Small Biz Builder

Whenever there is an economic downturn, some newly hired employees may be over qualified for the job which they were hired.  This means that you might get a great deal when it comes to their salary.  The problem is, once the market rebounds, they may start looking for another new job, one that better suits their skill set.  What should you [...]

After you file your taxes, you will have many records that may help document items on your tax return.  You will need these documents should the IRS select your return for examination.  Generally, this means you must keep records that support items shown on your return until the period of limitations for that return runs out. The period of limitations is the period of [...]

NO!!!  Each year, the IRS sends millions of letters and notices to taxpayers for a variety of reasons.  Many can be dealt with simply and painlessly.  Here are some tips: Notices may request payment of taxes, notify you of changes to your account, or request additional information.  The notice will likely cover a specific issue about your account or tax [...]

The IRS is offering people with undisclosed income from offshore accounts an opportunity to participate in a new, voluntary disclosure initiative in order to get current on their tax returns.  The 2011 Offshore Voluntary Disclosure Initiative (OVDI) will be available only through Aug. 31, 2011.   This is the second special disclosure initiative for taxpayers with foreign accounts. Since the first special [...]

  Under the 2010 Tax Relief Act, the bonus first-year depreciation percentage is 100% (instead of 50%) for bonus-depreciation eligible “qualified property” that is generally (1) placed in service after Sept. 8, 2010 and before Jan. 1, 2012, and (2) acquired by the taxpayer after Sept. 8, 2010 and before Jan. 1, 2012. Qualified property includes autos and trucks which are [...]

If your company is paying for a car, make sure you title it in the company's name.  If the company writes the check but 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 as you and your business aren't separate entities.) Your company may [...]

If you changed your name as a result of marriage or divorce you’ll want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration (SSA).  A mismatch between them can cause problems in the processing of your return.  Complete Form SS-5,  Application for a Social Security Card at your local SSA office and provide proof of your legal name change if [...]