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MyNuBiz: How can I reduce my 2007 taxes - Gift-giving

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Monday, December 10, 2007. How can I reduce my 2007 taxes - Gift-giving. Take advantage of the 2007 annual and lifetime gift-giving limits to reduce your income and estate tax liabilities. For 2007 and then again in 2008, you can transfer $12,000 per person, per year, without paying gift tax on the amounts transferred. Provided By Andrew Taylor, CPA -. Haffley, Taylor and Company. Posted by Lorraine Ball. Labels: estate tax liabilities. Haffley Taylor Company LLC. Subscribe to: Post Comments (Atom).

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MyNuBiz: Should I be an LLC or a Sub-S Corporation?

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Monday, December 17, 2007. Should I be an LLC or a Sub-S Corporation? Before the early '90's, the "preferred" form of organization generally was an S corporation because it combined the limited liability associated with a corporate structure with flow-through treatment of tax benefits to its owners. An. LLC is sometimes preferred. A rule of thumb has developed among many accountants that if the business will be actively managed by the shareholders[s], and it will be a small business,. Our team of lawyers...

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MyNuBiz: How can I reduce my 2007 income tax? Income shifting

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Monday, December 10, 2007. How can I reduce my 2007 income tax? One of the most fundamental year-end tax planning techniques involves accelerating deductible expenses in 2007 and deferring income, if economically feasible, into 2008. By delaying taxable income you defer taxes. Delaying taxable income may also prevent you from losing lucrative tax breaks that can be reduced or eliminated altogether as your income level rises and propels you into a higher tax bracket. Posted by Lorraine Ball. Subscribe to:...

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MyNuBiz: How can I use the State and local sales tax deduction.

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Monday, December 10, 2007. How can I use the State and local sales tax deduction. Despite being one of the more popular tax breaks, the deduction for state and local sales taxes is not permanent and is set to expire at the end of 2007. The American Jobs Creations Act of 2004 gave taxpayers who itemize deductions the option of claiming either state and local income taxes or state and local general sales taxes. Answer Provided by Andrew Taylor, CPA. Posted by Lorraine Ball. Resources for Small Biz Owners.

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MyNuBiz: How Can I use the Kiddie Tax?

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Saturday, December 15, 2007. How Can I use the Kiddie Tax? The Small Business and Work Opportunity Tax Act of 2007 introduced a number of tax incentives for small business, but included a few pitfalls for individuals. For 2007, a child under the age of 18 is subject to the "kiddie tax" (and thus pays tax at his or her parents' highest marginal tax rate on unearned income in excess of $1,700). Answer Provided by Andrew Taylor, CPA -. Haffley,Taylor and Company. Posted by Lorraine Ball. Make the Most of Yo...

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MyNuBiz: What is a corporation?

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Saturday, December 8, 2007. What is a corporation? A corporation is a more complex business structure generally. It is a legal entity separate from its owners, called. Who own shares of stock in the company. For "regular" or. Often used for large and publicly traded companies), profits are taxed both at the corporate level and again when distributed to shareholders. This is the tax disadvantage which is avoided by the "pass through" entities such as LLCs and S corporations. Posted by Lorraine Ball. How c...

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MyNuBiz: How can I reduce my 2007 taxes _ Retirement planning

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Monday, December 10, 2007. How can I reduce my 2007 taxes Retirement planning. Year-end planning for 2007 also involves maximizing annual contributions to your retirement plan accounts, since one year's limit cannot be added to the next year's if not taken in time. While contributions to IRAs may be applied retroactively if made before the filing deadline, an individual's elective deferral contribution made as an employee to a qualified plan must be made before the end of the calendar year. How to reduce...

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MyNuBiz: How can I reduce my 2007 taxes? Deduction management

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Monday, December 10, 2007. How can I reduce my 2007 taxes? Essential end of the year tax planning requires determining whether you will take the standard deduction or whether you will itemize your deductions. Consider "bunching" deductible expenses into one or the other year depending upon whether the standard deduction may be taken in one year or whether the adjusted gross income limits for medical (7.5 percent) or miscellaneous itemized deductions (2 percent) may be more easily met. How can I use the S...

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MyNuBiz: What should I name by business?

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Wednesday, December 19, 2007. What should I name by business? There is more to naming your business than just coming up with something that sounds good and you happen to like. Thought must be given to. State and local requirements. And making sure you don't infringe upon the rights of someone else's business name. You will need to determine whether your trade name will be the same as the full legal name of your business. Answer provided by Chuck Roach - Roach Law Office. Posted by Lorraine Ball. What sho...

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MyNuBiz: Make the Most of Your Connections with LinkedIn!

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Wednesday, December 19, 2007. Make the Most of Your Connections with LinkedIn! This is where the real power of LinkedIn comes in. While you may have only 100 people in your contact circle, each of those people know other people. These same connections exist in the off- line world. Your friends know people you want to meet, and sooner or later they may get around to introducing you. LinkedIn will never replace the face-to-face interaction, but it can give your traditional networking an extra buzz. What sh...