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Well Congress has done it again. Before adjourning for 2014, Congress passed the Tax Increase Prevention Act of 2014. What does this retroactive extension of temporary tax rules mean for you? They have added a couple “goodies”. If you’ve been wondering what federal breaks are once again available for your 2014
The end of another year is quickly approaching, and it’s once again time to take the proper steps to reduce taxes on your personal and business returns. Tax planning strategies for 2014 includes accelerating deductions and deferring income. Section 179 of the IRS tax code makes it possible for businesses
It’s that time of year again to begin taking the steps necessary to reduce taxes on your personal returns. Below we have put together some tips to ensure you make the most of this planning time. Bunch your deductions: For example, bunching deductions on your personal income tax return can make
The end of another year is fast approaching, and it’s once again time to take steps to reduce taxes on your business returns. We know this can be a difficult process so we have put together some information below to help. Set up a retirement plan. When you have a
Staggered start dates. Exceptions. Waivers. Are you still trying to determine how the health care laws will affect your 2014 personal and business federal income tax returns? We can help. Here’s an overview we’ve put together of some current rules. Here’s an overview of some current rules. Individual penalty. The 2014
One of the most difficult business decisions is to walk away from money that you have already spent. These losses are called “sunk” costs. This can be extremely frustrating, but the only efficient way to move forward is by focusing on future costs rather than dwelling on past losses. Below
As an entrepreneur, you work hard for your money. There is almost nothing worse than experiencing pilferage, embezzlementnt, and other types of misappropriation. Internal controls are extremely important to the entrepreneurial company. We have put together some practical advice to help you protect the earnings and assets of your company.
If you’re a sole proprietor, you have probably wondered this at some point. Take a look at the benefits to consider. Most of these benefits also apply to an LLC. Incorporating your business limits the liability of the owner business Where personal services are involved, the individual performing the services may
I am frequently asked the question, “What kind of legal entity should I use for my business?” In this article, we discuss several different options available when opening a business. This decision will have a significant impact on the way you are protected under the law, and the way you
Recently, the media website mediaShephard.com asked me to write an article about the frequently asked question, “How much is my business worth?” As a member of the mediaShephard’s Panel of Experts, I offered the following thoughts on how to determine your business’ valuation. This is a very complex question, which I
Jack Craven, CPA 
