How far would you go to save your business? If you’ve spent any time thinking about this question, you’ve likely formulated an answer along the lines of “I’d go as far up to the line as possible, but I wouldn’t cross it.”
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Small-business owners need expert advice to grow their businesses. When it comes time to make an important strategic or financial decision, who do you turn to for the best advice?
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If your business is located in a state with a high income tax, there are options available to significantly reduce or even eliminate that tax liability. In order to entice businesses to set up or expand operations within their borders, state governments offer income tax credits.
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Many small-business owners use their personal vehicles for business use. The expenses related to this use are a legitimate business expense and can be deducted on your income taxes. The IRS does, however, require proper documentation and failure to provide…
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According to the Chamber of Commerce, only 20 percent of small businesses transfer to a new owner successfully. This has important implications for owners who have on average 80 percent of their net worth tied up in their businesses.
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Steven T. Miller, Acting Commissioner of the IRS, has warned Congress that failure to address changes in the Alternative Minimum Tax (AMT) that would take place under the fiscal cliff will have devastating consequences for tax filers.
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Even though Hurricane Sandy doesn’t dominate the headlines anymore, small businesses in the affected regions are only just beginning the long road to recovery. Among the casualties are small business credit scores as invoices go unpaid and bills pile up creating a short-term cash crunch.
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Current estate tax laws exempt the first $5.12 million per person (double per couple) in assets from estate taxes. This limit drops to $1 million in 2013. and the tax rate on all assets above that threshold will be taxed at a rate of 55 percent.
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As Congress and the White House continue efforts to find a viable solution to the fiscal cliff, one proposal is gaining steam – reducing tax deductions and credits. It’s estimated that these deductions and credits cost the federal government $1.3 trillion a year in tax revenues.
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President Obama held his first press conference in 8 months yesterday. Among the topics covered by reporters was income tax increases relating to fiscal cliff negotiations.
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