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Understanding New Tax Changes Can Yield Big Benefits There are Three New Provisions That Taxpayers Should Be Aware of in 2008. If you haven’t used a tax professional in the past, this just might be the year to start. The first half of 2008 has seen a number of laws, rate changes, and...

Hi All, TO ALL DRIVERS WHO FILED FOR AN EXTENSION TO FILE YOUR TAX RETURNS. I Hope That All of You have Made an Appointment With Your CPA's, Accountants, Tax Preparation Firms that Prepare Your Tax Returns. I know that most of them request that all information be in there offices no...

Hi All, This message would only pertain to thoughs of you who drive tractor/trailers. The company that you are leased to, if they did not tell you that you have to File Federal Form 2290 Heavy Highway Vehicle Use Tax Return by AUGUST 31th of each year. This is the filing deadline for...

Like-Kind Exchanges Under IRC Code Section 1031 This is a article posted directly from the IRS Web Site FS-2008-18, February 2008 WASHINGTON — Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC...

In the paragraphs below you will find the forms of what types of business entities that are available. FORMS OF OWNERSHIP One of the first decisions that you will have to make as a business owner is how the company should be structured. This decision will have long-term implications, so...

I was entering the information for this week, but I hit the wrong button and all was lost, I will rewrite it on Monday, Sorry. Does anyone have any questions that I can answer for you, It does not make any difference weather its during tax filing season, if you filed for an extension...

HI ALL, THIS IS THE FINAL AND THIRD STAGE OF THE LLC, IF THESE DECISIONS ARE NOT MADE. YOU WILL HAVE PROBLEMS. PART III LLC'S THE UGLY 1. Improper formation of the LLC- Failure to meet taxpayers needs A. When the LLC is not the proper formation: 1. Business...

AD: PART II LLC Disadvantages While a limited liability company (LLC) offers many advantages over other forms of business entity, there are also some disadvantages. Some of the drawbacks to selecting an LLC over another entity are: * Earnings of most members of an LLC are generally...

[B]This is a Post From the Internal Revenue Service regarding FLOOD, STORMS TORNADO, AND , tHIS WAS POSTED YESTERDAY Victims of Floods, Storms and Tornadoes In Six States Now Have Until Aug. 29 to File Certain Returns IR-2008-89, July 14, 2008 WASHINGTON ––The Internal Revenue...

LIMITED LIABILITY COMPANIES; IN 3 PARTS- GOOD , BAD AND THE UGLY PART 1, THE GOOD: 1. Much less administrative paperwork and record keeping than a Corporation: 2. Pass-through taxation, no double taxation, unless the LLC elects to be taxed as a "C" Corporation 3. Limited liability...

On December 20, 2007 President Bush signed into law the MORTGAGE RELEIF ACT OF 2007. If you had any of the three provisions and your Accountant, CPA, or Tax Preparer did not tell you about it, Even if it did not pertain to you. You are missing out on tax updates that you should of known...

ITS OFFICIAL EFFECTIVE JULY 1, 2008 THE NEW MILEAGE RATE FOR CARGO VANS IS 58.5 CENTS PER MILE. THE RATE FOR JANUARY THOUGH JUNE 30 IS 50.5 CENTS PER MILE, So this year you have a split mileage, so Come July 1, mark the mileage on the speedometer down, and then again at the end of...

Hi Everyone, There was a new law that pertains to all Sole propreitors who are Married, File Joint Returns, the law states, if you are a couple and only one recieves a 1099 MISC for a income producing business, t all of income and expenses are split equally between both parties, This is...

Hi All, I received notification about the new Per Diem and Standard Mileage rates so far will REMAIN THE SAME AS 2007 Per Diem: $52.00 per day U.S. $58.00 per day International, (Canada-Mexico) and except that the limitation has finally reached to where it was back in 1998. That...

JUNE 2007 [B]TIP #1 THE TAX CONSEQUENCES OF LOANING MONEY TO YOUR BUSINESS (Don't forget the interest) Often buiness owners infuse there business with additional cash. How you structure this capital investment has a direct effect on the tax consequences. In addition, the type of entity...

[b]HI ALL, We have Posted "Tax Tips for small businesses" on our tax forum. I hope to have them posted for your on a monthly basis. If there are any questions please do not hesitate to ask, I will also have copies for you at the Expo for you to pick up. They are copywrited with permission...

Starting a New Business? Here are the Accounting Decisions You Need to Make Starting a new business is exciting, but in that excitement are a lot of decisions to be made. Out of all them all, the financial backbone of your business needs to be seriously taken into consideration. A large part of...

[B]Tax Audits & Penalties Anyone seeking help with taxes should start with the fundamentals. Here are the basics of taxes. For the 12 months ended Oct. 2005, the IRS received nearly 131.3 million individual income tax returns with tax payments of over $990 billion from individuals, according...