Small Business Health Care Tax Credit

Small Business Health Care Tax Credit. Do you qualify? The small business health care tax credit was included in the Affordable Care Act enacted last year and is designed to encourage small businesses to offer health insurance coverage to their employees for the first time or maintain coverage they already provide. Small businesses that pay at least 50 percent of the …

Turn Your Personal Passion into Tax Savings

Has your hobby grown into a full-time or sideline business? You might need to convince the IRS. Strategy: Run the activity just like any other business: Keep accurate and detailed records, maintain any requisite licensing and meet other technical responsibilities. In all respects, keep your business separate from your personal pursuits. If you qualify, you can deduct your legit expenses …

Start Planning Now for Next Year’s Tax Return

The tax deadline may have just passed but planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time, money and headaches in 2013. Here are eight things you can do now to make next April 15 easier. 1) Adjust your withholding Why wait another year for a big refund? Now …

Financial Planning Questionnaire for Individuals and Business Owners

For most of us, tax year 2011 is now history. As we move into tax year 2012 we know that the earlier we start planning the more effective we can be. Whether youre an individual or a business owner please ask yourselves the following questions regarding your financial future: 1) Did you feel like you overpaid your taxes this year? …

Tax Filing Deadline – Applying for an Extension

It is that time of year again, tax filing deadline. This year April 15th falls on a Sunday and Monday April 16th happens to be Emancipation Day, a holiday that marks the anniversary of Abraham Lincoln signing into law the Compensated Emancipation Act. The deadline therefore for filing your taxes is Tuesday, April 17th. If you need more time to …

Using Life Insurance as a College Savings Vehicle

The three biggest financial challenges in ones lifetime are retirement, buying a home, and sending a child to college. With college costs rising nearly every year the thought of saving for your childs education can seem overwhelming. Fortunately there are a number of tax-saving plans available. One is the Section 529 Plan, which is a state-sponsored investment program named after …

An East Bay Accountant Remembers His Roots

Compared to most Nicaraguan families, Miguel Palmas was economically advantaged. Rental income from family land enabled his mother to accomplish her primary objectives – providing milk for her four children daily, serving meat once per week, and, most importantly, giving her children the freedom to pursue an education. But when asked in a recent interview whether he was poor growing …

Four Basic Questions for Personal Financial Freedom

Regardless of where you are in life, achieving and maintaining financial goals is probably among your highest priorities. Personal financial goals dont have to be a dream. With careful planning you can begin to make it happen today. A good financial plan will answer these four basic questions:1) How do I mange cash flow and expenses?2) How do I save …

Defined Benefit Pension Plan for Small Business Owners

For small business owners wishing to be pro-active about retirement for themselves and their employees they may wish to consider a Defined Benefit Pension Plan 412(e)(3). This particular retirement plan is well suited to established businesses that wish to increase contributions and tax deductions to a greater extent than is permitted by a traditional defined benefit plan. Some of the …

Maximizing Your Tax Deductible Dollars and Insuring Your Future

Miguel Palma, CPA, looks forward to going to work every morning because he knows what he does makes a difference in people’s lives. “I used to think that success meant having all the money in the world. Now, I see that success is having the time to do the things you most care about.” Miguel tries to align himself with …