Greater Pittsburgh Padgett Business Services Image

Tax

Economic Stimulus Act of 2008 – Businesses

March 8, 2008

By now, you’ve probably heard about the recently-passed economic stimulus package, the Economic Stimulus Act of 2008, which is intended to jump-start our economy in part through the government’s issuance of rebate checks to most individuals, and also through tax incentives aimed at encouraging businesses to increase their investments in new equipment by the end [...]

Read the full article →

Economic Stimulus Act of 2008 – Individuals

March 8, 2008

By now, you’ve probably heard about the recently-passed economic stimulus package, the Economic Stimulus Act of 2008, which is intended to jump-start our economy in part through the government’s issuance of rebate checks to most individuals, and also through tax incentives aimed at encouraging businesses to increase their investments in new equipment by the end [...]

Read the full article →

New Economic Stimulus Package

February 12, 2008

Here is some (easy to understand) IRS guidance on the Stimulus Package The Administration and Congress have agreed to an economic growth package that would provide advance payments to many Americans. More details will be available soon, but here are some highlights: Starting in May, the Treasury will begin sending stimulus payments to more than [...]

Read the full article →

Congress passes economic stimulus package — President eager to sign

February 8, 2008

By a vote of 81 to 16, the Senate approved H.R. 5140, the “Economic Stimulus Act of 2008” (the Stimulus Act) as passed by the House of Representatives, with an amendment that makes the rebate available to more Americans. More specifically, the agreement extends the stimulus rebate to Americans whose income consists only of Social [...]

Read the full article →

Our free software rules!

January 27, 2008

Number 46 on “101 Great Ideas to Start Your Business” from Entrepreneur Magazine: 46. Find Simple Accounting Software: Padgett Connect is an accounting software program from Padgett Business Services geared toward the average user who doesn’t have in-depth knowledge of accounting. It’s customized by Padgett for each client’s business, and user support is free. The [...]

Read the full article →

Standard Mileage Rate Changes

January 19, 2008

The IRS has recently announced the standard mileage rate for 2008. The rate for business miles will increase to 50.5 cents per mile, up from 48.5 cents. The rate for moving and medical purposes will decrease to 19 cents per mile, down from 20. The rate for charitable purposes remains unchanged at 14 cents per [...]

Read the full article →

Auction and Yard Sale Income

January 19, 2008

Depending on facts and circumstances, you may have reportable income. Selling your ‘67 Mustang? Any gain is likely to be a long-term capital gain. Occasional sales of items previous purchased for personal use for less than what you bought them for would not be reportable. But if you’re buying and selling items on a recurring [...]

Read the full article →

1st Quarter 2008 Due Dates

January 19, 2008

January 15: Individuals: Fourth quarter 2007 estimated tax payments due. January 31: Employers: Give your employees their copies of Form W-2 for 2007. File Form 941 for 4th quarter 2007, or annual Form 944. File Form 940 for 2007. Businesses: Distribute Form 1099 to recipients for 2007. February 15: Employees: Submit a new Form W-4 [...]

Read the full article →

I couldn’t agree more

January 3, 2008

Great post from a the freelance programming blog, Freelance Switch: This expresses my accounting philosophy perfectly. I just wish I had written it. Here are some basic accounting steps for a freelancer: Step 1 – You need a system to bill people.There are tons of invoicing tools online, (BlinkSale, FreshBooks). Most have free accounts for [...]

Read the full article →

Turning your Friends and Neighbors against you!

December 23, 2007

Here is a press release that I just got form the IRS. It reinforces how not taking care of your taxes can really ruin things. Now they are encouraging “informants”. That’s right, they want your friends and neighbors to tell them when you don’t pay your taxes. They offer rewards for this. This is why [...]

Read the full article →

Tax Preparation Fees Still Affordable

December 21, 2007

This press release was on the National Society of Accountants (NSA) website. This might give Small Business Owners some idea of what to expect this year. Since I imagine most Small Business Owners do not belong to the NSA, I will reprint the information here. Tax Preparation Fees Still Affordable, Says National Society of Accountants [...]

Read the full article →

Need Cash?

December 19, 2007

Maybe you’ve got plenty of it sitting in your IRA and you’re desperate to pay college tuition, put a down payment on a new car, etc. If so, think twice about hitting that IRA – it can be very expensive. First, assuming all the contributions you made were deductible, the full amount of the distribution [...]

Read the full article →

Like-Kind Exchanges

December 19, 2007

Chances are you know someone who has done a like-kind exchange of real property – a commercial building or residential rental, for example. Qualifying exchanges allow you to get a new property without having to report the gain on the sale of the old. You can use a like-kind exchange for property other than realty. [...]

Read the full article →

Changing entities?

December 19, 2007

The end of the year is a good time to consider making a tax entity change. If you’re thinking of switching, the first person you should talk to is your Padgett Representative to find out if changing makes sense for your business and to discuss the potential tax consequences. Some changes have few or no [...]

Read the full article →

Gambling Losses

December 19, 2007

Gambling losses are deductible against gambling winnings, but not directly. Although the full amount of the winnings is reported on Form 1040, losses are deductible as an itemized deduction on Schedule A. So if you don’t have enough deductions to itemize, the gambling losses won’t do you any good. Even if you can itemize, your [...]

Read the full article →

← Previous Entries

Next Entries →