Business & Individual Tax Services

In addition to preparing individual tax returns, our firm provides business, accounting, and tax services to a variety of small and medium-sized businesses. We guide our clients through the normal occurrences associated starting and running a business. Should a legal issue or unavoidable situation arise, we provide the assurance and results that you would expect from a full service law firm.

Contributions to a 403(b) salary deferral retirement program

The IRS approved 403b salary deferral retirement program: Contributions to these type plans are tax deductible, tax deferred while inside plan, and taxable as ordinary income upon distribution. Basic salary deferral limit: $16,500 in 2010. 403(b) Lifetime Catch-up: You may be eligible to defer up to an additional $3,000. Age 50+ Catch-up: If you are [...]
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Are Section 414(h) contributions taxable?

A section 414(h) plan refers to a type of tax-deferred government retirement plan. Government employers with 414(h) plans mandate employee contributions, which the employer then “picks up.” The employer does not deduct the contribution from the employee’s wages, pays the contribution and excludes it from the employee’s taxable income. By contributing to a Section 414(h) [...]
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Tax deductible contributions to 401(K)

Employee Contribution Limits: The IRS maximum allowed 401K contribution will stay the same as 2009′s 401K contribution maximum at $16,500. The 401K catch-up contribution for those over 50 years old will also stay the same at an additional $5,500 over the standard. Employer Contribution Limits: In addition to the contribution limits appearing in the tax [...]
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Capital gains & losses

Individuals or business that invest in capital assets receive two types of income: ordinary income and capital gains. Ordinary income includes dividends and interest you receive. You have a capital gain (loss) when you sell a capital asset for a profit (loss). Any asset you hold as an investment (stocks, bonds, real estate, for example) is a [...]
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Unreimbursed Employee Expenses

If you paid some work-related costs and weren’t reimbursed — you may be able to turn your professional dedication into a tax break. Itemization required: Many unreimbursed employee expenses can be counted as miscellaneous deductions if you itemize on Schedule A. The only problem is that these deductions don’t do you any good until they [...]
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Tax Calendar for small business

http://www.tax.gov/calendar/
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Audit Proofing Your Car Deduction

It is essential that you audit proof your car deduction or risk losing it should you ever be audited. This means keeping a mileage log, diary, receipts, cancelled checks, repair bills, and any other relevant information and documents. Actual Expense Method: If you use the actual expense method you’ll have to save receipts for repairs, maintenance, tolls, [...]
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Vehicle Expenses

Deducting your business-related car and truck expenses can slash your taxes substantially, saving you hundreds, even thousands, of dollars! There are two methods for figuring your deduction: The Mileage Allowance Method: Instead of collecting receipts for your out-of-pocket operating expenses and computing depreciation deductions every year, the IRS lets you use a flat rate to deduct your business [...]
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Meal and Entertainment Expenses

Growing a business sometimes requires that you wine and dine business associates. Generally, to justify claiming dining and entertainment expenses the IRS wants you to show that a business discussion or negotiation occurred to obtain income or some business benefit.  For example, you may entertain prospective customers in an effort to get new business. You [...]
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Deducting the start-up costs for a new business

Startup Costs versus Organizational Costs Start-up costs are costs incurred in investigating the acquisition or creation of an active business (investigatory costs), and setting up an active business (pre-opening costs). Investigatory Costs: These costs relate to your decision whether to start or purchase a business and which particular business to start or purchase. Examples include: [...]
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