If you own a restaurant and your employees are tipped, listen up! This post specifically applies to you as it pertains to the new tipped employee laws set forth by the Fair Labor Standards Act.
If you deduct vehicle mileage on your tax return(s), you’ll be happy to know that the IRS has increased the standard mileage rate for business, medical, and moving expenses. The new rate is increased 4.5 cents per mile and it goes into effect for miles driven starting July 1, 2011 through December 31, 2011.
I encourage you to update your mileage log/calendar as of June 30, 2011 and record your odometer reading(s) on those vehicles. It would also be helpful to attach an oil change or other maintenance receipt from a third party to back up any mileage reading as of June 30th.
Did you receive notice of this increase in standard mileage rate for business from your current accountant? Does your C.P.A provide you with a free eBook library where you can learn about:
Being prepared for the small business tax that you will have in 2011 should be a top priority.
Staying ahead of the curve helps as well. So here are your 3rd quarter tax strategies to know.
For this blog post, I’m happy to have Patricia Briggs as a guest blogger for you:
There is no doubt that bankruptcy must always be the last resort. Before filing a bankruptcy, you should try every option available. It may be either credit counseling or debt settlement programs. You can also go for a debt consolidation through a home equity loan or ask your creditors for a reduced payment plan or a discounted lump sum payment. In this article, we will discuss about the last method as it has some pitfalls.
Often, lenders agree to compromise the balance if it is paid in one lump sum payment. However, troubles arise when they compromise more than $600 on the bill. If done so, the bank has to file form 1099C with the Internal Revenue Services (IRS) declaring that discount as an income. Now, you have to pay tax on that money, as IRS will consider it as taxable income. The IRS has a very instructive publication on this issue. However, there are always exceptions. In this case, there are the following:
Hiring a consultant verses buying a new car; a lot of people believe they are comparable…
…when it comes to value received for dollars paid.
Hiring your children that are under the age of 18 can…
…also make your tax planning easier, as you can get an income tax deduction.
If you buy your parents’ home and rent it back to them…
…you can create a nice tax break.
There are a few things that you can do to…
This is a Bonus Tip to the “3 Tips To Help You Sit Pretty In Retirement” eBook.
…make your retirement planning more stable!
Over the past few weeks I’ve given you some valuable insight in regards to how the IRS will treat your short sale or foreclosure when you file your income taxes. In case you haven’t read this information, you can download it for FREE from my eBook library. Or simply click “read more” where I’ll give you a summation of my posts on debt forgiveness.
This is the seventh tip in our series 7 Things You Should Know About the Tax Consequences of Debt Forgiveness which is also available as a free eBook from your Fort Myers Accounting Firm.
It is possible for you to receive multiple tax forms (1099A & 1099C) in the same year. This is based on a variety of scenarios, depending on how you file your 1040 in the case of foreclosure taxes or short sale taxes.
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