Even though the tax season is slightly delayed this year, don't wait Hiring a Tax Accountant. Here are some tips on interviewing candidates. The IRS has already announced that tax filing season will be delayed so that the tax provisions of the fiscal cliff deal can be processed. That doesn’t mean you should delay hiring a tax accountant to help your company manage and file its returns. As your company grows, preparing tax returns becomes more complex, and the right tax accountant can add great … [Read more...]
Are New Federal Regulations Stifling Economic Recovery?
A former senator believes excessive government regulation is a huge obstacle to business growth and employment and Economic Recovery. Former Democratic Senator Blanche Lincoln of Arkansas believes the “breakneck pace” with which federal agencies are issuing new regulations is stifling business growth and employment across the country. These regulations are leading to excessive costs and tremendous uncertainty, paralyzing expansionary activity. In the 90-day period leading up to the November … [Read more...]
Small-Business Owner’s Surprising Reaction To more taxes
Small-business owner Jed Horovitz questions the belief that more taxes lead to less investment. During the fiscal cliff debate, a key point of contention was the impact that higher income tax rates would have on small-business owners. The argument presented was that higher taxes leave less money available for investment, which in turn leads to lower growth, yielding smaller profits and less income to tax. More taxes, especially on small businesses, would therefore hurt everyone … [Read more...]
Fiscal Cliff Tax Deal: What it Means for Small Business
How Congress's provisions to avert the fiscal cliff directly affect small-business owners. Congress' solution to the fiscal cliff focuses almost entirely on taxes with almost no consideration given to spending, setting up another contentious battle within the next two months to address the debt ceiling (the legal borrowing limit of the federal government) and spending cuts. Small-business owners achieved some victories, but high-income owners will see a significant increase in their overall tax … [Read more...]
5 Moves to Make Now to Lower The Tax Liability for Your Business
Finance expert Mike Periu on smart moves you can make before the end of the year to lower the tax liability for your business. There are less than two weeks left in 2012 but that is plenty of time to take steps to lower your small business tax liability. Given the uncertainty over what will or won't happen with regards to income taxes, it's best to take advantage of every opportunity now in case they disappear next year: Make planned asset purchases now. Equipment bought in 2012 qualifies … [Read more...]
Fiscal Cliff Plan B Fails and Negotiations Effectively Halt
The latest surprising developments regarding fiscal cliff negotiations. It now looks highly unlikely that a deal to avert the fiscal cliff will be passed before Christmas, if at all. In a stunning turn of events, the Speaker of the House John Boehner was unable to muster enough support from his own political party to pass the Plan B alternative that would raise income taxes on people earning over $1,000,000 annually and maintain existing lower tax rates for everyone else. Even if Plan B had … [Read more...]
The Alternative Minimum Tax May Hit 30 Million Families in 2013
Finance expert Mike Periu on how the stalled fiscal cliff negotiations could impact how many Americans will need to pay the alternative minimum tax. The Alternative Minimum Tax was created in the 1960s to prevent a few very high-income earners to avoid income taxes all together through large deductions and credits. Taxpayers who earn over a certain amount must prepare their taxes in the standard way and they must also do so using the AMT method, which limits or eliminates certain deductions and … [Read more...]
Fiscal Cliff “Plan B” Is Met With Stiff Opposition From the White House
Finance expert Mike Periu on the increasingly contentious fiscal cliff negotiations, "Plan B" Is Met With Stiff Opposition From the White House. Fiscal cliff negotiations between the Speaker of the House and the President have suddenly turned chilly and acrimonious. As both sides failed to reach an acceptable compromise yesterday, the House of Representatives will vote on a “Plan B” to partially avert the fiscal cliff. Plan B will increase marginal income taxes rates for those with incomes in … [Read more...]
New Fiscal Cliff Compromises Signal Steps Towards Deal
Finance expert Mike Periu on the latest negotiations to avoid the new fiscal cliff. Monday proved to be an important day in the fiscal cliff negotiations. Both President Obama and Speaker Boehner made important concessions to their positions in the hopes of striking a deal. On which taxpayers should see an increase in tax rates, President Obama was firmly set on making $250,000 in annual income the cutoff which Speaker Boehner was firmly against an increase in marginal tax rates. Then the … [Read more...]
Lower Your State Business Taxes. Liability to Zero
Finance expert Mike Periu on how to significantly reduce or eliminate your state business taxes. If your business is located in a state with a high income tax, there are options available to significantly reduce or even eliminate that tax liability. In order to entice businesses to set up or expand operations within their borders, state governments offer income tax credits. Over $10 billion per year in state income tax credits are offered. Many businesses qualify for these credits but don’t … [Read more...]
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