December 2007
Dear Client:
With the year drawing to a close, now is an ideal time to review your tax situation and evaluate strategies that may help minimize your tax bill. As is the case year after year, favorable changes to the tax laws over this past year are also accompanied by unfavorable modifications. Add to this reality the unusual number of tax incentives that are scheduled to expire at the end of this year, and the need for year end tax planning becomes even more urgent for many taxpayers as we head toward the end of 2007. Read more»
July 2007
On May 25th, the President signed the Small Business and Work Opportunity Tax Act of 2007 (SBWOTA). Passed in conjunction with legislation to continue funding the war in Iraq and to raise the minimum wage, the tax-related provisions are designed in part to provide benefits to small businesses likely to be hit hard by the $2.10 per hour increase in the minimum wage. Read more»
June 2007
Dear Client:
As we often tell our clients, “tax season does not end on April 15.” That’s true for a lot of reasons. This year, it’s even more appropriate because Congress has just passed a new package of tax incentives. Many of the tax breaks are targeted to businesses. That’s good news, especially for small businesses. The offsets, which are revenue raisers to pay for the tax cuts, primarily hit individuals. However, we’re here to help. We can help you craft a tax strategy that maximizes the benefits of the new law. Read more»
February 2007
Gone are the days when contractors focused only sporadically on income tax issues. Today, the potential for lost opportunities is too great. Tax planning throughout 2007 can go a long way. This article will examine how recent federal tax legislation may impact your planning. Because every business is unique, we’ll look at the “big picture”. Read more»
January 2007
Dear Client:
The massive tax law passed in 2004, the American Jobs Creation Act , continues to work its way into the lives of many businesses as its provisions become effective and the IRS issues interpretative rules and regulations to govern its details. One of the major new business tax breaks in this category was the generous deductions allowed to domestic manufacturers. For 2005-2006, the deduction (commonly called the “manufacturing” deduction) equals 3 percent of the lesser of qualified production activities income or taxable income. The percentage rises to 6 percent in 2007-2009 and finally to a hefty 9 percent in 2010 and thereafter. Read more»
