Latest Posts on Uncategorized
Your Tax Return is Due but You Forgot to Make Your S or C Corp Election. Now What?
September 3, 2010 | Posted in Megan Hughes, USATaxAid's Blogs, Uncategorized
The tax return doors have burst wide open, with folks rushing to catch the Sept 15th deadline for partnerships and S Corp returns (and C Corp returns, if you have a 3/15 year-end). This is also the time of year that many new business owners start to get letters from the IRS saying (more or less) “We’ve received your return, but have no record of your company making an S Corporation or a C Corporation... Read More »
Get a Loan in Today’s Market
August 25, 2010 | Posted in Diane's Blog, USATaxAid's Blogs, Uncategorized
Crazy, but true. A Line of Credit is easier to get in today’s market than a home loan is. I have two clients who are in the process of getting loans: Client #1: Credit that has taken a few dings and needs a line of credit for his business. Client #2: High 6 figure income and stellar credit and has been turned down 6 times for a modest home refinance. Client #1 signed... Read More »
2010 Creating Cash Flow Slow
August 9, 2010 | Posted in Diane's Blog, USATaxAid's Blogs, Uncategorized | 2 Comments
There a lot of people out there who want to help you create cash flow quick. The question, of course, is whose cash flow they want to improve when the only goal seems to be to sell you a pricey seminar, course or consulting program. But, don’t get me wrong – I believe in education and believe you need to pay to get quality education. But it’s not worth anything if you don’t put... Read More »
What Creates Sales Tax Nexus
August 3, 2010 | Posted in Diane's Blog, USATaxAid's Blogs, Uncategorized
Of the two types of nexus: sales tax nexus and income tax nexus, the easiest type of nexus to get (without even meaning to) is sales tax nexus. If you have a business presence such as a sales office or warehouse, you clearly have nexus because you have a physical presence in that state. This all goes back to a pretty famous court case in our circles: the 1992 Quill... Read More »
The Coming Tax Tsunami – Nexus
August 2, 2010 | Posted in Diane's Blog, Law Forum, USATaxAid's Blogs, Uncategorized
New taxes right and left from Congress, expiring tax cuts, estate tax coming back with a wallop, Social Security hits annual deficit for the first time – what’s left in the tax world? Nexus.
If you don’t know what nexus is, or care, then this article is for you!
Nexus means connection. If you have connection, or nexus, with a state, then you’re going to owe that state some taxes.
Why Do Business Owners Have More Money?
July 27, 2010 | Posted in Diane's Blog, USATaxAid's Blogs, Uncategorized | 6 Comments
One of the real life stories from Smart Business Stupid Business is about a client of mine who went from employee to business owner and discovered $10,000. Before he lost his job, he was making $50,000 per year as a middle manager. His credit cards were maxed out and he worried everyday driving to work because his tires were shot. If he lost a tire, he’d have no way to buy another. Then... Read More »
Two Ways To Put Money In Your Pocket
July 26, 2010 | Posted in Diane's Blog, USATaxAid's Blogs, Uncategorized
Want to be $1,000 richer this Friday? Sure! Who wouldn’t? There are two ways to make that happen: make more money or pay less in expenses. If I stopped there, though, this would be the shortest blog post I’ve ever written. This week we’re going to take a bit of a departure from taxes to talk about how to put more cash in your pocket. If you pay less taxes, you’ll... Read More »
July 27, 2010: Discover Your Hidden Business Deductions
July 18, 2010 | Posted in UncategorizedThere are only a couple of ways to lower your taxes: make less money (bad choice), or find more deductions (good choice!). In this coaching session we're looking at deductions - how to determine what is and isn't deductible, how to maximize your existing write-offs, and how to find new write-offs that you may not know about. This coaching session features an audio file for you to download and listen to, along with an eBook you... Read More »
The New Test Every Tax Strategy Must Pass
June 9, 2010 | Posted in Diane's Blog, USATaxAid's Blogs, Uncategorized
The new Health Care Bill had plenty of hidden tax traps in it. It makes sense that we’re just now discovering how much this is going to impact the small business owner since, after all, the Bill was over 2000 pages long and it’s going to take a while to go through it all. One of the new standards we have from the Bill is Economic Substance. This has always been the rule,... Read More »
85% of Businesses Get This Wrong
June 3, 2010 | Posted in Diane's Blog, USATaxAid's Blogs, Uncategorized
If you have a business, you might be more at risk then you know from taxes you thought that only applied to the big boys. But this is one that the big guys are getting wrong too. It’s estimated that 85% of all businesses have made one critical mistake in their tax planning. They have forgotten about nexus. Nexus means connection. If you have connection to another state, then it... Read More »
The Three Tax Changes You Must Know If You Provide Services to Clients
June 1, 2010 | Posted in Diane's Blog, USATaxAid's Blogs, Uncategorized
If you provide services to your customers or clients, you already know what it’s like to work hard for your money. Face it, chances are if you work you get paid, but if you don’t work, you’re probably not getting paid. And now state governments, Congress and the IRS have decided that you should pay more tax too. Here are three tax changes you need to watch out for: Tax Change #1: Ever-expanding... Read More »
