(Entrepreneur) — The tax preparation service provided by a reputable CPA or enrolled agent is likely the least risky method of filing your taxes. The cost can generally range from $250 to $600 per tax return which depends on the financial complexity of the business and the CPA or enrolled agent’s experience level. Since you […]
(Wall Street Journal) — 1. Bring your books up-to-date. Before any tax planning can be done, it’s vital to know whether your company made or lost money for the year. To do this, accounting records must be up-to-date. Some business owners I know let this task slide for months and, unfortunately, may not be prepared […]
(Wall Street Journal) — President Obama’s newly proposed tax package is being praised, though with cautious optimism, by several of the nation’s most prominent small-business advocacy groups. The Republican-backed deal with its temporary extension of Bush-era income tax cuts would have a direct impact on a large segment of entrepreneurs, whose small-business income falls into […]
(The BoomBox) — Hip-hop pioneer Doug E. Fresh owes the IRS a pretty penny, apparently failing to pay over $2 million in taxes. According the Detroit News, the beat boxer owes $2,276,848 million in taxes. In an attempt to collect on the hefty bill, the IRS filed a lien against Fresh with the New York City register’s […]
(AJC) — A few years ago, before the recession kicked in, a 100-percent federal tax deduction on new plant and equipment investments would’ve been just the ticket for Robert Gredys. The founder and president of Marietta-based Safeplay Systems could have used the break to buy equipment to help him make more of the company’s recycled […]