My Way Is Better - A Look At Income Taxes

Saturday, March 3, 2007

Sale of A Condo

If you sell your condo, what are the income tax implications? Well, this certainly will depend on the underlying facts and circumstances of the transaction. Le't examine a couple of the scenarios, just for fun. If the condo is a principal residence and one has lived in it for two out of a five year... Sign in to see full entry.

Thursday, March 1, 2007

To S or Not To S, That Is The Question

Greetings blogger friends. As March 15 approaches, we must remember to file our calendar year corporations or make extensions. In addition, we can fill out form 2553, therby making an S corporation election that will be effective for 2007. I have one that I am comtemplating currently. Do you need... Sign in to see full entry.

Tuesday, February 27, 2007

What Questions Do Folks Have At This Point In Tax Season?

I am wondering what income tax issues people are having at this point during tax season. Are you preparing your income tax return? Did you have it prepared and don't understand something-like maybe you owe when you were expecting a refund? What questions do you need answered? a)capital gains and... Sign in to see full entry.

Tuesday, February 20, 2007

Another Happy Client

You know, I really don't take on in the way of new clients. I am phasing out of this type of work and focusing on providing the world with expert financial advice. Today I met with a new client that really required some attention. He has received some pretty lame advice from a relatively large firm... Sign in to see full entry.

Friday, February 16, 2007

My Way Really Is Better

What Would Ron Do? He would listen to the most complete business program on radio and ask losts of questions.Then he would study, ponder, ask more questions, and change behavior. Sign in to see full entry.

Wednesday, February 14, 2007

Beware You S Corporation Owners

My friends, the IRS is reveiwing the filing of subchapter S corporations. Some 57% of all corporate income tax returns filed are determined to be S corporations. These are corporate entities with a tax election made to flow through its earnings to the shareholder gropu. These flow throughs are not... Sign in to see full entry.

Saturday, February 10, 2007

Take Advantage of Your Home-Based Business

If you are running a home-based business, chances are you operating as a sole proprietorship or LLC as a disregarded entity. If yo have children, have them do some work for you. Let them do filing, work on your website (my daughters are very creative and much more computer suavy than I ) or even... Sign in to see full entry.

Friday, February 9, 2007

Don't Miss 1099 Saturday

This Saturday morning, I will be discussing 1099's and how to reort them on your income tax return. We will spend time on 1099 MISC and sole proprietorships and how to take the home office deduction. We will spend some time on 1099_C's, cancellation of debt income. We will focus on anything you the... Sign in to see full entry.

Tuesday, February 6, 2007

Don't Forget About the Qualified Domestic Production Activities Subtraction

If you are in manufacturing or construction, you will be eleigible for an additionaal subtraction on your income tax return. Internal Reveune code 199 allows a business that has domestic production and construction activities (in the United States) to take an additional subtraction based on the... Sign in to see full entry.

Sunday, February 4, 2007

So What Would Ron Do?

Can you match witts with the Amazing Ron and Taxguy? Offer you circumstances and match my repsonse with what you think should be done. Maybe you're right on, maybe you are warm, or maybe you are bout to make the worst financial blunder of your life. You are never alone. Go to the place your father... Sign in to see full entry.

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