Currently, any tax preparer with 250 returns is required to e-file. After 2010 the threshold drops to TEN! […]
Category: General
Small Business Loans (SBA)
The current stimulus allows a small business about to default on a debt to borrow up to $35,000 from a lender to assist in making payments. The SBA (Small Business Administration) will pay the interest AND repayment of the loan principal is deferred for 12 months! This is known as the American Recovery Capital (ARC) […]
Consumer Alert – Florida Compliance Services
CONSUMER ALERT! The Attorney General’s office is investigating “COMPLIANCE SERVICES” for soliciting new Florida corporations implying that they must send corporate minutes and $125 to a Tallahassee address for filing. There is no statutory authority for corporate minutes to be filed with any government entity. […]
Read More… from Consumer Alert – Florida Compliance Services
Housing Credit as of 02.17.09 (Stimulus Law Signed)
For primary homes purchased before Dec 1, 2009, the max credit is $8,000 and it need not be paid back unless the home is sold within three years of purchase. The 2009 purchase can be carried back to 2008 for the full $8,000. Homes purchased in 2008 still have the 15-year repayment rule. The credit […]
Read More… from Housing Credit as of 02.17.09 (Stimulus Law Signed)
Housing Credit as of 02.17.09 (Stimulus Law Signed)
For primary homes purchased before Dec 1, 2009, the max credit is $8,000 and it need not be paid back unless the home is sold within three years of purchase. The 2009 purchase can be carried back to 2008 for the full $8,000. Homes purchased in 2008 still have the 15-year repayment rule. The credit […]
Read More… from Housing Credit as of 02.17.09 (Stimulus Law Signed)
Identity Theft
The following is from the IRS website and it is good information…… IRS TAX TIP 2009-11 1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS […]
Sales Tax Deduction
There is a sales tax deduction for sales tax paid on major items such as cars, trucks, airplanes, (this includes leasing of the vehicle) motor homes, mobile or pre-fab homes… and improvements to your home (think bricks and mortar, not cosmetics, not large TV’s, not fans, not appliances).. best examples are tile floor, wood floor, […]
Mileage Deduction – what about driving to the office?
Driving from home to your first place of business (notice I did not say office) is not deductible. From home if you visit a client first, no deduction (first place of business) but to the next place of business (office or another client) is deductible. From your last place of business home (again, notice I […]
Read More… from Mileage Deduction – what about driving to the office?
Cash Basis vs. Accrual
In the Simpliest Terms…….CASH BASIS REVENUE means you declare it when you RECEIVE the money.ACCRUAL BASIS REVENUE means you declare it when you EARN the money (usually that is when the invoice is generated whether you receive a portion of the money or none at all at the time the invoice is generated). When you […]
LLC’s – What is an LLC?
Limited Liability Companies started in the United States in Wyoming in 1977. Similar entities existed in Germany in the late 1890’s. The Wyoming farmers wanted the advantages of corporations (specifically, limited personal liability) with the advantages of being unincorporated (no organizational meetings, By-Laws, accounting requirements). Since then, all 50 states have adopted various forms of […]