It happens to butchers, bakers, and candlestick makers. It probably happens in your business, too: A customer doesn’t pay what they owe and you end up with a bad debt. Can you take a tax deduction? The answer depends on how you account for income on your tax return....
It is interesting to note how many Business Partnerships were formed over a weekend. You meet someone at a party on Friday and by Monday you are in business together. No courtship, no honeymoon, just off you go into business. Well, let me suggest that such partners...
Fraud in Small Business can take many forms, but one of the most damaging is payroll fraud. Unless the owner handles all aspects of computing and paying payroll, there is room for fraud in every small business. The fact that your company has only a few employees does...
The amount you can contribute to your retirement plan increases in 2013. The 401(k) maximum salary deferral increases from the 2012 limit of $17,000 to $17,500. The catch-up limit for those 50 and older remains unchanged at $5,500. The maximum deferral for a SIMPLE...
There is a great deal of confusion about gifting and gift taxes. The federal gift tax law is completely apart from the income tax law. Neither party to a gift should include the gift information on their income tax return. The gift is not tax-deductible by the one...
There is an almost endless list of things to do when you start a business. Here is a brief list of some of the most important ones: Business plan– Your business plan will be useful to you and to lenders. It should present who will own the business and what the legal...
