Monthly Archives: March 2011

Reasons to use QuickBooks for your small business

Although it’s not necessary to use QuickBooks for your small business accounting, it is necessary to maintain a complete and accurate set of books and records. 1. A considerable amount of simple/tedious bookkeeping tasks are handled automatically. 2. Reports to … Continue reading

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The importance of a good accounting system

A good accounting system has many elements but it all starts at the beginning. If it is not set up correctly, it can cause you problems later on down the road. Proper record keeping is also important so that you … Continue reading

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Business Use of Automobile Rules

What can you deduct for the business use of your automobile?  See the IRS link below… this is one of the most asked tax questions and often the least understood by the average business owner: http://www.irs.gov/taxtopics/tc510.html

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, IRS | Comments Off on Business Use of Automobile Rules

Your options if there’s a balance due on your Federal Income Tax Return

From payment plans to credit cards, here is a great article explaining your options when you have a balance due on your Federal Income Tax Return. What To Do If You Owe Taxes from SmartMoney.com

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Are you eligible for the Alternative Minimum Tax

The alternative minimum tax (or AMT) is an additional tax some taxpayers pay in addition to their regular income tax. The original idea behind this tax was to prevent people with very high incomes from using special tax benefits to … Continue reading

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Like Kind Exchanges

I have prepared a few tax returns this year (2010) where the owners of a partnership have taken advantage of the like kind exchange rules to defer recognizing a gain on the sale of real property.  This kind of transaction … Continue reading

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Tax Preparer | Comments Off on Like Kind Exchanges

Unexpected tax changes that you should be aware of

http://www.financialfeed.net/some-unexpected-tax-changes-that-can-catch-you-off-guard/852364/

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2007 Unclaimed Tax Refunds

As the article below notes, you don’t have much more time to claim an unclaimed tax refund for the tax year 2007. $1.1 billion in unclaimed 2007 tax refunds from CNN Money

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2010 Average Tax Refund

The average refund is over $3,000 this year… that’s a lot of money to loan the government interest free. 2010 Average Tax Refund from CNN Money

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I Survived an IRS Audit

I wouldn’t go so far as to say it’s all fun and games but here’s a good article on an actual IRS audit experience: I Survived an IRS Audit from CNN Money

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