Tax Tips
Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
JULY 2010 TAX TIPS
Connecting Your Business to Social Media
Seven steps to create a business identity
It is rapidly becoming apparent that engaging in social media can be critical to business success, at least in the foreseeable future. How do you get started? There is no exact blueprint, but the following steps should be helpful. [continue]
Six Ways to Improve Debt Collection
Practical ideas for collection activities
In the current economy, it is not enough to generate sales. It is just as important to ensure that your business is actually paid for your services or products. That is why debt collection is increasingly becoming a concern of small-business owners. [continue]
Are You in the AMT Danger Zone?
Assess your situation to limit damage
The alternative minimum tax (AMT) was originally designed to ensnare only the wealthiest individuals. But this "stealth tax" has been steadily hitting a far wider group of taxpayers than initially intended. If you are in danger of incurring AMT liability, you should familiarize yourself with the rules. [continue]
Enough Frivolity: IRS Gets Serious
Be forewarned: The IRS wants taxpayers to stop using "frivolous" arguments to claim deductions or avoid taxable income. [continue]
Weight Discrimination in the Workplace
Legal claims by employees are rising
Recent statistics on obesity are cause for concern. In 2008, Colorado was the only state showing a prevalence of obesity less than 20% ("obesity" being a body mass index of 30 or higher). Also, 32 states had a prevalence equal to or greater than 25%. [continue]
Facts and Figures
Timely points of particular interest
*Severance Payments--In a surprising new case, a District Court in Michigan ruled that severance payments should not be treated as "wages" for employment tax purposes. [continue]
TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
Lake County IL CPA
847-816-1946
847-816-1946
Enough Frivolity: IRS Gets Serious
Be forewarned: The IRS wants taxpayers to stop using "frivolous" arguments to claim deductions or avoid taxable income....
Connecting Your Business to Social Media
Seven steps to create a business identity
It is rapidly becoming apparent that engaging in social media can be critical to business success, at l...