Archive for 2012

Why You Should Skip the New Year’s Resolutions This Year

Why should you skip the New Year’s Resolutions this year?

They didn’t work last year…did they?

6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End

There are a host of reasons small business owners should meet with their CPA.  Here are 6 of them:


1) Method of Accounting

Smaller business can usually file their tax returns on the cash basis of accounting.  The taxable income is based on the revenue received less the deductible expenses. Larger companies must prepare their tax return using the accrual basis of accounting.  The accrual basis matches the … Continue reading »

The Last (Really BIG) Tax-Free Gift

Under current federal estate tax law there is an exclusion up to $5.12 million in 2012. Taxable estates above this amount are taxed at 35%. This exclusion is scheduled to decrease to $1 million beginning in 2013. The tax rate will also increase to 55%. This exclusion can be used either at death or during life.  In other words, the federal estate tax and the federal gift tax are unified.

There is speculation that Congress won’t allow this exclusion to … Continue reading »

Why the Fiscal Cliff is Fiscally Irresponsible


The Federal Government and the country are set to go off the Fiscal Cliff on New Year’s Day.


The term Fiscal Cliff refers to number of laws that if they remain unchanged, could result in significant tax increases and spending cuts.


Why You Should Not Discard Your Form 1099-K


If you get a Form 1099-K in 2013, don’t ignore it. The new form records payments received in 2012 by credit card companies or through third-party networks such as Amazon, PayPal, and Google. This added income reporting mechanism was created as part of the Housing Assistance Tax Act of 2008 and is finally taking effect for the 2012 tax year. This form was issued in 2012 for income received in 2011; but taxpayers were not required to report the … Continue reading »