Finance expert Mike Periu on best practices to Deduct Business Use of Your Vehicle Many small-business owners use their personal vehicles for business use. The expenses related to this use are a legitimate business expense and can be deducted on your income taxes. The IRS does, however, require proper documentation and failure to provide it could mean a denial of the deduction in an audit. They require “contemporaneous documentation” relating to expenses and mileage which basically means … [Read more...]
Take These Steps to Ensure a Profitable Exit Strategy
Finance expert Mike Periu highlights helpful steps to take to ensure a Profitable Exit Strategy before selling your business. According to the Chamber of Commerce, only 20 percent of small businesses transfer to a new owner successfully. This has important implications for owners who have on average 80 percent of their net worth tied up in their businesses. Marc Tepper, Founder of Strategic Wealth Partners, urges business owners to take these steps before embarking on a sale or transfer of … [Read more...]
Alternative Minimum Tax Nightmare Only Weeks Away
Finance expert Mike Periu on the IRS' recent warning to Congress about the need to address the Alternative Minimum Tax issue. Steven T. Miller, Acting Commissioner of the IRS, has warned Congress that failure to address changes in the Alternative Minimum Tax (AMT) that would take place under the fiscal cliff will have devasting consequences for tax filers. The AMT is a second way to calculate your tax liability that limits deductions and ensures that more people pay more income taxes. Its … [Read more...]
More Small Businesses Relocating Abroad
Finance expert Mike Periu on the continuing trend of Small Businesses Relocating Abroad for significant tax savings. Many small businesses have made the decision to relocate to a foreign country for tax or lifestyle reasons. The money transferred abroad form part of the $11.5 trillion in assets held in offshore locations. Some high-profile entrepreneurs like Facebook co-founder Eduardo Saverin have taken the extreme step of renouncing his citizenship, though most maintain their citizenship and … [Read more...]
Warren Buffett Makes Call for Stronger Estate Tax
Mike Periu on the call by billionaire Warren Buffett to create a more aggressive estate tax to help ease the deficit. Billionaire investor Warren Buffett along with Jimmy Carter, George Soros and Robert Rubin have signed a public letter calling for a more aggressive estate tax. They justify this call by indicating that a strong estate tax will help prevent "dynastic wealth," strengthen democracy and serve as a source of funds much needed by the federal government. The signatories believe that … [Read more...]
Maximize Your Flexible Spending Account
Finance expert Mike Periu with a reminder to maximize the dollars in your flexible spending account before the year is over Flexible spending accounts offer a way to set aside pre-tax dollars for spending related to your health care. For many FSA holders, December 31st is an important deadline because unused FSA money can't be rolled over into next year—if money in the account isn't spent before the end of the year, you'll lose it entirely. If you have money in your FSA, there are a number of … [Read more...]
End of Year Tax Tips for Small Business
Finance expert Mike Periu on Tax Tips: how a little tax planning now, before the year ends, can save your small business money. It's not too late to make financial decisions that can minimize your tax liability for the current year and future years. Even though you are busy with other end of year activities, a little tax planning can be quite a valuable investment. Consider the following tips: Take a section 179 deduction which allows you to expense the purchase of equipment for your … [Read more...]
Small Business Payroll Processing Could See Major Disruption in 2013
Finance expert Mike Periu on the upcoming complexities of Small Business Payroll Processing. The American Payroll Association has warned that further delays in Congress to determine future tax rates could lead to widespread confusion in early 2013 among small-business owners who need to calculate withholding taxes on their employees' pay. According to the APA, the majority of small-business owners process their own payroll. If a decision isn't reached by December 14th, it's unlikely that owners … [Read more...]
Use These Strategies to Reduce Your Income Taxes
Finance expert Mike Periu on strategies to implement now Reduce Your Income Taxes. Small-business owners still have time to implement several strategies that will reduce their 2012 income tax liability. The catch is that they must be put into place before the new year. Consider the following opportunities: Accelerate income. Given the near-certainty of income tax increases beginning with the 2013 year, small-business owners that use cash-basis reporting should try their best to invoice … [Read more...]
There must be tax rate increases to avert the fiscal cliff
A recent statement made by Treasury Secretary Timothy Geithner that there must be tax rate increases to avert the fiscal cliff. U.S. Treasury Secretary Indicates Tax Hikes Must be Part of Fiscal Cliff Deal Treasury Secretary Timothy Geithner indicated that tax rate increases on the top 2 percent of households in the country must be part of any final agreement to avert the fiscal cliff. This has been a point of contention in the negotiations and it now appears that both sides are still far … [Read more...]
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