President Obama's tax plan to lower business taxes doesn't help small business. As part of his plan to reform the tax code, President Obama has called for lowering marginal tax rates on corporate income. According to the President’s plan, announced in the State of the Union Address, the top corporate marginal tax rate would be lowered from 35 percent to 28 percent. While this is a welcomed proposal, the benefits to small businesses are negligible. The overwhelming majority of small … [Read more...]
10 tips to make filing your taxes a breeze
It’s that time of year again. Time to filing your taxes. Here are 10 tips he provides to make tax time a bit more enjoyable: 1. Before you assume you need to go to an accountant, evaluate if you need one. The majority of people fill out a 1040EZ which doesn’t require an accounting degree. It’s very simple and can be filled out in 10 to 15 minutes. By filling out your own taxes, you can save an average of $150. Just because you fill it out on your own, however, doesn’t mean you don’t have … [Read more...]
Simple Tax Error Could Cost You Thousands
The IRS denied David and Veronda Durden a $25,000 deduction. You won't believe why. The devil is in the details is the lesson from David and Veronda Durden who were denied a $25,000+ deduction on their tax returns for a charitable contribution they made to their church. Why? Because of a simple technicality, A Simple Tax Error. The IRS disallowed the deduction, increasing their tax liability by thousands of dollars, because the proof they had confirming the donation didn’t meet all of the IRS’ … [Read more...]
California Slaps Small-Business Investors with Back Taxes
California Slaps Small-Business Investors by eliminating retroactively a popular tax break. Just as California Governor Jerry Brown is fending off attacks from Texas Governor Rick Perry, who's luring California companies to Texas, the Franchise Tax Board has dealt a serious blow to small-business investors. For two decades, California has offered a significant tax break on capital gains to people who make money by investing in companies that have less than $50 million in assets and keep at … [Read more...]
How Founder of Chobani Earned Billions in 5 Years
Hamdi Ulukaya, Founder of Chobani became a billionaire in five years by making great yogurt and using innovative marketing. “Only in America” can a Turkish dairy farmer come to learn English, start a small business with borrowed money and become a billionaire in five years while beating the pants off of Fortune 500, writes Bryan Gruley of Bloomberg Businessweek. That’s the life story of Hamdi Ulukaya, founder and sole owner of Chobani, maker of Greek yogurt. Ulukaya’s path to … [Read more...]
2013 Taxes: Changes That Will Affect Small Businesses Most
Here's what you need to know about the significant changes taking place in 2013 Taxes law. The fiscal cliff deal had two major results: First, it raised taxes on virtually everyone that earns money; second, it failed to fix the underlying budget deficit problem, leading to further “cliff-like” standoffs in the near future. Both of these results will have a direct, financial impact on business owners. While much has been written about the deal, some important details haven’t been covered that … [Read more...]
Entrepreneurs Bilked in Multimillion-Dollar Fraud
The FTC has filed a complaint against the Tax Club, which has defrauded people trying to start businesses in a Multimillion-Dollar Fraud. The Federal Trade Commission has filed a complaint against the Tax Club, an organization that claims to help people start successful businesses. Offering a package of consulting services and advice, The Tax Club was actually a web of more than 60 companies and legal entities with a single purpose: to defraud entrepreneurs. The Tax Club website is very … [Read more...]
Baby Boomer Retirement: Bad News Gets Even Worse
Every day, 10,000 baby boomers in the U.S. retire. What awaits them is not always pleasant. The Great Recession, a high cost of living and stagnant wages have left this generation completely unprepared for retirement. A 65-year-old couple would need over $280,000 in savings today to have a 90 percent chance of paying for their medical expenses alone during retirement. Yet 30 percent of workers have less than $1,000 and 60 percent have less than $25,000 in savings. Many baby boomers plan to … [Read more...]
Don’t Hoard Old Financial Documents
When it comes to storing old financial documents, I’ll admit that I do have a hoarding problem. Despite “knowing better,” I’m hesitant to eliminate even old receipts in case one day I’m subject to an audit and the only thing keeping the IRS from confiscating my business is an $8 gas receipt from 1993. All kidding aside, financial documents do have an expiration date, and it's important to know what they are so you don’t burden your mind (and your office) with mountains of needless … [Read more...]
IRS (Finally) Makes it Easier to Claim Home Office Deduction
The IRS now offers a simplified process to claim a home office deduction tax up to $1,500. The home office tax deduction is one of the most complicated calculations that taxpayers have to perform. The form runs over 40 lines and comes with dozens of pages of instructions. It’s also considered an audit “red flag” by many tax preparers. For these reasons, millions of the estimated 52 percent of small businesses in the U.S. that are home-based don’t take the deduction. The IRS has now announced a … [Read more...]
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