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Small Business Accounting Solutions, LLC
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Finding what you’re looking for on the internet can be quite a daunting task. We’ve made it a little easier by selecting a few of our favorite sites. New Employee Forms W4 Use this form to determine employee’s federal income tax withholding. This form…
New Employee Forms
New Employee Forms
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If you are in a partnership or a shareholder-employee in a regular C or S corporation, and you have to work overtime, your company can, on occasion, provide you with meal money for dinner. The cost of this “fringe benefit” is 100% deductible for your…
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Tax Planning Strategies

Countless tax planning strategies are available to small business owners. Some are aimed at the owner's individual tax situation and some at the business itself, but regardless of how simple or how complex a tax strategy is, it will be based on structuring the strategy to accomplish one or more of these often overlapping goals:

Reducing the amount of taxable income
Lowering your tax rate
Controlling the time when the tax must be paid
Claiming any available tax credits
Controlling the effects of the Alternative Minimum Tax
Avoiding the most common tax planning mistakes

In order to plan effectively, you'll need to estimate your personal and business income for the next few years. This is necessary because many tax planning strategies will save tax dollars at one income level, but will create a larger tax bill at other income levels. You will want to avoid having the "right" tax plan made "wrong" by erroneous income projections. Once you know what your approximate income will be, you can take the next step: estimating your tax bracket.

The effort to come up with crystal-ball estimates may be difficult and by its very nature will be inexact. On the other hand, you should already be projecting your sales revenues, income, and cash flow for general business planning purposes. The better your estimates are, the better the odds that your tax planning efforts will succeed.
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Did you know you can use your previously funded IRA to fund the current year's deductible contributions?

Well, you can. If you don't have enough cash to make a deductible contribution to your IRA by April 15th (2014), here is how you can still take the tax deduction for tax year 2013. To get started, all you need is an existing IRA.

Begin by having $6,000 distributed to you from your IRA. Once you have the $6,000, immediately deposit it back into your IRA. If you do this before April 15th (2014), this counts as your deductible contribution for the year. The best part of this is that you have 60 days to "make up" the $6,000 withdrawal (and avoid penalties and taxes). To do this, simply deposit a $6,000 "rollback" into the same IRA account by June 14th to avoid taxes and penalties on the original $6,000 distribution made to you.

This is a type of short-term loan from your IRA to make this year's deductible contribution before the April 15th due date; however, you can only do this once in a 12-month period. If you don't replace the money within 60 days, you may owe income tax and a 10% withdrawal penalty if you're under the age of 59 1/2.

Note:A 2014 Tax Court opinion, Bobrow v. Commissioner, T.C. Memo. 2014-21, held that the limitation applies on an aggregate basis, meaning that an individual could not make an IRA-to-IRA rollover if he or she had made such a rollover involving any of the individual’s IRAs in the preceding 1-year period. The IRS is expected to issue a revised regulation regarding this decision, which it says will not become effective before January 1, 2015.

The ability of an IRA owner to transfer funds from one IRA trustee directly to another is not affected because such a transfer is not a rollover and, therefore, is not subject to the one-rollover-per-year limitation.

- See more at: http://sbasgroup.com/taxstrategies-businessowners.php?item=132&catid=26&cat=7+Ways+To+Save+Even+More+Income+Taxes#1
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Retirement Plan for the Self-Employeed | Accounting Milwaukee Retirement
If all the retirement plans available to small business owners, the
SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the
easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to ...
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Cash flow is the pulse of your business | Commercial Accounting Services Milwaukee
Cash flow is the lifeblood of any small business. Some business
experts even say that a healthy cash flow is more important than your
business's ability to deliver its goods and services! While that might
seem counterintuitive, consider this: if you fail...
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Late income tax return help | Milwaukee Tax accounting
What to Do if You Haven't Filed an Income Tax Return Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of
whether full payment can be made with the return. Depending on an
indivi...
Late income tax return help | Milwaukee Tax accounting
Late income tax return help | Milwaukee Tax accounting
smallbusinessaccountingmilwaukee.blogspot.com
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Milwaukee Home Based Business Help | Sbas Group
More than 52 percent of businesses today are home-based. Every day,
people are striking out and achieving economic and creative independence
by turning their skills into dollars. Garages, basements and attics are
being transformed into the corporate head...
Milwaukee Home Based Business Help | Sbas Group
Milwaukee Home Based Business Help | Sbas Group
smallbusinessaccountingmilwaukee.blogspot.com
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Roth IRA's Milwaukee and Brookfield | SBAS Group
Retirement Savings in Broofield Wi, Consider A Roth IRA Although nondeductible IRAs are not as advantageous as deductible IRAs, you still receive the benefits of tax-deferred income. Note, the income thresholds to qualify for making deductible IRA contribut...
Roth IRA's Milwaukee and Brookfield | SBAS Group
Roth IRA's Milwaukee and Brookfield | SBAS Group
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Brookfield Wi Small Business Accounting | Avoid Cash Flow Problems
Failure to properly plan cash flow is one of the leading causes for small business failures. Experience has shown that many small business owners lack an understanding of basic accounting principles. Knowing the basics will help you better manage your cash ...
Brookfield Wi Small Business Accounting | Avoid Cash Flow Problems
Brookfield Wi Small Business Accounting | Avoid Cash Flow Problems
smallbusinessaccountingmilwaukee.blogspot.com
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