Those starting a new business as well as anyone with an established business sometimes require expertise and guidance when it comes to forming or changing a business designation.
It is my duty as an Atlanta Georgia state CPA and tax attorney to share small business tips and tools to help manage problem accounts. If you extend credit to your customers, some losses are inevitable. So unless you are willing to forgo the credit part of your sales, you have to figure out ways to control your bad debt losses.
As I mentioned in a previous post called "Capital Gains and Losses: New Twists for 2012 - Part One", the end of the year is the traditional time for securities investors to "harvest" capital losses for federal income tax purposes. Part of my role as a tax attorney in Atlanta, is to educate my clients I wanted to share that there's an added wrinkle to capital gains and losses in 2012: the usual strategy of harvesting losses is a little more complicated this year due to three key tax law changes scheduled for 2013.
You only have to examine your paycheck to realize certain income is tax-free. For example, health insurance premiums paid by your employer are generally not includible in your income. Do you know the tax status of other types of income? Here's a short quiz to test your knowledge.
Starting and running a business is rarely a safe or simple process, and doing so with one's spouse creates an additional layer of complexity. Whether that complexity will have a positive or negative effect depends on several factors. Here are some of the questions you need to discuss before going into business with your spouse. Stay tuned because Part Two will be posted on this week as well.
Savvy investors often spread their risks by investing in a variety of asset classes such as stocks, bonds, commodities, and real estate. But with a changing tax landscape, investors might consider three more classes:
Starting and running a business is rarely a safe or simple process, and doing so with one's spouse creates an additional layer of complexity. Whether that complexity will have a positive or negative effect depends on several factors. Here is Part Two of the questions you need to discuss before going into business with your spouse. (Also read Part One)
The IRS has published depreciation limits for business vehicles first placed in service this year. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles.