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Tax Tips Small Business

Reimbursing Your Employees for Business Expenses

What method should you choose?

Attracting and keeping good employees is a goal in any business. One way to make life easier for your employees is to have an easy to use reimbursement plan. Travel, transportation, moving, and educational expenses are common reimbursable expenses. As the employer, you have the option to set up an accountable or nonaccountable reimbursement plan. Under either plan, you can deduct many of the business expenses paid to or for employees. However, the plan you choose can make a big difference to your employees.

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Small Business Quick Tip

The Stimulus Act increases the expense deduction for business equipment purchased in 2008 to $250,000.
Tax Planning
Long term, annual and mid-year tax planning and tax forecasting services. Tax planning and tax forecasting services for individual and small business clients is a hallmark of the personal touch we offer. Since we do not close down after April like other tax services, we are available all year long to assist you and answer any questions you may have. Effective tax minimization begins with long-term tax strategizing to establish overall objectives and is maintained with conscientious and consistent annual tax forecasting and mid-year tax planning.
 
Wednesday, 03 December 2008

 

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Tax Tips Personal

Converting a Traditional IRA to a Roth?

You may want to wait

At some point, taxpayers who have a traditional IRA may wish to convert it to a Roth. Roth IRAs are more flexible in that there are no required minimum distributions when the owner reaches age 70 1/2. In addition, qualified distributions from a Roth IRA are not taxable.

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Personal Quick Tip

Not only will you save money at the pump if you buy a hybrid vehicle, you may be eligible for a credit on your income tax return.