At the end of 2010, most of the provisions in the Economic Growth and Tax Relief Reconciliation Act of 2001 will “sunset” or expire. Only those provisions extended or made permanent by later tax legislation will remain effective in 2011. That fact makes year-end tax planning crucial for 2010. At the point of major tax change, there are always opportunities and pitfalls that should be analyzed if you want to keep your taxes as low as possible. Read the rest of this entry »

Many of us are living close to our financial limit these days. We pay our bills on time, but there’s not a lot left over. That could be a dangerous situation. If things go wrong, your financial situation can change very quickly from adequate to critical. Without a cash reserve, you could find yourself in serious trouble.
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Many small business owners share one problem, especially in their early days. It’s being over reliant on a single customer or supplier for much of their business. If you’re in that position, your business is operating with higher risk. Just as with investments, you don’t want all your eggs in one basket. Your goal should be a well-diversified portfolio of customers and suppliers.
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It’s a fact. When competition is based on price alone, smaller companies often find themselves squeezed by high-volume, low-priced competitors. How do you, as a small or mid-size business owner, survive in such an environment? You survive by differentiating yourself from the competition, creating a niche or identity that isn’t based on cut-rate pricing. In other words, you offer something that your competitors don’t offer, something that’s different.
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Working after retirement affects your benefits and taxes People often work beyond the “normal” retirement age. Here’s how extending your work life can affect your taxes and retirement benefits.

“Normal” retirement age is not a fixed number. For social security purposes, the “full” retirement age threshold ranges from 65 to 67, depending on your birth date. However, you can elect to start receiving lower payments as early as age 62, or you can maximize your benefits by forgoing them until you’re 70. Once you reach age 70, there’s no incentive to postpone your benefits further, since you’ll already have reached your maximum.
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If you signed a contract before May 1 to buy a home, but have been unable to close the deal, you still have time to apply for the homebuyer tax credit. The deadline for finalizing the paperwork on your new home has been extended through September 30, 2010. Here’s what you need to know:
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June 15, 2010, is the due date for making your second installment of 2010 individual estimated tax. Your check to the United States Treasury should be accompanied by Read the rest of this entry »

Is your child looking for a job this summer? If so, you both may have questions about taxes. Here are three common concerns. Read the rest of this entry »