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  • Only In America! - Tax Tip #6
    told you that the IRS would subsidize your retirement savings plan My guess is that you wouldn t believe me but it s true If you haven t filed your tax return yet make sure you consider your options for contributing to a qualified retirement plan such as a traditional IRA or a Simplified Employee Pension SEP Plan The contributions that you make before you file your return are deductible even though it is already three and a half months after the end of the year This is the one true tax planning tool left for all of us right up to the date we file the return Most taxpayers are eligible to make a tax deductible contribution to a traditional IRA of up to 5 000 and even more if you are over age 50 Small business owners may be able to contribute even more to an SEP up to 20 percent of the net earnings from their business and get a deduction on last year s return If you are in the 25 percent marginal tax bracket that 5 000 could mean 1 250 in lower taxes simply by investing in your own future Investing 5 000 in your own savings account and getting the IRS to lower your taxes by 1 250 is exactly the same as the IRS subsidizing your retirement plan Only in America So as we approach the tax filing date don t forget to think about the future Call your bank or your brokerage company and ask about retirement plan contributions Look into your options for creating an SEP for your business or making a deductible contribution to an IRA It s never too early to start thinking about your future and it s never too late to reduce that tax bill Comment

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  • April mistakes bring May headaches - Tax Tip #5
    knew it would happen April is here and many of us still haven t finished our tax return There are still a couple of weeks to go so don t feel too rushed but it s time to get busy As you plow through all of the paper and numbers and receipts let me plant one thing in the back of your mind to keep you focused The number one reason that this return might spark that dreaded letter from the IRS asking for more detail or worse for more money is math errors That s right The most likely reason that some random Saturday in your future will be ruined by a big white envelope with INTERNAL REVENUE SERVICE in the upper left corner is a math error The error could be bad addition or subtraction The error could be a transposed Social Security Number or miscalculated deduction or credit But almost all of these errors could have been caught before you mailed the return or hit submit on your computer Just like high school algebra you could have caught your errors if you had just checked your work one more time So as you plan the next few weeks make sure you plan some time to check your math Even if you have a professional prepare the return for you go back and check the math Check the Social Security numbers and check the addition and subtraction If you are preparing the return yourself consider using an automated software program such as TurboTax or TaxCut which will catch many of those silly errors for you But regardless of how you prepare your tax return before you send anything to the IRS be sure to check the math And when you re done with that check it again Comment

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  • Don't be tempted by the fudge! - Tax Tip #4
    blog post about taxes Silly for the most part because of course you will be tempted by the fudge because it s fudge Duh But I m not talking about the chocolate kind I m talking about that temptation to take a shortcut in completing your federal income tax return Whether you are getting your paperwork together for the accountant or getting ready to sit down with TurboTax you are probably feeling the temptation to just guess To just fudge the process a little bit Maybe even fudge the numbers a bit Try your best to avoid that temptation Now is the time to make this year s tax return audit proof You may have heard this little voice inside saying Let s not deal with all of that detail and just use the same number of automobile miles as last year Or maybe your little voice says They will never ask for that detail just include 1 500 in total meals expense and move on to the next number Avoid those shortcuts Avoid those temptations Now is the time Make sure that you have that mileage log completed Fill in the blanks now when it is fresh in your mind Find those extra receipts to document your meals expense Remember that if the IRS does send you one of those little love notes in the mail asking for more detail it won t be the week after you file the return That letter will come almost three years from now two tax returns from now You won t remember why you chose 4 122 business miles or 1 500 in meals expense Take the extra time to find the right numbers Keep those receipts Dot those i s and cross those t s And when you re done you

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  • Celebrating Women in Business
    to an organization that supports women in business this blog post is for you Women owned businesses are a powerful force in the economy There are over 7 million U S women who run their own businesses Women owned businesses generate more than a trillion dollars every year One in five firms with revenue of 1 million or more is woman owned Between 2002 and 2008 businesses owned by women of color grew faster than all privately held firms Eighteen percent of all patents went to women in 2008 compared with 14 percent a decade earlier and just 9 percent 20 years before You may recognize a few of these well known women owned businesses Mary Kay Ash Mary Kay Cosmetics Oprah Winfrey OWN television network O Magazine Martha Stewart Martha Stewart Living Omnimedia Anita Roddick The Body Shop Ruth Fertel Ruth s Chris Steak House Maxine Clark Build A Bear Workshop Inc Katie Rodan and Kathy Fields Proactiv Looking for some resources to help you with your business Check out these resources American Association of University Women www aauw org American Business Women s Association www abwa org Asian Women in Business www awib org Association of Women in International Trade www wiit org Association of Women s Business Centers AWBC www womensbusinesscenters org Athena Foundation www athenafoundation org Business and Professional Women USA www bpwfoundation org Center for Women s Leadership www3 babson edu cwl Committee of 200 www c200 org Commonwealth Institute www commonwealthinstitute org Digital Women www digital women com eWomenNetwork www ewomennetwork com National Association for the Self Employed NASE www nase org National Association of Women Business Owners www nawbo org National Women s Business Council www nwbc gov Small Business Administration s Portal for Women Business Owners www sba gov content women owned

