by mariettacp | Jan 12, 2011 | Accounting News, Money Tips, Tax Planning, Tax Preparation, Tax Tips
You may be able to reduce your tax liability through smart debt management planning. Consider whether to defer cancellation of debt (COD) income from the reacquisition of an applicable debt instrument in 2010. The business can elect to have the cancelled COD income...
by mariettacp | Jan 10, 2011 | Money Tips, Tax Planning, Tax Preparation
Increase your basis in a partnership or S corporation if doing so will enable you to deduct a loss from it for this year. A partner’s share of partnership losses is deductible only to the extent of his partnership basis as of the end of the partnership year in...
by mariettacp | Dec 27, 2010 | Money Tips, Tax Preparation, Tax Tips
If anyone you know has failed to file tax returns when due, it’s important that they be aware of the ways to resolve such a problem. Many nonfilers missed a year for one reason or another, and now are afraid to re-enter the tax system. But in fact, taxpayers who...
by mariettacp | Nov 26, 2010 | Money Tips, Tax Planning, Tax Preparation
New classifications for business property and limitations of reporting penalties can simplify and encourage record keeping. Cell phones no longer listed property. This means that cell phones can be deducted or depreciated like other business property, without onerous...
by mariettacp | Nov 24, 2010 | Money Tips, Tax Planning, Tax Preparation
As the year is winding down, it is time to start doing a bit of tax planning . Small business owners who spend a little time on tax planning now, may see significant savings when tax preparation time rolls around in January. In this podcast interview with Roundpeg...
by mariettacp | Nov 22, 2010 | Money Tips, Tax Planning, Tax Preparation
When starting a business or changing your business structure, a key aspect to consider is the Small Business Job Act and how it shortens the holding period of assets. S corporation holding period for appreciated assets shortened to five years. Generally, a C...
