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Tuesday, August 31, 2010
Q. I have an S corporation. I didn’t file my federal corporate taxes until June. Will I have to pay a penalty for late filing? A. If you didn’t request and receive an automatic six-month extension for filing your corporate taxes, then yes, you’ll be subject to a late filing penalty. The penalty is imposed on any S corporation or partnership that files a return past the due date, including extensions, or files a return with incomplete information. For the tax year 2009, the penalty is $89 and is owed by every partner or shareholder for each month or fraction ...
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Wednesday, July 28, 2010
Q: I own a landscape business and want to get certified as a green grower.
The certification requires me to take classes, which cost money. And I must pay a certification fee. Can I deduct those costs as business expenses?
A: Yes, all of those costs are legitimate tax deductions for your business.
In fact, if you take additional classes as part of your continuing education in the landscape industry, you can also deduct those costs. And if you’re required to pay an annual fee to maintain your green certification, that cost is also deductible.
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Wednesday, July 21, 2010
Q: I just started a welding business and am terrified of getting audited by the IRS. Are there any things I can do to make sure I prepare all of my taxes correctly? A: As a new business owner, you have the opportunity to get started right with respect to tax preparation. Tax preparation isn’t just about filling out tax forms. It’s also about maintaining adequate records and staying organized so you can avoid potential problems. My advice is to follow the three Cs of tax preparation: 1. Careful record keeping – Keep accurate records and notes so you can ...
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Wednesday, July 14, 2010
Q: What are the contribution limits in 2010 for traditional IRAs and Roth IRAs? A: The contribution limits for individual retirement accounts depend on your age.If you’ll be age 50 or older by the end of the year, the limit is $6,000. If you’ll be younger than age 50, the limit is $5,000.The reason for the difference is catch-up contributions, which are designed to help people save more as they move closer to retirement age. Be aware that the maximum contribution is a combined limit. In other words, you can’t contribute that amount to both a Roth IRA and a ...
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Monday, June 14, 2010
Q: I would like to purchase a bicycle for my business that I would use instead of my car to get to my client sites at home and when I travel. I would also use the bike to attend promotional bike centric networking events put on by groups promoting small businesses in the area. Is this a legal expense, since I will be using the bicycle as a means of promoting my company? A: If the bike is indeed purchased primary for business, then it indeed would be a deductible business expense. The personal usage of the bike, as it ...
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Tuesday, May 25, 2010
Q: I attended the TaxTalk seminar in Casper, WY, in March. You mentioned some tax perks to hiring your spouse. Can you explain that to me? A: The key benefit to hiring your spouse is related to the benefits of a Health Reimbursement Arrangement used to maximize the pre-tax payment of medical expenses. For about the last 25 years, the IRS has allowed small businesses to adopt Heath Reimbursement Accounts for their employees as authorized under Internal Revenue Code Section 105. The NASE HRA 105 plan is such a plan, thus the name 105. These Plans allow for your ...
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Tuesday, May 18, 2010
Q: I can take advantage of the $8,000 first-time homebuyer’s tax credit because I just closed on my first house last week. I have already filed my taxes for 2009 and got my refund. Do I file an amended return to the 2009 taxes or do I wait and file for the $8,000 credit on my 2010 tax filing?
A: You actually have the choice of whether to claim the additional credit on your 2010 or your 2009 return. My guess is that you would prefer to amend the 2009 return and get the money faster rather than waiting all ...
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Tuesday, April 20, 2010
Q: I started a new business several months ago and I operate out of my home. I have heard I can deduct my expenses for the home office. Is this true? And how do I do that?
A: The amount of the deduction will depend on the space that you have allocated to the home office. The key is that you use a portion of your home “regularly” and “exclusively” for business, then you would qualify for the home office deduction. This is true even if you rent your house or apartment. The exclusive part is usually the more difficult ...
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Wednesday, April 14, 2010
Q: I'm working on my taxes, and I wonder this every year but forget to ask; can I deduct the cost of my NASE membership dues?
A: You can deduct membership dues for business associations like the NASE on your Schedule C as a business expense. However, keep in mind that any amount of those dues that is used by the association to pay for lobbying efforts is not deductible. For example, the NASE has determined that $7 of each member's annual dues goes toward lobbying. To deduct your membership cost, total up your dues payments for the year, and ...
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Tuesday, March 23, 2010
Seminar tour co-planners, NASE's Maureen Petron stands with Kristi Gunster It’s gorgeous country out here. A bright, sunny day for our seminar in Centennial, and then a four hour drive up to Casper, Wyoming. We decided to drive the four hours because we’d probably spend just as much time getting to the Denver airport and taking a puddle jumper up to Casper. Lots of flat land, with huge, incredible rock structures jutting out. The directions from Centennial to Casper had four steps – turn right out of the parking lot at the Centennial SBDC, get on I-25 North, get off ...
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