quality report showing … Click to Read More

According to a new residential property tax study from the Tax Policy Center, some of the lowest property taxes in America are found in certain counties in Alabama and Louisiana. Between 2007 and 2011, when data for the survey was collected, 60% of the counties in the country reported average property taxes of between $500 and $1500 a year.  During that same period of time, the study found 24 counties with annual property tax bills below $250 per month, mostly in Alabama and Louisiana. The results of the study also revealed that parts of Michigan, Nebraska, Ohio and North Dakota … Click to Read More