I read a manuscript today and realized that I am guilty of believing in myths. Perhaps, you are guilty of the same crime. Crime, you ask? Yes, it’s a crime when we don’t get paid for the value we provide our clients.
I warned you guys. The second the IRS was going to get their hands on the credit and debit card transactions. Moreover, they are right, as I said.
Continue reading Your gross receipts may be underreported…
Uh-oh. This time it could be for real. That oft-quoted, hardly found marriage penalty? I guess it finally had to come about, since Peter has been calling Wolf so long.
Continue reading Marriage Penalties
FASB. IASB. Those eight (8) letters are going to cause a lot of us some grief. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are planning to change the rules, which will make our business profits look very different.
Continue reading It’s coming- and our balance sheet will never be the same…
Whew. You’re done. You managed to file your income taxes yesterday. (Some of you remember- long ago, when we stopped spending money to build America- that the Post Office stayed open until midnight [or 2AM] to yield that coveted 15 April postmark. No more…) And, now you won’t worry about taxes for the next 11 months.
Continue reading Post-apocalypse?
I was listening to NPR today. (OK, I listen to NPR every day, but that’s not what this is about.) The panelists were discussing that, other than typos, there are few factual errors in the newspapers. This is because news reporters are very diligent, trying to analyze what is really happening and reporting those findings to us. And, it’s hard to keep that focus, with all the noise that’s out there. With folks wanting to know why this or that is not reported. That’s because so many bogus outlets exist out there, giving wrong information all the time.
Continue reading We interrupt this message…
It’s tax time. No, really.
Corporations have to file by the ides of March. And, those entities that need to provide K-1’s to their stockholders (S entities, LLC’s operating as S) incur substantial penalties for late filing. About $ 100 per K-1 per month. (Yes, it can amount to thousands of dollars for those entities with numerous stockholders.)
Another change in the tax situation for 2013…
Many folks are afraid to claim their duly earned home office deduction, because they fear they will be audited. About 3.5 million folks used this deduction in the past years- which is a lot lower than the number of folks who maintained a home office. (NASE- the National Association for the Self Employed- did a survey in 2008 and found more than 60% of those entitled never took this deduction.)
Continue reading Simpler Taxes Are Not Always Better
Congress, the Senate, and President Obama agreed on a tax compromise for 2013 and 2014. I know everyone thought it was a tax decrease- but that was ONLY because the taxes had INCREASED automatically with the change of the calendar to 2013. For most of the US, those who earn money from salaries, they will see a tax INCREASE, since the payroll tax holiday that obtained for the past two years disappeared. (The Social Security tax on one’s pay was reduced from 6.2% to 4.2%. Unfortunately, that meant that the trust fund was not collecting enough money to keep solvent.)
Continue reading Confused by the Tax Changes?
Regardless of what happens with the fiscal cliff, there are some pretty major changes to our tax situation. Of course, some of them will only affect those at the upper ends of the income scale, but it’s worthwhile to evaluate what your net income will be starting next week- now.
Continue reading Taxes- 2013 Style!