This won’t apply to too many individuals, but there are extremely high potential penalties involved, so it’s worth a quick read. If you don’t already know this, the IRS requires individuals and businesses with foreign assets above certain thresholds to report them every year. There is no corresponding tax calculation, it’s simply a reporting requirement. […]
Every year I like to remind business clients that they should soon be receiving a blank business personal property rendition form in the mail. See this previous post for details.
For those of you in the Austin area needing to file Form 2290, we can help. This form is generally due on August 31, or later if you purchase the vehicle mid-year.
Technically the IRS requires businesses to capitalize (depreciate) all assets that have a life of longer than a year. Which might not sound that bad, but it would create a lot of headaches for smaller businesses trying to keep track of everything. Imagine maintaining a depreciation schedule with staplers, chairs, etc. Luckily the IRS recently […]
Since 2014 is already well underway, I thought a quick primer on quarterly estimated tax payments would be appropriate this month. Who needs to make quarterly payments? Theoretically anyone who owes more than $1k in tax at the end of the year should be making quarterly estimates. The idea is that if you owe too […]
This month I wanted to give just a quick overview of some common retirement plans for small businesses, with a few pros and cons of each. This is certainly not comprehensive, but rather meant to give you a feel for some of the options out there. If you have any questions about these plans, including […]
Employing your children: For those of you with teenaged children, you might want to consider whether paying them as an employee might be a valuable as a tax savings tool. There are some caveats that I’ll get to later, but the general idea is that for a business owner in a high tax bracket, paying […]
This year I wanted the first tax tip of the season to be about everyone’s favorite topic, the business personal property rendition. I know it’s no fun, but a little bit of effort early in the year can save you a lot of headache (and money) later. The basic idea is that each year the […]
Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work, or are looking for work, must arrange for care of their children under 13 years of age during the school vacation. Those expenses may help you get a credit on next year’s tax return. Here […]
Once again, comedy gold from this week’s Onion. A few choice quotes: Having won another four years in the White House, President Barack Obama will retain about the same amount of power as American multi-millionaire Mitt Romney, leading political scientists confirmed today. Though Obama still holds veto power, Romney’s massive wealth ultimately makes it much […]