Tax Problems Are Not To Be Ignored

July 31, 2009

Thanks for returning to our blog, you may want to subscribe to my newsletter. Thanks for visiting!Tax problems are among the most common problems that are seen with struggling small businesses. It may not be the overall size of the business that is the problem, but that the accounting is very complicated for an owner-operated [...]

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Budgeting

July 28, 2009

Budgeting is a trying exercise in the best of circumstances. If you’re just starting out, it can be downright terrifying. Budgeting is the process of laying out your total income against your total expenditures to create a comprehensive outline through which you can manage your spending. You are no longer in high school; car payments, [...]

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Charitable Contributions

July 28, 2009

Charitable contributions are cash and non-cash giving that are directed to not-for-profit charities. Most people are familiar with deducting cash contributions to churches and other non-profit organizations. Charitable contributions, to be income tax–deductible by the estate or trust, must be made from gross income. When a flow-through entity is the source of the deduction, the [...]

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Hidden Tax Breaks

July 23, 2009

WSJ’s Tom Herman talks with Adam Najberg about some commonly overlooked tax breaks. He discusses what he calls “complexity taxes,” tax breaks that are so complicated, many people do not take advantage of them, including the sales tax deduction.
Unlocking Your Hidden Tax Breaks

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Tax Planning

July 21, 2009

People spend a great deal of time on financial planning. This will involve spending a tremendous amount of time on looking at expenses and aiming to minimize expenses. It will also involve tough negotiations to make sure they get as much as possible at work or on any jobs they do. Finally [...]

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Personal Finance Software – Will Intuit be the “Big Dog”?

July 21, 2009

Intuit which has had many glitches in its Quicken software in the past now has a chance at redemption because Microsoft is getting out of the personal finance software market. Quicken has long been a contender for the top spot, but they have gotten stuck in a rut allowing their software to dangle when it [...]

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Personal Tax Troubles Need Professional Help

July 16, 2009

When individual tax time arrives there may be a lot of doubts about deductions and different entries. Even though it’s frequently emphasized that one must hold suitable record books throughout the year, unluckily most of us neglect the basic principles of organization and safe-keeping.
Personal tax troubles can range from the simple to the really complex.  [...]

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Section 1031 exchange

July 15, 2009

The 1031 exchange, Internal Revenue Code Regulation 1.1031 was enacted in 1990 after congress eventually determined on the conventions for delayed exchanges.  As one of the biggest held mysteries, 1031 exchanges have become increasingly more popular.  Many real property owners have converted there property cognizant of this approach of deferring the capital gain taxation  by [...]

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What is a Section 1031 exchange?

July 15, 2009

A section 1031 exchange has gained popularity since the middle of the 1990’s. It states that a taxpayer can postpone the capital gain tax to sometime in the future.  The section 1031 exchange is found in the internal revenue code. The capital gain tax is different from regular income taxes and involves the tax on [...]

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Accountable Reimbursement Plan Information From Around The Web

July 13, 2009

Some notable information regarding accountable reimbursement plans from around the web:
Church Credit Cards
Business expense reimbursements paid by churches must be included on the employees’ W-2 forms, and are subject to income tax and FICA withholding when paid — unless the reimbursements are paid under an accountable reimbursement plan. …
An Example of An Accountable Reimbursement Plan [...]

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