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Small Biz Builder

Monthly Spotlight – Dr. Suzanne Yoder

March 10, 2010
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In the spotlight this month we have Suzanne Yoder, Doctor Of Audiology, and owner of the HearWell Center
HearWell Center provides a high standard of care to all patients with, or at high risk to, hearing and vestibular disorders, in a respectful, friendly and professional environment.
The Center is located at 2400 Ardmore Blvd., Suite 401, [...]

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2009 Economic Recovery Payment Verification

March 10, 2010

A one-time payment of $250 was made in 2009 to recipients receiving benefits from the Social Security Administration, disabled veterans receiving benefits from the U.S. Department of Veterans Affairs, and Railroad Retirement beneficiaries.
Taxpayers who need verification about receipt of the 2009 economic recovery payment should personally contact their respective agency for confirmation, not the [...]

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10 Facts about the Extended First-Time Homebuyer Credit

March 10, 2010

If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress passed The Worker, Home-ownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.
Here are the top 10 things the IRS wants you to know about the [...]

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Barter Transactions

March 10, 2010

In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities.
Bartering is the trading of one product or service for another. Usually [...]

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Title Matters: Who Owns the Car?

March 10, 2010

If your company is paying for a car, make sure you title it in the company’s name. If the company writes the check yet you put the title in your own name, the IRS is almost surely going to deny the business a depreciation deduction. (This doesn’t apply to sole proprietors; you and your business [...]

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Haiti Relief Donations

March 10, 2010

People who give to charities providing earthquake relief in Haiti have the option of deducting these contributions on either their 2009 or 2010 returns, but not both. Taxpayers who itemize deductions on their 2009 return qualify for this special tax relief provision, enacted Jan. 22. Only cash contributions made to these charities after Jan. 11, [...]

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Team Member Spotlight – Jim Merante

February 15, 2010
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In our free monthly newsletter’s continuing feature, “Team Spotlight”, we learn a little bit about the members of the Padgett team. Be sure to keep an eye out for it each month!
In the spotlight this month we have someone you are probably familiar with, Jim Merante, Owner & President.

3 Favorite Foods – Lasagna [...]

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2009 Tax Law Changes Provide Saving Opportunities for Nearly Everyone – Part 1: Tuition, Residential, Vehicles

February 15, 2010

In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers. The following is a summary of these, and other key changes, that may apply to your 2009 federal income tax return.
American Opportunity Credit Helps Pay for First Four Years of College. More parents and students can use [...]

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2009 Tax Law Changes Provide Saving Opportunities for Nearly Everyone – Part 2: Income & Other

February 15, 2010

In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers. The following is a summary of these, and other key changes, that may apply to your 2009 federal income tax return.
Tax Credits Increased for Low and Moderate Income Workers. The Earned Income Tax Credit (EITC) is now [...]

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Team Member Spotlight – Heather Cipriani

January 7, 2010
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In our free monthly newsletter’s continuing feature, “Team Spotlight”, we learn a little bit about the members of the Padgett team. Be sure to keep an eye out for it each month!
In the spotlight this month we have Heather Cipriani, Payroll Administrator

3 Favorite Foods – Steak, Cookies, Coffee Ice Cream
Top 3 Movies [...]

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1st Quarter 2010 Due Dates

January 3, 2010

January 15:

Individuals: Fourth quarter 2009 estimated tax payments due.

February 1:

Employers: Give your employees their copies of Form W-2 for 2009. File Form 941 for 4th quarter 2009, or annual Form 944. File Form 940 for 2009.
Businesses: Distribute Form 1099 to recipients for 2009.

February 15:

Employees: Submit a [...]

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2010 Standard Mileage Rates Drop

January 3, 2010

The Internal Revenue Service recently issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pick-ups or panel trucks) will be:

50 cents [...]

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IRS Begins Employment Tax Research in 2010

January 3, 2010

In February 2010, the Internal Revenue Service will begin its first Employment Tax National Research Project (NRP) in 25 years. Business practices regarding employment tax issues may have changed significantly since the last IRS employment tax study in the 1980s, necessitating the need for this study.
Examinations comprising the study will be conducted to collect [...]

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Section 179: A Year-End Decision

January 3, 2010

It generally makes sense to write off eligible equipment using the Section 179 expense option in the year of purchase. You’ll get the tax deduction faster than if you took depreciation over time. However, expensing may not make sense if you’re in a low tax bracket in the year of purchase but expect to be [...]

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Team Member Spotlight – Megan Merante

December 7, 2009
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In our free monthly newsletter’s continuing feature, “Team Spotlight”, we learn a little bit about the members of the Padgett team. Be sure to keep an eye out for it each month!
In the spotlight this month we have Megan Merante, Administrator

3 Favorite Foods -Cheesburger, french fries, milkshake
Top 3 Movies -Raiders of the Lost [...]

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