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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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Continue ReadingMany 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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Continue ReadingA key point of contention during the fiscal cliff negotiations has been the level of taxation—specifically marginal tax rates—on people earning higher incomes. For the first time, a potential compromise has been proposed on this thorny issue.
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Continue ReadingAccording 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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Continue ReadingSteven 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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Continue ReadingEven 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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Continue ReadingCurrent 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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Continue ReadingAs 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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Continue ReadingPresident 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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Continue ReadingHomeowners who lost their homes to foreclosure in 2009 or 2010 have until December 31st to request a free, independent review to ensure that they were treated fairly and that the process was handled legally.
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