As our lives progress and things change, our taxes tend to become more complicated. Now you own a home, have rental property or even a part-time business. Not to mention all the recent changes in the tax laws. Who can keep up?
Whether you file your taxes yourself or pay someone else to file them, you are ultimately responsible for what is reported on your tax return. So choosing a tax preparer is a task that you should not take lightly.
As the holidays are quickly upon us, I'm sure the last things you are thinking about are your taxes. But taking a moment to assess your tax situation NOW could pay off big in 2009. Here are some year end tax tips that could drastically change your tax situation. Get Current. One of the most important tax ...
12 Common Bookkeeping Mistakes to Avoid 1. Commingling funds - So many business owners are guilty of either using the business account to pay for personal expenses or paying business expenses through the personal account. This is a big NO NO! 2. Misclassifying workers - Times are tough and staffs ...
SECRET TAX TIP #6 Avoid Extra Tax With A Wise Business Purchasing Plan! Avoid the dreaded Alternative Minimum Tax by postponing purchases of depreciable assets or leasing rather than purchasing depreciable assets in years when you have high income and itemized deductions. The alternative minimum tax is calculated by adding to your alternative minimum tax base any ...
SECRET TAX TIP #4 Even Small Deductions Can Add Up To Big Tax Savings! Don’t forget the “de minimis” fringe benefits for maximum tax savings. Did you know that the tax code allows you to deduct for things such as (a) tickets to theatres and sporting events, (b) cocktail parties for employees and guests and ...