Cash flow refers to the balance available after allowing for all receipts and payments from your business. This includes, but is not limited to, rent, payroll, taxes, supplier invoices, loan payments, and asset purchases – the lot. Most of us know that managing and protecting cash flow as a small business owner is pivotal to long-term success. The inability to …
Did pulling your records together to complete your 2011 tax return reveal shortcomings in your system? Here are nine tips that can improve your recordkeeping and help minimize your taxes.
According to the Tax Foundation, April 17, 2012, was not only the day 2011 tax returns were due, it also was Tax Freedom Day for 2012. That means Americans worked 107 days, from January 1 to April 17 to earn enough money to pay their federal, state, and local taxes for 2012.
Taxpayers who are struggling to pay their taxes may get some relief from the IRS’s expansion of its “Fresh Start” initiative, a program started back in 2008. The new Fresh Start provisions provide penalty relief to the unemployed and make installment agreements for paying taxes available to more people.
The IRS recently announced that the mileage rate for business driving in 2012 will be 55.5¢ a mile. The rate can be used for cars, vans, pickups, and panel trucks.
You’ve probably heard that the IRS has undertaken a new initiative to make sure workers are properly classified as either independent contractors or employees. At issue is the collection of payroll taxes, including FICA taxes (social security and Medicare), which are generally required to be withheld from wages by law.
When you think of taxes and IRAs, early withdrawals and required minimum distributions probably come to mind. But another tax can apply: the unrelated business income tax.
Date: 2011-03-15 Last day for calendar-year domestic corporations or foreign corporations with offices in the U.S. to file prior year income tax return (Form 1120 series). File Form 7004, together with payment, to obtain an automatic 6-month extension of time to file
The tax rules give you a period of 15½ months to make contributions to an IRA for any given year. For example, you could contribute to a 2010 IRA as early as January 1, 2010, and as late as April 18, 2011.
From time to time, some of you are lucky enough to win a shilling or two at your local casino, the track, or the state lottery. How will that gambling income impact your taxes?