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Entries from February 2008

Increase In Section 179 Deduction

February 27th, 2008 · No Comments

The Economic Stimulus package also offers incentives to spur business investment. The legislation would save businesses approximately $50 billion in near-term taxes through a temporary change to the tax code that will allow American businesses that buy new equipment this year to deduct an additional 50 percent of the cost of their investment in 2008. [...]

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Tags: Taxes

How The Economic Growth Package Will Benefit Americans

February 21st, 2008 · No Comments

The Economic Stimulus Act will allow Americans to keep more of their money to stimulate consumer spending.  The growth plan provides rebates to 128 million American households. Payments will go out through late spring and summer so we can get help to our economy when it is needed most. Under the legislation: Individuals and families [...]

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Tags: Business

Different Types Of Business Entities

February 17th, 2008 · No Comments

If you operate your business as a sole proprietorship or general partnership, you are personally liable for the debts and other legal liabilities of your business.  If you operate as a corporation, your personal assets are generally beyond the reach of business creditors.  For this reason, many business owners choose to operate in corporate form. [...]

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Tags: Business

Rebate Phone Call Scam

February 16th, 2008 · No Comments

The Internal Revenue Service has warned taxpayers to beware of several current e-mail and telephone scams that use the IRS name as a lure. At least one scheme using the word “rebate” as part of the lure has been identified. In that scam, consumers receive a phone call from someone identifying himself as an IRS [...]

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Tags: Taxes

Economic Stimulus Package Highlights

February 15th, 2008 · No Comments

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer. The vast majority of Americans who qualify for the payment will not have to do anything other than file their 2007 individual income tax return to [...]

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Tags: Taxes

February 2008 Small Business Tax Calendar

February 14th, 2008 · No Comments

Feb 15 Secure a new Form W-4 from employees claiming “exempt” during prior year.  Begin withholding income tax from employees who claimed exemption from withholding in prior year but did not submit a new Form W-4 by this date. Feb 28 File information returns (Forms 1098, 1099 and W-2G) for certain payments made during prior calendar year.  [...]

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Tags: Taxes