Peace of Mind, Less Taxes, More Profits….All for 10 minutes a month!

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 [...]

It has been a long-standing routine for most small businesses to remit their Federal payroll tax deposits, as well as other tax payments, by taking a deposit coupon to their bank. However, some banks are no longer taking coupons.
In the past year, more than a dozen banks and credit unions have stopped accepting Form [...]

The end of the year is a good time to consider making a tax entity change. If you’re thinking of switching, talk to us at Padgett (412-816-2228) first to find out if changing makes sense for your business, given the potential tax consequences.
Some changes have few or no tax implications, but others can be [...]

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 Elissa Williams, Manager Of Business Development.

3 Favorite Foods – Shrimp Alfredo, Pizza, and Chicken LoMein
Top 3 [...]

The IRS reminds taxpayers of the special sales tax deduction for car purchases that is available through the end of 2009. A new car, light truck, motorcycle, and even a motor home could qualify – and you don’t have to itemize to get the deduction. There are income limitations, and only tax on the first [...]

If a debt you owe is forgiven by the creditor, or you settle the debt for less than the full amount, the canceled portion is taxable income to you. However, there are exceptions and exclusions.
Canceled Debt that Qualifies for Exception to Resulting in Gross Income:

Amounts specifically excluded from income by law such [...]

Personally earned income can’t simply be reported on a corporation, partnership, etc. tax return, or vice versa. Compensation for services (whether wages, salaries, commissions, profit-sharing, pension, etc.) is taxable to the person who earns it. You can’t escape taxation by arrangements and contracts to share earnings or to have them paid to someone else.
In [...]