August 24th, 2010
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 »
Tags: tax planning strategies, year-end tax planning
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August 24th, 2010
- September 15 – Third quarter installment of 2010 individual estimated income tax is due.
- September 15 – Filing deadline for 2009 tax returns for calendar-year corporations that received an automatic extension of the March 15 filing deadline.
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August 17th, 2010
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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Tags: cash reserve, how much should I have in a cash reserve
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August 12th, 2010
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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Tags: small business tips, well-diversified portfolio
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August 10th, 2010
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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Tags: how to give your business the competitive edge
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August 3rd, 2010
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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Tags: How does working after retirement work?
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July 31st, 2010
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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Tags: homebuyer tax credit deadline
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July 31st, 2010
- August 2 – Deadline for filing 2009 retirement or employee benefit returns (5500 series) for plans on a calendar year
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Tags: Deadline for filing 2009 retirement or employee benefit returns
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May 27th, 2010
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 »
Tags: Estimated tax deadline, June 2010 estimated tax deadline
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May 27th, 2010
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 »
Tags: Can my child open an IRA?, Is a tax return required for a summer job?, Tax breaks for kids
Posted in Tax Questions & Answers | No Comments »