Archive for January, 2011

Can you make better use of your business cash?

Friday, January 28th, 2011

Can you make better use of the cash you have on hand for your business? Develop a strategy to get the highest rate of return: 1) calculate a 12 month rolling cash projection to forecast cash deficits and surpluses, and 2) update your daily or weekly cash position to determine the extra cash your business has available. (more…)

Doing business in Michigan? You may have to file a tax return

Monday, January 24th, 2011

Single member limited liability companies and qualified subsidiaries may have a new filing requirement in Michigan. The Michigan Department of Treasury recently issued a notice to taxpayers stating that entities and persons disregarded for federal tax purposes are required to file a Michigan business tax return if they meeting the filing threshold. (more…)

How will selling a house from an estate impact my taxes?

Thursday, January 20th, 2011

Dear Drebit:

My mother passed away October 30, 2009. She left my brother and me her house, which has just been released from probate court. We have someone wanting to buy it and we would split around $140,000. What kind of taxes do we face? The house is in SC. I would appreciate your help. (more…)

What Will You Do With Your Two Percent Salary Increase?

Monday, January 17th, 2011

When Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010 during the lame duck session late last year, one element of the bill puts more money in the pockets of employees through a one-year cut in Social Security taxes. (more…)

Receive Rental Income? Start Keeping Records in 2011

Friday, January 14th, 2011

Corporations, partnerships, individuals and trusts that receive rental income from property should plan to keep additional records in 2011. As a result of 2010 legislation, they will be required to issue IRS Form 1099-MISC to service providers, such as plumbers, painters and accountants, of $600 or more during the 2011 tax year. (more…)

How do I keep my succession plan on course?

Thursday, January 13th, 2011

The future of your family business might not be in the front of your mind as you go about your day-to-day routine. But if you have a defined plan that everyone is aware of, you can more effectively prepare for a successful transition when the time comes to put it into place. (more…)

Can I still do an IRA rollover to charity for my 2010 taxes?

Tuesday, January 11th, 2011

As part of the recently passed tax extensions, Congress extended, once again, the popular IRA rollover to charity provision – but with a twist. (more…)

Donating to Charity from Your IRA? Seniors Get 2010 Deadline Extension

Friday, January 7th, 2011

As part of the recently passed tax extensions, Congress extended, once again, the popular IRA rollover to charity provision – but with a twist. (more…)

Does the IRS Tax Filing Delay Mean A Delay For You?

Tuesday, January 4th, 2011

You probably heard by now that the IRS won’t begin processing several types of tax returns, including tax returns with itemized deductions, until mid- to late February. Why? It needs time to reprogram its processing systems to accommodate the tax law changes that the lame duck session of Congress passed late last month. (more…)