As most business owners are aware, the depreciation rules for 2011 created significant benefits for businesses large and small. However, 2012 will not provide that same advantages and as a result now is the time to consider the changes in effect for the current calendar year. Simply put these changes should drive proactive tax planning [...]
This is certainly a good news, bad news message. That the cost of living for all of us, from food to commodities like gasoline, has gone through the roof over the past several years is no surprise and painful. That is clearly the bad news. The good news is that the tax law provides for [...]
By this point virtually every business owner in Michigan has received a State mailing putting them on notice that they are looking for any unclaimed property businesses may hold. This can include uncashed vendor checks, uncashed payroll checks, customer overpayments, and inactive bank accounts, to name a few. While this law has been on the [...]
The IRS has recently announced that the deadline to file your 2011 tax return and pay any balance due has been moved to Tuesday April 17, 2012. For more information on this and other matters impacting your 2011 tax filings please copy the following link into your web browser. http://www.accountingtoday.com/news/IRS-Extends-Tax-Filing-Deadline-April-17-61316-1.html
Governor Rick Snyder’s tax increase on both private and public pensions was recently upheld by the Michigan Supreme Court. Only a portion of the new law didn’t pass muster with the high court since, in the courts opinion, it created a graduated income and thus is considered illegal. This was certainly one of the more [...]
Unless you operate on a cash basis, a common problem is getting paid within a reasonable time. Many reports by credit organizations confirm not only that the problem is widespread, but it seems to get worse every year and bad debts are the number one reason businesses fail! While many small business owners gauge their [...]
For those of you small business owners that haven’t taken the time to check in with your CPA regarding your tax status, it’s time! The good news is that if you do the planning between now and the end of the year, you can still minimize the amount of tax you will be faced with [...]
The IRS has announced a voluntary program that provides an opportunity for taxpayers to reclassify their workers for employment tax purposes. The contractor vs. employee controversy is one that has been on the radar screen for the IRS for decades, however, the actual attempts by the government to convert contractors to employees for payroll tax [...]
In his article “How Keeping Score Keeps you Accountable”, Mr. Moltz addresses the daily monitoring he must go through in light of his diabetes issue and uses his diabetes to emphasize the significance of monitoring the day to day results for any business. The article serves as a reminder of the importance of both counting [...]
As I read the John Mariotti article “The Power And Danger Of Self Fulfilling Prophecies” I am reminded of a quote I read decades ago “Perception is a mirror not a fact”. As with the young painter and other characters in the story illustrating Mr. Mariotti’s point, we are all prone to follow the pack, [...]
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