Author Archive
Extended Payroll Tax Cut Could Benefit Small Business Owners
We’ve discovered some good news for the savvy small business owner. The IRS has extended a 2011 payroll tax cut through the end of February 2012. This tax cut is a 2% reduction in Social Security tax from 6.2% o 4.2%. (which they assure us will have no effect on our [Read More]
1099-K, Merchant Account Payments and You
What is a 1099-K and why am I receiving it? The 1099-K is a new form for 2011 for reporting payments to the IRS that are received by a person or a business from a Merchant (Visa, Mastercard, American Express, Discover) and/or a Third Party Network, (PayPal, Google Checkout, [Read More]
Unemployment Tax changes affect Florida Businesses
The condition of the US economy over the past few years has left Florida (and 19 other states*) in debt to the Federal Unemployment Insurance system. Florida’s Unemployment Insurance debt is on the order of $2 Billion dollars! The grace period for repayment of these funds [Read More]
New 2012 Mileage Rates
The IRS posted Notice 2012-1 announcing the 2012 standard mileage rate for business miles, charitable miles, medical miles and moving miles. Details below! 2012 Mileage Rates (Notice 2012-1) Business Miles: 55.5 cents per business mile Charitable Miles: .14 cents per [Read More]
IRS Announces a Medical & Moving Mileage Rate Increase for 2011!
The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business purposes. In recognition of [Read More]
Winning the Lottery-The ABC’s of Hiring Professionals
Last week we went over a quick list of what to do if you win the lottery. To get started, when you win the lottery the best thing to do is to contact professionals such as an attorney, an accountant and an advisor. The attorney should specialize in Estate Law and have a [Read More]
Winning the Lottery: Taxes and Strategies
Winning the lottery, it can be a blessing or a curse. That’s what I have been told. Over the past few years I have had several clients who have won the lottery so I decided to write a 3 part blog with what you need to know before telling anybody that you won. So what [Read More]
1099 Reporting for Business and Rental Owners Repealed!
The House, Senate and the President signed a law on April 14, 2011 that repeals the expanded “1099” reporting requirement for business and rental owners. The repealed law signed in under the Affordable Care Act removed the requirement for business and rental owners of [Read More]
Keeping Your Customers Satisfied
It is truly amazing to come to the end of the 2011 tax season and be greeted by satisfied customers with kind gestures and appreciative phone calls. The photo to the left is a display of one of those kind gestures of gratitude from a satisfied client that wanted to show [Read More]
Tax Deadlines…A Few Reminders
Tis the season of taxes and deadlines. Since this week’s blog post marks the end of the 2010 Tax Season, I wanted to go over the deadlines and give a few helpful reminders for the folks that are still rounding up their tax documents and scrambling to get their taxes [Read More]
