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Tax Planning

Four Often Overlooked Tax Reduction Strategies for Small Businesses

Entrepreneurs and small business owners have several deductions available to reduce their overall tax burden. This is especially important for smaller businesses, many of who are struggling to stay viable in today’s highly competitive marketplace. There are some deductions that many business owners fail to take advantage of. Here are four small business tax reduction […]

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Affordable Care Act Penalties Increase Annually

Most of the components of the Affordable Care Act of 2010 have now been implemented. And the one that is pertinent to almost every American is the individual mandate to purchase a health insurance plan or pay a penalty. 2014 is the first tax year for which penalties will be collected. For those who did

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Does Discounting Make Sense For Your Small Business

Consumers are always looking for a bargain. It is something psychological that is built into us; we all want to save money on a product or service. Receiving a discount makes us feel special, like we are getting something for a lower price than most others are paying. There is also a certain sense of

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Understanding the Section 179 Business Equipment Deduction

Section 179 of the Internal Revenue Code (IRC) is one of the few tax breaks specifically geared toward small and medium-sized businesses regarding business equipment deduction. Under Section 179, a business can write off the purchase of equipment, vehicles, off-the-shelf software, and other qualifying property (up to the maximum allowed) during the tax year in

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Important Tax Planning Steps

Many taxpayers believe that after tax season, it is time to take a break from thinking about taxes and look forward to summer vacation. But before you start planning those getaways with family and friends, there are some steps you should take to help put you in a better tax position next year. Also, if

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7 Ways to Reduce Small Business Taxes

For most taxpayers, once the April 15 filing deadline has comes and goes, that is the last time they think about taxes until the following January at the earliest. For small businesses, however, taxes are an ongoing concern. Most small businesses are required to pay estimated quarterly taxes, and they are also responsible to pay

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Important Tax Credits You May Qualify For

Many taxpayers that fall into the lower income brackets are not required to file a return. For the 2014 tax year, a single person under age 65 with an income of $10,150 or less is not required to file, and a married couple (both spouses under 65) filing jointly with an income of $20,300 is

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Important Tax Tips for Seniors

Entering retirement is a completely new phase of life not only in terms of career and possibly in terms of your living situation, but financially as well. Employer income typically replaced with Social Security and combined with either a pension or IRA/401K withdrawal. On top of that, you still may be maintaining a part-time job

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Important Tax Filing Deadlines for Businesses in First Quarter 2015

Tax season is in full swing, and for individuals, the critical date is April 15; tax returns for 2014 must be in by this date or taxpayers are subject to penalties on taxes owed. For businesses and self-employed individuals, however, there are several other tax filing deadlines to be aware of before we reach the

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