When it comes to creating a budget, it is essential to estimate your spending as realistically as possible. Here are three common budgeting errors made by small businesses, and some tips for avoiding them. 1. Not Setting Goals. It is almost impossible to set spending priorities without clear goals for the coming year. It is […]
In a competitive environment like ours, there is always something more that you can offer the client. Existing clients are great referral sources and great referral resources to find new clients. The processing in their area can be used as a template to find new clients coming on board. 1. Let prospective clients know about […]
You must generally use part of your home regularly and exclusively for business to claim the home office deduction. The IRS has a few tests that must be met before you can claim a tax deduction for using part of your home for business purposes. Calculating the deduction can be as easy as multiplying the […]
The IRS recently issued Identity Protection Personal Identification Numbers (IP PIN) for identity theft victims. The unique six-digit pin number will be used on 2015 income tax returns to verify taxpayer identity. Taxpayers will need to provide the CP 01A letter which lists the IP PIN to their tax advisors. If a return is filed […]
By telephone, in person, outside the grocery or department store or through the mail, we all receive numerous appeals to give to a variety of organizations and causes. And for many, the holidays are a time to donate money to those less fortunate. While it is important to do charitable donations, the decision to give […]
Entrepreneurs can generally choose from different business entities when incorporating their business. However, due to the fluid nature of businesses, the advantages and disadvantages are not always clear at the time of formation. Limited liability companies and corporations are the two most typically attractive business entities for small businesses considering incorporation. Unlike sole proprietorships and […]
In today’s business environment, where many businesses find they cannot retain key employees without offering equity interests in the businesses, partnerships often grant employees interests in the company. Even a very small partnership interest, however, can cause the employee to be treated as a partner, not an employee, for federal tax purposes, while the partnership […]
A debt includes any indebtedness whether you are personally liable or liable only to the extent of the property securing the debt. Cancellation of all or part of a debt that is secured by property may occur because of a foreclosure, a repossession, a voluntary return of the property to the lender, abandonment of the […]
Having a will is one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, it can also spell out exactly how you would like things handled after you have passed on. While every individual’s situation varies, here are the […]
Generally, when planning one’s estate and organizing personal affairs, two things come to mind — death and taxes. Organizing one’s affairs for prior generations was simpler, as assets were generally easier to discern, locate, value and distribute. Today’s estate planning is not just about death and taxes, but includes protection of one’s assets from the […]
