Wouldn’t it be great if you had a second chance? Of course it would be. We all love to play Monday morning quarterback. If you converted an IRA to a Roth IRA during 2010 you still have a second chance to undo this conversion if you need to. However you only have until Monday October [...]
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 [...]
The Michigan Senate is currently in talks to reform or phase out the personal property taxes that businesses’ pay on items such as machinery, computers and other equipment. While it’s easy to cut revenues the question will be how or if the lost revenues will be replaced. The devil will definitely be in the details [...]
The other day I read an interesting article about the United States Postal Services current money problems. Here are some of the problems that they are facing. Projected annual loss of over $9 billion dollars. Annual losses expected to reach $20 billion dollars by 2015. Need to contribute a $5.5 [...]
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, [...]
“The 7 Most Common Money Mistakes That Entrepreneurs Make” article by Mike Michalowicz points out various mistakes that professional advisors see all the time. Entrepreneurs typically are in a hurry to open their business but forget to do the proper planning or to line up enough capital. As the article points out in the tax [...]
Barry Moltz’s article “Does Your Business Have a Debt Ceiling Problem?” puts in laymen’s language the only two reasons why a business should borrow and suggests if a business needs to borrow what resources to use to determine what your business can afford. While the article is very basic, I honestly believe that in many [...]
Here is a brief outline of major tax changes in the state of Michigan that start January 1, 2012. Business Tax Changes: Michigan Business Tax is replaced by the Corporate Income Tax which taxes corporate income at a rate of 6%. S Corporation, limited liability companies and partnerships would not be subject to this tax [...]
While I initially felt that “6 Bad Money Habits And How To Break Them” might be a little basic for our group, as I reflected on the clients we have served over the last 30 years, I realized that “back to basics” as a theme never hurts. One of the first points the author makes [...]
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