Strategies for Non-Filers to Re-Enter the Tax System

If anyone you know has failed to file tax returns when due, it's important that they be aware of the ways to resolve such a problem. Many nonfilers missed a year for one reason or another, and now are afraid to re-enter the tax system. But in fact, taxpayers who file overdue returns on their own are often treated reasonably well, much better than those who are caught.

Tax Changes: Cell Phones no Longer Property and Limited Penalty for Disclosing Transactions

New classifications for business property and limitations of reporting penalties can simplify and encourage record keeping. Cell phones no longer listed property. This means that cell phones can be deducted or depreciated like other business property, without onerous record keeping requirements. ( This information provided by: © 2010 Thomson Reuters/RIA....

Year End Tax Tips

As the year is winding down, it is time to start doing a bit of tax planning .  Small business owners who spend a little time on tax planning now, may see significant savings when tax preparation time rolls around in January. In this podcast interview with Roundpeg owner, Lorraine Ball,  I...

Tax Changes: Small Business Jobs Act of 2010

The Small Business Jobs Act of 2010 made beneficial changes to the application of general business credits toward tax and AMT liability offsets. (P.L. 111-240) General business credits of eligible small businesses for 2010 get five-year carryback. Generally, a business's unused general business credits can be carried back to offset taxes paid in the previous year, and the remaining amount can be carried forward for 20 years to offset future tax liabilities. Under Small Business Jobs Act, for the first tax year of the taxpayer beginning in 2010, eligible small businesses can carry back unused general business credits for five years instead of just one. Eligible small businesses are sole proprietorships, partnerships and non-publicly traded corporations with $50 million or less in average annual gross receipts for the prior three years. General business credits of eligible small businesses not subject to AMT for 2010. Under the AMT, taxpayers can generally only claim allowable general business credits against their regular tax liability, and only to the extent that their regular tax liability exceeds their AMT liability. A few credits, such as the credit for small business employee health insurance expenses, can be used to offset AMT liability. The Small Business Jobs Act allows eligible small businesses to use all types of general business credits to offset their AMT in tax years beginning in 2010. (Source for this information: © 2010 Thomson Reuters/RIA. All rights reserved.) If you are unsure of how your general business credits can be used to offset your tax or AMT liability, contact your CPA.

Tax Changes: Start Up Expenses

Thinking about starting a new business?  Changes in the tax law allow you to write off more of the start up expenses. Boosted deduction for start-up expenditures. The Small Business Jobs Act allows taxpayers to deduct up to $10,000 in trade or business start-up expenditures for 2010. The amount that a business...

Why do I need a compiled financial statement?

Complied financial statements are a powerful tool for effective tax planning. Provided on a quarterly basis, these account recordings allow us to provide 1) precise income tax liability calculations, 2) accurate long-term tax planning, and 3) priority handling of your tax return. By placing your quarterly financial picture into our professional format, you will eliminate mad scrambles for end-of-year accounting information, and reduce the need to file an income tax extension. Also, compiling your financials after end-of-year does not allow us to influence your tax picture to ensure that you minimize your liabilities and eliminate surprises.