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Small Business

Bartering — is it worth the trouble

October 20, 2008

Recently Beth posted the following question on the FAQ’s page: Hi Jim, I have belonged to a bartering organization for some time. The fees are being raised, and since my business is growing, I am rethinking my need for a bartering group. Jim, can you tell me the pros and cons on taxes for bartering? [...]

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“Accounting Today” thinks Padgett is very influencial

October 16, 2008

This is from a Padgett press release: Accounting Today has named Padgett President Roger Harris to its “2008 Top 100 Most Influential People in Accounting” list. This year’s list, entitled “New Frontiers”, focuses on the abounding changes in the accounting industry and details how the individuals featured in the Top 100 are impacting and advancing [...]

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Independent Contractor vs. Employee

September 25, 2008

Great article from the IRS site on “Independent Contractor vs. Employee”. This is always a difficult issue for Business Owners and many times the determination is skewed by an emotional Business Owner who desperately wants to avoid payroll taxes. The IRS doesn’t have a clear set of yes/no questions for this. No flow chart or [...]

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How do you handle “bad clients”?

August 23, 2008

When you have a “bad fit” with a client, raising fees can resolve the situation. Sometimes, the client is insensitive to the compatibility issues with the provider. In this case, raising fees can initiate some dialogue with the client regarding the level of compatibility. From this dialogue, some corrective advice can be communicated gently and [...]

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What Happens When You Tax the Rich? Evidence from Executive Compensation

August 11, 2008

Huh? This paper reexamines the responsiveness of taxable income to changes in in marginal tax rates using detailed compensation data on several thousand corporate executives from 1991 to 1995. The data confirm that the higher marginal rates of 1993 led to a significant decline in taxable income. This small group of executives can account for [...]

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Who’s the “weenie” here?

August 11, 2008

This article says it all. But, I think it is funny (and Embarrassing for Congress) that Congress is blaming the IRS. The IRS has no choice but to enforce the laws that Congress passes. I don’t think that there is a person in the IRS that actually thinks the antiquated regulations regarding the cell phone [...]

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New Online Invoicing System

August 8, 2008

Computers are great for many things. While I am not a big fan of fully featured, complete accounting packages like Quickbooks or Peachtree (very rarely do I meet a Business Owner who actually uses more than the check writing or invoicing modules), I am a fan of a good online invoicing applications. I usually recommend [...]

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Who is being high-handed here?

August 4, 2008

In March, agents served the orig­inal summons, calling Wesson to testify and produce certain books, records, papers and data account­ing for his taxes dating back to 2003. Instead, Wesson demanded a cer­tified copy of an IRS agent’s oath and a copy of the agent’s photo ID, according to court documents. Click Here to see the [...]

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IRS Told to Tighten Up Collection Methods, Debt Monitoring

August 4, 2008

Small Business Owners across the land are tightening their belts due to our challenging economy. But one thing that we forget sometimes is the IRS is also doing business in the same economy. “In an era of growing federal deficits and amidst reports of an increasingly gloomy fiscal outlook, the federal government cannot afford to [...]

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More Red Tape

July 1, 2008

Congress is on the verge of requiring payment card processors to tell the Internal Revenue Service how much money merchants receive through credit card and debit card transactions. … “This proposal does not raise taxes on anyone,” said Baucus, who chairs the Senate Finance Committee. “These information reports would just cause people to file more [...]

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Lower Your Client Acquisition costs

June 30, 2008

The vast minority of Small Business Owners actually do this. I’m as guilty as anyone for not crafting a message about how “remarkably unique” my business is. With a message that communicates how remarkably unique your business is, targeted at a narrowly defined ideal prospect, price pressure goes out the window. Find you message, raise [...]

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IRS Increases Mileage Rates through Dec. 31, 2008

June 29, 2008

In an unprecedented move…… IR-2008-82, June 23, 2008 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The [...]

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First Hard Numbers on Obama Tax Plan Show Dramatic Tax Redistribution

June 28, 2008

“Under the Obama plan for 2009,” explains Hodge, “more than $131 billion would be shifted from the tax burden of all low-, middle- and high-income taxpayers to the burden of the highest-earning 1 percent.” Click Here to see the article in it’s natural habitat

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Can Good Accounting Solve the High Gas Price problem?

June 23, 2008

The short answer is NO. No amount of accounting is going to make the prices lower at the pump. (Surprised you, huh? I bet you thought I was going to wax poetic about some underused tax deduction.) But Good Accounting can help you save money on expenses (and taxes) including your fuel expenses. I always [...]

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Good Quote:

June 20, 2008

Peter Drucker – “Plans are only good intentions unless they immediately degenerate into hard work.”

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