politoeppichblog.com

A is for AUTO EXPENSES

Jessica Dorsett, CPA — Tue, 31 Jan 2012 12:30:29 +0000

Business auto expenses… it’s an area of the tax law that can be confusing and lead to abuse. Businesses have two methods available for determining the most beneficial expense. The following will explain each approach. For a business, a vehicle can be deducted in two ways; actual expense and mileage. When using actual expense, the vehicle [...]

This is Your Blog Too!!

Jessica Dorsett, CPA — Mon, 23 Jan 2012 12:30:55 +0000

I can’t believe this blog will celebrate its two year anniversary in April. I think we should have a party! Oh wait, we already do… it’s our “end of tax season” party. We’ve had our ups and downs but I’m proud of us for sticking with it. Our staff stays very busy and sometimes posting a [...]

A-Z Series – A is for Adoption Expense

Jessica Dorsett, CPA — Tue, 17 Jan 2012 12:30:58 +0000

We are starting two A to Z series (one for individual taxes and one for entity taxes) which will run through tax season. We hope to bring you some useful information about the tax world. As always, if there is a topic you’d like us to write on, please e-mail us your requests! We love [...]

IRS Announces Cost of Living Adjustments

Sandra Miller, CPA — Tue, 22 Nov 2011 12:30:12 +0000

The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other tax benefits for Tax Year 2012. The highlights include: 401(k), 403(b) and most 457 plans elective deferral increased from $16,500 to $17,000 (Catch-up contribution limit for those aged 50 and over remains unchanged at $5,500) Defined benefit plan limitation increased [...]

Time may be running out for large tax-free gifts!

Paul M. Polito, CPA — Tue, 08 Nov 2011 12:30:37 +0000

Early this year, Congress passed a two-year revision of the Estate tax law. One of the elements of this “two year wonder” is that the amount exempt from gift tax was increased to $5 million. This meant that a married couple with proper estate planning in place could gift up to $10 million to heirs [...]

Year-End Tax Planning, Part 2

Faye Sheng, CPA — Wed, 02 Nov 2011 11:30:45 +0000

I previously compiled a list of year-end tax planning strategies for individuals. Here is a list of year-end strategies for businesses and business owners: 1. Businesses should consider making expenditures that qualify for the business property expensing option. Code sec. 179 expense: For tax years beginning in 2010 and 2011, the expensing limit is $500,000 and the investment [...]

Year End Tax Planning Time!

Faye Sheng, CPA — Tue, 25 Oct 2011 11:30:22 +0000

As the end of 2011 approaches, it is a good time to start year-end tax planning to minimize your individual and business taxes. Here is a list of Year – end strategies for individuals: Realize losses on stock while substantially preserving your investment position. For example, you can sell the original holding at a loss, then buy [...]

The Dry Cleaner

Paul M. Polito, CPA — Tue, 11 Oct 2011 11:00:04 +0000

One morning I stopped by my dry cleaners to drop off some clothes. There was a sign on the door thanking the loyal customers of so many years, and due to an equipment breakdown, same day service was no longer available. Also, the prices were increased by about 40%. The reason I have been using [...]

QuickBooks ventures into the world of Customer Relations Management

Paul M. Polito, CPA — Tue, 20 Sep 2011 11:30:51 +0000

Jodi Coppens of AdvantEdge Accounting Solutions is a consultant we have worked with for years. Jodi is an expert with the MAS 90/200 software family of products and the QuickBooks software line of business software. Our clients really appreciate Jodi’s expertise in helping them maximize their investment in software. Jodi was telling me about some significant [...]

Nonprofits: Expense Classifications

Jessica Dorsett, CPA — Tue, 13 Sep 2011 11:30:17 +0000

Over the summer, I found myself consumed with nonprofit work. It’s the time of year when that is pretty much all I do. It is occasionally broken up with other jobs, but they seem few and far between. The following blog post is focused on nonprofit topics: Nonprofit entities are required to classify expenses between three [...]