Latest Posts on USATaxAid's Blogs
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The Two Taxes That You Don’t Want to Miss Paying EVER
September 2, 2010 | Posted in Diane's Blog, USATaxAid's Blogs
As much as we talk about income taxes at USTaxAid, there are actually two taxes that might end up being more important to your business. That’s because if you miss these taxes, you’ll get shut down faster than you can even imagine. Those two taxes are:
New Penalties This Year For Late Returns
September 1, 2010 | Posted in Diane's Blog, USATaxAid's Blogs | 2 Comments
If you’ve got a partnership or S Corporation return and haven’t yet filed your return for 2009, pay attention to today’s blog! These returns are due 9/15, not 10/15 as some have been in the past. Here’s how it works: If you have a corporation with a 12/31/09 year end, your return will be due 3/15, or 2 ½ months after the year-end. You can file a Form 7004 and request an extension for 6 months, which... Read More »
S Corp Mistakes that Can Trigger an Audit
August 31, 2010 | Posted in Diane's Blog, USATaxAid's Blogs
If you haven’t yet filed your S Corporation return, or even if you have and you’re thinking ahead, then you don’t want to miss today’s blog. The way you file your return can determine whether you get an audit or not. Here are three mistakes that can land you in hot water with the IRS. Mistake #1: Not reporting/paying officer salary. This is at the top of the IRS hit list – S Corporations that have... Read More »
A Scary Look at Possible Tax Law Changes
August 29, 2010 | Posted in Diane's Blog, USATaxAid's Blogs | 3 Comments
The President’s hand picked “Economic Recovery Advisory Board (PERAB)” has issued their findings. Wait until you read what they think will help the economy. Guess who gets the target squarely on their back….again. Small business. There were some real shockers in the report, at least for me. I’ve outlined a few of the items I’m most concerned about. You can go to this Government siteto read the entire... Read More »
The Internet is the Best, and Worst, Thing That Happened to Tax Planning and Preparation
August 27, 2010 | Posted in Diane's Blog, USATaxAid's Blogs | 2 Comments
The access that the Internet provides has given all of us more information that we can possibly look at. That’s Information Overload. It’s also made it much cheaper to get information, but you’re not sure if it’s accurate or timely. Anything you get from the Internet should come with the warning that it’s reader beware. Today’s blog post is a bit of a soap box from me as I’ve just spent interesting... Read More »
Stupid Business Stories
August 26, 2010 | Posted in Megan Hughes, USATaxAid's Blogs
One of the things I really enjoy over at the Smart Business Stupid Business website is something we call “Stupid Business Stories.” We ‘fess up to some of our own mistakes, and also invite people to tell us about what happened, why, and the lessons they learned. Here’s just a quick sampling of what we’ve received from readers: When I was 22 I started a telecommunications company. Turn it into a million dollar business in 9... 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 »
Do You Have a Personal Banker?
August 24, 2010 | Posted in Megan Hughes, USATaxAid's Blogs | 1 Comment
Does going inside your bank make you cringe? Do you have to steel yourself outside the doors and prepare to spend the next hour or more trying to get something done that seems so simple, yet generates a foot of paperwork and may not even happen at all? I have to tell you, that’s how I’ve been feeling for some time now, and I (thought) I had a great relationship with my business bankers. But... Read More »
Tax-Free Benefits or Not? You Be the Judge!
August 23, 2010 | Posted in Diane's Blog, USATaxAid's Blogs
One of the biggest benefits of having a business is the benefits! If you can get tax-free benefits, so much the better. That means you get to take a deduction at the business side, plus not have to pay taxes on it personally. The challenge is that too many people focus on the big, flashy benefits, which often aren’t truly tax-free, and ignore the hundreds of smaller ones that can make a huge difference... Read More »
Investor or Business Owner? The Right Structure Makes a HUGE Difference
August 20, 2010 | Posted in Diane's Blog, USATaxAid's Blogs
When it comes to taxes, there’s a big tax difference between a real estate investor and a real estate business owner. We’re seeing interest from both types these days, especially from folks wanting to set up a business structure to protect their personal assets, as they come back into the market. But it’s important that you get into the right structure, or you could wind up overpaying your taxes. The difference between the two is... Read More »
Tax Issues With Walking Away From a Rental Property
August 19, 2010 | Posted in Diane's Blog, USATaxAid's Blogs
Are you looking at an upside down real estate rental that is eating you alive in payments? There are a number of options, if you’ve got the cash flow to make it through the challenge. One of them could be just holding on until the market turns or finding a way to attract more or better tenants. But if you’re broke, and not able to keep going, you have a limited number of options.... Read More »
The IRS’s Dirty Little Trick on Real Estate Investors - Material Participation Rules
August 18, 2010 | Posted in Diane's Blog, USATaxAid's Blogs | 1 Comment
You might have heard about the benefit of real estate paper losses. In other words, you’ve got cash flow you put in your pocket, but it’s not only completely tax free, you’ve also got losses you can use to offset your other income. So it’s tax-free cash flow and even less taxes than you normally pay. Fantastic! Who wouldn’t love it! But the problem is that if you make too much income (over... Read More »
