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How to Recession Proof Your Small Business |
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The recent collapse of Bear Stearns & Co., one of the
largest financial institutions in the world, has
intensified the fears of most small business owners in
the Bay Area despite an earlier, rosier prediction by
the Association of Bay Area Governments that the
recession would have minimal effect on the region.
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Tax Benefits for Oil and Gas Well Owners |
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The depletion deduction allows an owner or operator to
account for the reduction of a product's reserves. For
tax years beginning after December 31, 2007, the
temporary suspension of the taxable income limit on
percentage depletion from the marginal production of oil
and natural gas is scheduled to expire.
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Tips for the Self Employed in Avoiding the IRS Audit |
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The IRS looks for red flags that when processing tax
returns, targeting individuals to potentially audit.
Self-employment is a flag in itself as the IRS wants to
ensure that self-employers are not trying to dodge tax
laws through small business deductions.
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IRS Circular 230 disclosure: To ensure
compliance with requirements imposed by the
IRS, we inform you that any U.S. federal tax
advice contained in this document is not
intended or written to be used, and cannot
be used, for the purpose of (i) avoiding
penalties under the Internal Revenue Code or
(ii) promoting, marketing or recommending to
another party any transaction or matter that
is contained in this document.
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GROCO Warns of Common Tax Filing Mistakes
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Tax return anxiety is on the rise as the federal tax
filing date looms. The prospect of filing an erroneous
return increases as more rely on tax software to help
prepare their returns. For the week ending March 28,
more than 10,000 electronic returns were filed from home
computers, an increase of at least 10% from the previous
year. Within the same week calls to the IRS increased
dramatically as well- the IRS fielded close to a million
and a half calls per day. To allay some of the fears,
the Internal Revenue Service produces yearly advice on
how to avoid common tax filing mistakes. Reproduced
below are the top ten common errors we have frequently
seen among self prepared returns.
Read On... |
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