Tax Tips Small Business

Do You Know How Much Your Business Is Worth?

Tips for placing a value on your business

There are several reasons why you should know the value of your business. if you are planning to sell your business, the general rule is that you should sell it for fair market value. In many instances the term "fair market value" is somewhat ambiguous. In the simplest sense, fair market value is what a willing buyer would pay a willing seller, with each party knowing all the pertinent facts.

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Small Business Quick Tip

Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify.
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Saturday, 04 September 2010
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Tax Tips Personal

Divorced?
Know the rules before claiming a dependent

If you are a divorced or separated parent, the rules for determining which one of you can claim the children as dependents is confusing at best. A few years ago, the IRS created rules that provided a uniform definition of a child for purposes of claiming certain tax benefits such as the head of household filing status, the child tax credit, the dependent care credit, arid the earned income tax credit.
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Personal Quick Tip

Are you planning on making any substantial gifts? Talk to your tax preparer first. Gifts with values exceeding $13,000 must be reported to the IRS.