|
|
Conditions Are Right For Buying The Higher Priced Home You’Ve Always Wanted
Higher interest rates and home prices in the past have kept home owners from purchasing larger homes. The current real estate market conditions, however, are encouraging for many home owners who want to “buy up” to higher priced homes with more...
Corruption and Transparency
I. The Facts
Just days before a much-awaited donor conference, the influential International Crisis Group (ICG) recommended to place all funds pledged to Macedonia under the oversight of a "corruption advisor" appointed by the European...
No Income Verification Home Equity Loan
A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. This type of loan is great for homeowners who need a home equity loan but have hard to...
Tips and simple guidelines on how to calculate payroll taxes
Managing a business small, medium or big requires you to pay your taxes, as well as your employees taxes. Managing a payroll can be an arduous and taxing job, no pun intended. There are laws that require us to pay taxes and everyone have to comply...
Working With Your Real Estate Attorney
Purchasing or selling a home will probably be one of your largest and most important financial transactions. Before signing a contract to purchase or sell a home, both buyer and seller should consult an attorney to assure that the real estate...
|
|
|
|
|
|
|
|
YEAR END TAX PLANNING AND PREPARATION FOR BUSINESSES – Tax Tips for 2004
Now is the best time to start thinking about your year end tax planning for your business. These tax strategies can be put into effect by the end of the year and some as late as when the tax return is due. Planning now will save you money and reduce your tax liability not only with your IRS taxes but also with your state taxes. Here are tax tips that will help you accomplish your goal.
DEFER YOUR INCOME INTO 2005
If you don’t receive payment until the first week of January for cash basis tax returns and don’t bill until January for accrual basis tax returns, you have effectively deferred your income. This works well if your 2005 income is equal to or less than it was for 2004. If not, you are delaying the inevitable and potentially putting yourself in a higher tax bracket for 2005.
ACCELERATE DEDUCTIBLE EXPENSE INTO 2004
Anything charged on your business credit card December 31st and prior is deductible in 2004 even if it is paid in 2005. You can also write a check on December 31st that you would have normally paid in January. You may want to get a confirmation receipt to prove you mailed those checks in 2004. This works well if your 2005 income is equal to or less than it was for 2004. If not, you are delaying the inevitable and potentially putting yourself in a higher tax bracket for 2005.
OPEN A RETIREMENT PLAN ACCOUNT
See http://www.dgoodmancpa.com/smallbusinessretirementplan.htm for an example of what you can do with that available profit tax deferred until retirement. This is a fantastic option for those who have the cash and want to contribute money into their personal retirement account and deduct that contribution from their corporate earnings. Does it get any better than that?
BUY EQUIPMENT AND SOFTWARE BEFORE YEAR END
You can deduct up to $100,000 in equipment and software purchases for the year under Section 179 depreciation expense. This includes sport utility vehicles, pickups and vans with a gross vehicle weight rating over 6,000 pounds.
However, businesses should be aware of the change due to the American Jobs Creation Act of 2004. Certain sport utility vehicles (SUV’s) are limited to $25,000 if they were placed in service after October 22, 2004.
These are just some tax tips you should consider when thinking about your year end tax planning for your business. If you have a specific question about your particular situation, e-mail me at dianne@dgoodmancpa.com and I will help you muddle through the tax planning issues you may have.
This article was intended to provide general information about year end tax planning. It does not contain all the rules and exceptions that may apply to your situation. If you have further questions regarding year end tax planning, I can be reached at www.dgoodmancpa.com.
Coming Soon - E-mail me at dianne@dgoodmancpa.com and tell me what you would like to know more about. It just might be my next article!
About the Author
Dianne Goodman, CPA –Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-866-531-3035.
CONTACT INFORMATION:
Dianne Goodman, CPA Comprehensive Small Business Solutions, PC 505 323-2307 1 866-531-3035 toll free http://www.dgoodmancpa.com
You have permission to reprint what you just read. Use it in your ezine, at your website or in your newsletter. The only requirement is to include the following footer... 2004 Year End Tax Planning and Preparation for Businesses – Tax Tips for 2004 by Dianne Goodman, visit http://www.dgoodmancpa.com for more content like this.
About the Author
About the Author
Dianne Goodman, CPA –Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-866-531-3035.
|
|
|
|
|
Internal Revenue Service |
The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
www.irs.gov |
  |
Tax Information for Individuals |
Access to useful information, booklets and other tools from the Internal Revenue Service. |
www.irs.gov |
  |
Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ... |
tax.yahoo.com |
  |
Taxes: Tax Planning, Tools and Advice - MSN Money |
Microsoft's Tax Preparation site, in association with Tax Server. |
moneycentral.msn.com |
  |
Tax - Wikipedia, the free encyclopedia |
Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
en.wikipedia.org |
  |
H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information. |
www.hrblock.com |
  |
TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
File your Taxes online with TaxCut Online. Learn how to file taxes online here. |
www.hrblock.com |
  |
Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
turbotax.intuit.com |
  |
Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
www.forbes.com |
  |
Essential Links to Taxes |
TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
www.el.com |
  |
Government > Taxes in the Yahoo! Directory |
Yahoo! reviewed these sites and found them related to Government > Taxes. |
dir.yahoo.com |
  |
Taxes - Tax News for Home and Business from CNNMoney |
The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
money.cnn.com |
  |
The Tax Foundation - Educating Taxpayers Since 1937 |
Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
www.taxfoundation.org |
  |
Welcome to the Vermont Department of Taxes |
Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
www.state.vt.us |
  |
Franchise Tax Board Homepage |
The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
www.ftb.ca.gov |
  |
HM Revenue & Customs: Home Page |
News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
www.hmrc.gov.uk |
  |
State and Local Tax |
Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
www.taxsites.com |
  |
Quicken.com |
www.quicken.com/taxes/ - 3k - Cached - Similar pages |
|
  |
Tax news and advice from Bankrate.com |
Information on all phases of tax planning and preparation. |
www.bankrate.com |
  |
Online Tax Advice - Tax Preparation Help - Income Tax Tips |
Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
www.marketwatch.com |
  |
|