Archive for February, 2012

How Can You Track Use Tax in QuickBooks?

Wednesday, February 29th, 2012

Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3. (more…)

If Something Happens to You, What Will Happen to Your Finances?

Friday, February 24th, 2012

One day, I received a call from a client whose husband had been hospitalized for a couple of weeks.  He had mentioned that he thought a tax payment was due that day.  She did not know how to make that payment, or if it needed to be paid.  We worked things through, but learned a valuable lesson: she realized she doesn’t know much about the family finances. (more…)

Is the Price Right?

Thursday, February 23rd, 2012

Could you be charging more for your products or services? Every smart business owner is continually analyzing people costs and product and market profitability.  (more…)

How do you follow IRS regulations when gifting a business interest?

Friday, February 17th, 2012

Lately we’ve been surprised by how many people are thinking about filing a gift tax return without a business valuation. We’ve had a few conversations with people who are under the impression that they don’t need to attach a valuation of their business interest to the gift tax return.

Before you file your return without a valuatio (more…)

When Can You Expect to Receive Your Tax Refund?

Thursday, February 16th, 2012

If you’re expecting a federal tax refund this year, it could be delayed. The agency reports that new anti-fraud measures could slow the refund process by approximately one week. (more…)

Did You Discuss Finances Before Saying “I Do?”

Tuesday, February 14th, 2012

It may not be the most romantic Valentine’s Day conversation, but financial planning is an important part of starting your marriage on solid financial footing. After all, married couples fight over personal finances more than they fight over anything else. (more…)

Is Your Farm a Hobby or a Business?

Friday, February 10th, 2012

Farming is a pleasure activity for some individuals, and for others, it’s how they support themselves. If you farm for profit, how do you prove it to the IRS? (more…)

Are You Ready for Tax Time? Have More Than a Shoe Box

Wednesday, February 8th, 2012

So it’s tax time. While that thought might conjure up images of lots of receipts in a shoe box, you don’t want to be that person. With a little preparation, you can help make your visit to your accounting professional less expensive and more enjoyable. Here are a few tips to help you prepare. (more…)

Is Your Buy-Sell Agreement Up-to-Date?

Monday, February 6th, 2012

When two or more people want to co-own a business, the buy-sell agreement should be one of the first documents that is created. The buy-sell agreement determines what will happen if a co-owner wants to leave the business, retire, sell shares to someone else, dies or goes through a divorce. (more…)

Could Your Not-for-Profit Organization’s Website have Tax Implications?

Wednesday, February 1st, 2012

Anyone can access your organization’s website – even the IRS. Not only can anyone easily find it through an Internet search, it is now prominently displayed on the first page of your Form 990. As the IRS begins to scrutinize tax-exempt organizations more closely, it is likely examine your organization’s Web advertising and merchandising. (more…)