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  • The worst tax return mistake of them all! - Tax Tip #3
    to see more than any other I hate the mistake that never even makes it to the tax return because the small business owner forgot to include it and that is a missed deduction Any deduction that is eligible allowable and even encouraged yet for whatever reason was omitted from the return means that a small business owner is giving more money than is owed to the IRS I can hear you on the other side of the screen saying No No Say it isn t so But it s true Literally millions of dollars in taxes are paid to the IRS every year when maybe that money could have been better used for creating another job or even just kept in a savings account Most business deductions show up in the business checkbook but there are other deductions that can hide from us The business use of your vehicle is commonly overlooked yet can means hundreds of dollars or more in tax savings If you use your vehicle for business as most of us do there is a deduction for that If you operate your business out of your home as so many of us do there is a deduction for that too A part of your mortgage interest real estate taxes and even your utilities can be used to reduce the amount you send to Uncle Sam And don t forget about investing in your own future The IRS won t remind you that making a retirement contribution to an individual retirement account IRA or a Simplified Employee Pension SEP plan will not only help your future but it will reduce that amount of your tax bill So before you send in all of those forms to the IRS stop and make sure that you have included everything

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  • If you have a mouse, you are not alone! - Tax Tip #2
    the kind that the cat chases but if you have a mouse you have resources After years and years of being self employed and working with the self employed I know how easy it is to feel stuck and alone with the issues you are facing with your small business It s late Saturday night and the kids are finally in bed yet you still have a thousand things to do in your small business Those are the times that it seems so lonely But if you have an Internet connection you have resources Make sure you bookmark NASE org so that when you have a question you will know where to find the answers There are over 3 4 millions words in the Internal Revenue Code and there may be even more by the time you finish reading this post And although many of those words will never have an impact on your business it is still more that anyone can keep up with Whether you are concerned with the alternative minimum tax AMT or how to deduct the cost of your computer the home office deduction or the business use of your car the deductibility of health care costs or just how to file an extension so you can have more time there are ways to find the answer You are not alone Make sure you pay your Internet bill and keep the cat away from your mouse but more than anything else make sure you remember that you are not alone Check back every week from now until Tax Day for a new tax tip Collect all 7 and you ll turn into a Tax Superhero Or at least have your taxes done with a smaller headache And don t forget to check out a tax webinar

    Original URL path:!---tax-tip-2 (2016-02-14)
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  • Small businesses have a shot at winning $10,000 from SBA & VISA
    Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Self Made NASE s Blog Small businesses have a shot at winning 10 000 from SBA VISA Thursday March 07 2013 The Small Business Administration SBA and VISA have partnered up in a contest that is giving away 30 000 in cash prizes If your small business exports goods or services around the world tell your story to the SBA and have a chance at winning up to a 10 000 first place prize The rules are simple you have to be defined as a small business per SBA standards sell goods or services internationally and have used a federal government program to aide your business If you qualify get your video camera ready and shoot a video on why you deserve to win To read the full announcement from the SBA about the contest head over to the Small Business Administration s website For more information on the 2013 SBA VISA Export Video Contest follow the link Comment Your name Click to add Email optional Click to add Comment RadEditor HTML WYSIWYG Editor MS Word like content editing experience thanks to a rich set of formatting tools dropdowns dialogs system modules and built in spell check RadEditor s components toolbar content area modes and modules Toolbar s wrapper Content area wrapper RadEditor hidden textarea RadEditor s bottom area Design Html and Preview modes Statistics module and resize handle It contains RadEditor s Modes views HTML Design and Preview Statistics and Resizer

    Original URL path:$10-000-from-sba-visa (2016-02-14)
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  • The early bird gets the worm? - Tax Tip #1
    1 Tuesday March 05 2013 Posted by Keith Hall NASE Tax Expert Well I don t know for sure about birds or which bird gets which worm but I do know that it s never too early to start thinking about your tax return Most likely you have already received your own little mountain of tax related paperwork including W 2s 1099s 1098s K 1s brokerage statements bank statements HSA statements and on and on and on If you are expecting a refund the quicker you can get all of those forms filed the quicker you will get your check back from the IRS Even if you expect to owe money this year the quicker you can complete those forms the more time you will have to plan for cash flow needs before April 15 If you are going to complete the tax return yourself make sure you consider some type of automated tax software such as TurboTax to help with the process If you will be using a professional to prepare the return don t forget that they will be completing hundreds of returns this year so beating the rush can be very beneficial Your tax professional may even be willing to provide a discount for getting your stuff in early It may be too late for a New Year s Resolution but it s not too late to start early The quicker you can get this headache behind you the quicker you can concentrate on your next new customer Check back every week from now until Tax Day for a new tax tip Collect all 7 and you ll turn into a Tax Superhero Or at least have your taxes done with a smaller headache Comment Your name Click to add Email optional Click to add Comment RadEditor

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