Every Tax Deduction Helps

Watch Your Mileage Deductions Taxpayers often miss important deductions, and one of them is the deduction for business mileage. 26 CFR 601.105: Rev. Proc. 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, […]

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Haiti Relief and Your Tax Return

John Schacter, EA, a Boston tax accountant offers the following advice for deducting donations made to help the victims of the Haiti earthquake: Millions of Americans have mobilized to help the people of Haiti in the aftermath of the terrible earthquake there. This month Congress passed a law that the President signed, giving taxpayers the […]

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IRS Announces A New Virtual Workshop

Knowing what your business needs to do to satisfy the IRS can seem like an impossible task. Mistakes such as late filings, insufficient payments, and improper calculations can cost a fortune, or even drive you out of business. To keep your business on the right track, spend some time with the IRS Virtual Workshop. It […]

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Estimated Taxes

The IRS offers this advice about paying estimated tax. Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount […]

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Succession Planning and Your Single-Member LLC

Eileen Reichenberg Sherr, CPA, M. Tax., AICPA, Washington, DC, and David E. Boyle, CPA, MBA, Ernst & Young LLP, Seattle, WA published the following: In a split 10-6 decision, the Tax Court ruled in favor of a taxpayer that the check-the-box (CTB) regulations do not apply for purposes of valuing the transfer of property held […]

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Copyright? Who Cares? You Do!

Imagine that you are doing your usual internet browsing and notice an image that looks just perfect for your business’ Web site. So, you copy it and paste it onto your site, with no other thought. Then, weeks, maybe months later, you receive a demand letter, asking for thousands of dollars in damages for use […]

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TRADEMARKS WISH YOU HAPPY THANKSGIVING

As I rake my yard for the 8th time this autumn and search the depths of the freezer aisle for the “perfect bird” my thoughts naturally move toward this upcoming Thursday morning. I usually wake up at the crack of dawn to prepare for a day of cooking and entertaining, and therefore find much comfort […]

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TRADEMARKS WISH YOU HAPPY THANKSGIVING As I rake my yard for the 8th time this autumn and search the depths of the freezer aisle for the “perfect bird” my thoughts naturally move toward this upcoming Thursday morning. I usually wake up at the crack of dawn to prepare for a day of cooking and entertaining, […]

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In Selling Your Business, Cash Flow is Everything.

People often ask me how much their business is worth. The answer is: you probably won’t be able to sell your business for more than five times the true cash flow of your business. What is Cash Flow?Actually, there are several ways to measure the amount of money that flows in and our of your […]

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One of the most common questions I hear is “what do I have to keep for the IRS?” Visit http://ping.fm/arL2x to find out.

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