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Viewing entries tagged with 'accounting'
529 Plans Explained
529 Plans are educations savings plans which are designed to help families put away money for future college expenses. An explanation of the key benefits of 529 plans follows, along with answers to some common questions about 529 plans.
IRS Sets Fourth Quarter 2008 Interest Rates
After lowering interest rates by 1% each the last two quarters, the IRS announced today that they are raising interest rates by 1% effective October 1, 2008. Therefore, beginning today the interest rates will be:
Small Business Tax Calendar for October 2008
Following is a list of October dates that small business owners, bookkeepers and accountants should be aware of:
S-corp or LLC?
S corporations and LLCs have a lot in common and therefore often appeal to the same people. Two major things S-corps and LLCs have in common are:
Accountants Expected to See Above Average Salary Increases in 2009
According to a recent study by Hewitt Associates of 1,073 large organizations, most US workers can expect flat base pay raises in 2009 of 3.8%. However, the good news for most of the readers of this blog is that the Hewitt study found that accountants and consultants can expect higher salary increases (4.6%) than any other industry in 2009. Read the article.
IRS Creates Web Page for Small Businesses
The IRS recently posted a new web page with links to information on issues that small business owners (specifically those that file Schedule C) commonly face. There is information on starting a business, operating a business, business and employment taxes, IRS forms and publications, and much more. Check it out and share it with your small business clients.
When Will I Receive My Economic Stimulus Payment?
The question the IRS hears the most about the economic stimulus payments is "When will I receive it?". The answer to this question can be found on the IRS's website. Simply click on "Where's My Stimulus Payment?", enter your social security number, filing status and the number of exemptions you claimed, and click "Submit".
IRS Simplifies Application Process for Tax-Exempt Organizations
Organizations seeking tax-exempt status used to have to go through a two step process in which they first received an advance ruling allowing them to operate as a public charity for 5 years, and then had to demonstrate that they received a substantial portion of their support from public sources in order to receive a final determination letter. However, the revised From 990, the tax return which organizations exempt from federal income tax must file, has eliminated the need for this two step process.
Small Business Tax Calendar for September 2008
Following is a list of important September tax dates for small business owners, bookkeepers and accountants to be aware of:
Calculating the Value of Your Business
There are a number of ways to calculate the value of your business. One way is to simply tally up the value of your company's assets. A second way is to compare your business to similar businesses that have sold recently. A third way is to simply assume your company is worth some multiple of your revenue. However, the only method I recommend using to calculate the value of your business is to calculate the value of future cash flows. A brief discussion of the different methods follows:
