The Business Owner » Tax and Tax Planning

Tax Tips for Business Owners

Stephanie — Fri, 05 Mar 2010 21:16:53 +0000

Though the tax-filing deadline is near, there’s no need to panic. You still have time to employ some smart strategies and avoid common problems and hassles. The tax experts at Grant Thornton provide the following suggestions and reminders.

2009 Tax Information

Stephanie — Mon, 07 Dec 2009 19:00:02 +0000

Click Here to download Printable Version

This article was written by the experts at The Business Owner. If you are the owner of a private business, go to www.TheBusinessOwner.com or call us at (800) 634-0605 for more no-nonsense how-to information.

Smart Year-End Tax Moves For Business Owners

Stephanie — Sun, 01 Nov 2009 12:00:04 +0000

Your tax return won’t be due for months, but it’s important to review your income and deductions well before then. You need to act before the end of the year to affect your 2009 return, and now may be the perfect time to put some late-year planning techniques into play.

States Raising Tax Rates

Stephanie — Tue, 01 Sep 2009 15:00:16 +0000

In order to compensate for budget deficits, many states across America have raised various taxes. Most of the increases came in personal income rates and excise taxes on such items as tobacco, alcohol, gasoline, hotel room fee and airport fees. Ten states increased cigarette taxes, seven states hiked personal income tax rates, four states increased their sales tax rates and one state – Oregon – increased its corporate income tax rate.

It’s Time to Lower Your Property Taxes

Stephanie — Sun, 01 Mar 2009 15:14:15 +0000

In her recent article on Newsday.com titled "Real Estate Crisis May Lower Your Tax Property Bill," Aharoni urges readers not to trash their "Tentative Assessment Value" notice when they receive it in the mail from their county assessor. The statement provides important information on taxes, namely the value of your property as pegged by the county, which is what your tax bill is based on.

IRS Suggests Ways to Avoid Problems at Tax Time

Stephanie — Sun, 01 Mar 2009 14:58:36 +0000

For taxpayers looking to avoid the last-minute rush of preparing and filing tax returns, the Internal Revenue Service offers these tips:

IRS Announces 2009 Standard Mileage Rates

Stephanie — Thu, 01 Jan 2009 20:53:41 +0000

The Internal Revenue Service has issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

Don’t Forget to Fund Your Retirement Savings Plans by April 15!

Stephanie — Thu, 01 Jan 2009 20:22:00 +0000

Plan Type	IRC Selection	2008 Max
Defined Benefit	415(b)(1)(A)	$185,000
Defined Contribution	415(c)(1)(A)	$46,000
Elective Deferrals 401(k) and 403(B) Plans	402(g)(1)	$15,500
Elective Deferrals 457(B) and 457(C) Plans	457(b)(2) and 457 (c)(1)	$15,500
Catch-up Contributions 401(k), 403(B) and 457 Plans	414(v)(2)(B)(i)	$6,000
SIMPLE Retirement Accounts	401(k)(11)(B) and 408(p)(2)(B)	$10,500
SIMPLE Catch-Up Contributions	414(v)(2)(B)(ii)	$2,500

Beware of Scams Using IRS Name and Logo

Stephanie — Thu, 01 Jan 2009 19:31:43 +0000

The Internal Revenue Service has issued several recent warnings on the fraudulent use of the IRS name or logo by scammers trying to gain access to consumers' financial information to steal their identity and assets. Current scams include phony e-mails that claim to come from the IRS and lure the victims into the scam by telling them that they are due a tax refund.

2008 Tax Information

Stephanie — Sat, 01 Nov 2008 14:19:17 +0000

2008 tax deductions and rates.