 |
|
|
|
|
 |
If you provide care for stray or feral animals in your home for an IRS—approved charity, you may be able to take a tax deduction for your out—of—pocket expenses.
A recent U.S. Tax Court judge ruled that a taxpayer who fostered feral and stray cats in her home could deduct amounts she spent for food, veterinarian bills, litter, and other unreimbursed expenses incurred to help the charity in its mission.
Read the rest of this entry »
Unemployment compensation can provide a welcome buffer while you're transitioning to a new job. But with the help comes a tax effect, because the benefits provided under federal or state laws are usually includable in your income in the year you receive them.
Read the rest of this entry »
In business, making pricing decisions is always tough — and even more so when the economy is slow and sales are slipping. It's tempting to cut prices hoping to generate higher sales volume. But sometimes that just produces lower margins on a low volume. What do you do if you’re being squeezed by cost increases? Can you increase prices in a slow economy? How do you respond if your customers complain? Can you justify holding prices steady if your competitors cut their prices? There are no easy answers, but running through a three-step process can help you make the right decision.
Read the rest of this entry »
Do you regularly monitor your company's cash accounts? You should. Even if you leave the job to your bookkeeper or accountant, you should stay aware of where the cash is going and how the spending is approved. Along with inventory “shrinkage,” theft or improper expenditures of cash are among the chief sources of loss for small companies.
Read the rest of this entry »
If you change jobs you may have an important decision to make — what to do with your 401(k) plan. You'll have several choices. Unfortunately, the easiest choice is the worst choice: that is, to take a distribution from the old plan and put it in the bank. It may be tempting, because who couldn’t use some extra cash. But if you do, you’ll owe taxes on the balance and usually a 10% penalty as well. You’ll lose the benefits of future tax-deferred growth on your savings. And if you spend the money, you’ll have to start from scratch in saving for retirement.
Instead, consider three options.
Read the rest of this entry »
The IRS has increased the standard mileage rates to be used for computing the deductible costs of operating a vehicle for business or for driving for medical or moving reasons. The new rates will apply to driving from July 1, 2011, through December 31, 2011.
Read the rest of this entry »
Have you taken the time to check your income tax withholding for 2011? It's true that there were no major changes in tax rates or deductions for this year. However, there are still several reasons why you might want to adjust your withholding.
Read the rest of this entry »
One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk, although there can be exceptions to this general rule. The trade-off is that there is a cost to incorporate and, in some cases, tax consequences.
Read the rest of this entry »
Summertime fun can be made even more enjoyable by adding tax savings. Here are some tax-saving ideas to consider.
Read the rest of this entry »
