Archive for September, 2012

Should You Maximize Cash Flow or Minimize Income Taxes?

Thursday, September 27th, 2012

“Do I need to buy, and expense, equipment or a vehicle before the end you the year to save income tax?” Every CPA involved in business tax planning hears some variation of that question several times, on an annual basis. Our first question back to you is, “Do you need it?” (more…)

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How Do Your Avoid IRS Penalties on Your IRA?

Friday, September 21st, 2012

With our government requiring more cash each year, there is growing sentiment is the financial community that the IRS is becoming more vigilant in obtaining all revenue available related to Individual Retirement Accounts (IRAs). According to a recent article, the Treasury Inspector General for Tax Administration estimates that the IRS failed to collect as much as $286 million of revenue in 2006 and 2007 alone. From a political aspect, it is easier to raise revenue by simply enforcing the existing rules, than it is to cut spending or pass a new tax increase. (more…)

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You Got a Tax Notice… Now What?!

Wednesday, September 19th, 2012

You know the feeling well… you’re just going about your business, walking out to the mailbox to pick up the daily mail. For some reason, the pile feels a bit heavier today. And as you sort through the junk and the magazines and the bills, you find that you’ve received a little love note in the form of a tax notice from the Internal Revenue Service (IRS). No wonder the mail is so heavy today… the IRS is looking for more of your well-earned money. (more…)

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What Does the Medicate Surtax Mean for Employers?

Friday, September 14th, 2012

Even though the Supreme Court’s decision was a few months ago at this point, healthcare reform is still getting a lot of coverage in the media.  Individuals and business owners are still trying to get their hands around what it will mean for them and what they’ll have to do to comply with the new law.

Most discussions about how healthcare reform will impact taxes have centered on the so called “Individual Mandate.”  But, health care reform will lead to other tax changes, too.  One such tax chance is the addition of a .9% Medicare tax surcharge. (more…)

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Is It Fair to Require Online Retailers to Collect and Remit State Sales Tax?

Wednesday, September 12th, 2012

Recently we’ve been hearing calls for everyone to pay their fair share of taxes. One regular target: online retailers, who are being criticized for failing to collect and remit sales tax. But, like many questions of tax policy, this one is more complicated than headlines might lead you to believe. (more…)

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