Starting a business retirement plan can be a complex process for small business owners in particular as they need to factor in issues such as multiple sources of retirement income, special tax considerations and succession issues. Beginning a business retirement plan will help make deductible contributions for 2012. Listed below are some […]
Month: December 2012
Do’s and Don’ts of refinancing
There is never a better time for refinancing than now. Mortgage rates are at historic lows. This can save thousands of dollars in interest and help build up equity on one’s home faster. However, refinancing can also be expensive and cost more than the savings. Here are some tips to help navigate the field of refinancing. […]
Client collaboration in the cloud
In recent years, the accounting profession has seen transition of business data and applications from traditional paper-based models to cloud-based digital platforms. Hosting information and software in a virtual environment helps save cost and improve overall productivity. Accounting technology came in the form of desktop applications, moved on to networking, and now, it is […]
Why outsource bookkeeping & accounting?
Here’s what a business stands to gain by outsourcing bookkeeping and/or general accounting functions: It saves time and money. The need for hiring an employee to do the work is eliminated, which cuts expenses for office space, payroll tax, worker’s compensation, and benefits. The business stays in compliance with laws and regulations. Outsourcing bookkeeping […]
How long to maintain tax records?
The tax season is past us, and a common question put forth by most of our clients is “How long do I need to maintain tax records ie, copies of my tax return and affiliated records?” In most cases, taxpayers need to keep copies of their tax returns, and all return-related substantiating documents until […]
US Healthcare changes – 2012 ruling
On June 28, the Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act of 2010. Numerous tax changes are included in the law. Some have already gone into effect and others are scheduled to kick in over the next several years. This chart briefly summarizes some of the most important tax changes, […]
Filing an amended return
What triggers an amended return? When your client forgets to submit information or when in the midst of the tax season crunch the return has just been processed by your firm but has not provided maximum tax benefit to client. In addition any of the following can trigger an amended return: Reporting additional income […]