Recordkeeping for Tax Purposes
Keeping thorough and accurate financial
records is one of the less exciting tasks
that business owners face, but it is a necessary
one. In addition to enabling you
to monitor the progress of your business
and make informed decisions on a daily
basis, keeping good records is essential
when it comes time to prepare your tax
returns.
[read full article]
Maximizing Your Travel and Entertainment Deductions
Winning new business and maintaining
relationships with existing customers is
not just time consuming; it is also
potentially very costly. Relationships
often involve extensive travel, entertaining
at good restaurants, attending special
events, and even taking clients on
vacation.
[read full article]
Claiming the Medical Expenses Tax Deduction
In a given year, relatively few Americans
take advantage of the federal income tax
deduction for unreimbursed medical
expenses. But if an illness or hospitalization
in the family has led to an abrupt
rise in your out-of-pocket health care
expenses, you may find you qualify for
some relief at tax time.
[read full article]
Highlights of the Tax Relief and Health Care Act of 2006
The Tax Relief and Health Care Act,
signed into law on December 20, 2006,
extends a variety of popular tax breaks.
In addition, this measure also
enhances favorable tax reform for
Health Savings Accounts (HSAs) and
provides a measure of relief for individuals
hit by the alternative minimum
tax (AMT) after exercising incentive
stock options (ISOs).
[read full article]
IRS Scrutinizes Compensation for S Corporation Shareholders
Favored by closely held businesses, the S corporation is the most popular corporate entity choice, accounting for 59% of all corporate tax returns filed for 2002, according to the IRS. In addition to providing personal liability protection, the S corporation can offer substantial tax advantages to owners.
[read full article]
Pension Act Boosts Retirement Savings Opportunities
After years of debate, Congress has finally passed sweeping pension legislation—the Pension Protection Act of 2006 (the Pension Act).
[read full article]
Estate Planning Admist Uncertainty
With permanent repeal of the federal estate tax struck down by the Senate on June 8, the future of the estate tax remains uncertain.
[read full article]