Monthly Archives: July 2012

Money Watch: Is using 401k to pay off mortgage a good idea? (USA Today Article)

Posted on July 30, 2012 by William A Olson, CPA

Below is the text from an article in the USA Today… it’s a great question and is not that easy to answer. Whether you should do this or not, depends on your age, your mortgage interest rate, your marginal tax … Continue reading →

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Competing tax plans for 2013

Posted on July 27, 2012 by William A Olson, CPA

Here’s a great article from CNN Money on the impact of the two competing tax plans offered by Democrats and Republicans. Consult a tax adviser as to how, specifically, the competing plans will impact you.

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Don’t automatically pay your IRS Notice (CP2000)

Posted on July 25, 2012 by William A Olson, CPA

The IRS attempts to match items on your tax return to the amounts reported by third parties (e.g., wages reported on your 1040 to the forms W-2 you received from your employer). When there is a discrepancy, the IRS sends you … Continue reading →

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Compiled Financial Statements

Posted on July 23, 2012 by William A Olson, CPA

The most frequent use of a compiled financial statement by a small business is to obtain bank financing or comply with loan covenants. But what is a compiled financial statement and how is it different than an audit? Difference Between … Continue reading →

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Tax breaks for the not-so wealthy

Posted on July 16, 2012 by William A Olson, CPA

The Wall Street Journal outlines some tax breaks for people other than the ultra wealthy.

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Deducting business expenses… what is deductible?

Posted on July 10, 2012 by William A Olson, CPA

Deducting Business Expenses Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. What Can I Deduct? To be deductible, a business expense must … Continue reading →

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Accounting, IRS | Comments Off on Deducting business expenses… what is deductible?

Money 101

Posted on July 9, 2012 by William A Olson, CPA

From budgeting to investing. From buying a home to retirement. From buying insurance to estate planning. Find help here.

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What the health care law means to your small business

Posted on July 3, 2012 by William A Olson, CPA

A great article in the Wall Street Journal explains it.

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, IRS, Small Business | Comments Off on What the health care law means to your small business