Recordkeeping tips from the pros

If you want to give your tax recordkeeping skills a performance boost, do what accounting professionals do. 1. Maintain a separate bank account for all self-employed business activity. This will greatly minimize confusion come tax time by giving you just one place to...

Act soon to cut your 2012 taxes

Time is running out to make tax-saving moves for 2012. Here’s a sampling of ideas to consider. * Maximize the contributions to your employer’s tax-deferred retirement savings plan, thereby saving taxes immediately and deferring taxes on earnings in your...

How to succeed in a new business

If the current job market has you thinking about starting a business of your own, take some steps to increase the odds that your business will succeed. * The first step is an honest self assessment. Common characteristics of a successful entrepreneur are the drive to...

Don’t panic if the IRS sends you a letter

There are many reasons why the Internal Revenue Service could be contacting you. Some contacts involve very minor corrections; some are for serious changes that could involve a lot of money. Sometimes the IRS is correct in what they are seeking; sometimes they are...

Changes scheduled for flexible spending accounts

Flexible spending accounts (FSAs) are popular with employees because they permit the use of pretax dollars for payment of medical expenses and dependent care costs. If you use an FSA, be aware that changes are scheduled beginning next year. As part of the health care...
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