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]

1099 Reporting for Business and Rental Owners Repealed!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  The repealed law signed in under the Affordable Care Act removed the requirement for business and rental owners of [Read More]

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]

Bad Debts Gone Wild: Part III, Business Debt

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In the last part of this series, we covered the consumer side of bad debt charge-offs and how the IRS handles that from a tax perspective. Today I want to delve into the business side of bad debt charge-offs. This side of things is usually quite complex and hard to [Read More]

Bad Debts Gone Wild: Part II, Consumer Debt

Earlier we discussed the tax implications of discharged debt and that the tax code, at face value, considers discharged bad debt (absent of any special exceptions) as taxable income. But of course, nothing is as simple as that in the world of Federal tax laws, so let’s [Read More]

Federal Tax Incentives for Continuing Education (Part 4 of 4): Student Loan Interest Deduction

So far we’ve discussed the American Opportunity Tax Credit (modified Hope Credit), the Lifetime Learning Credit and even Tuition & Fee Deductions. Today though, we’re going to cover the last in our 4 part series on education tax incentives—Student Loan Interest [Read More]

Fast and Easy Cash Accounting….oh, it’s Accrual World

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Accrual Method or Cash Method Accounting? It’s one of the first questions you’re usually asked when setting up your accounting software and it can be one of the most puzzling. This topic is complicated and often confuses a lot of people (you are not alone if you’re [Read More]

Making Work Pay Tax Credit

Yes, we are back, rested and ready to hit the road running after a little break over the Holiday season! To start off the new 2010 tax year, I wanted to cover a topic that will affect most taxpayers in a positive way , the “Making Work Pay Tax Credit”. This tax credit [Read More]

New to Self-Employment Business Orientation: How to Avoid Tax Problems & Pave the Way to Success

Today people have more choices than ever before when it comes to making a living. Even those who keep their regular full time positions as employees are taking on side work as independent contractors and some are choosing to make the leap to full time self employment or [Read More]

Finding the Right Accountant to Help Build Your Business

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You know you need an accountant to help you figure out your financials and you’re worried about the looming possibility of being hit with a big tax bill in the spring. The problem is, you’ve heard horror stories from friends and family about awful accountants. So now [Read More]