Category Archives: Business
Holiday Greetings!
My very best wishes to you and your family for a Merry Christmas and a wonderful holiday season. I pray that your 2009 will be blessed and every day filled with love. Ronnie
S Corporation Shareholder Wages
The Internal Revenue Service recently issued a fact sheet regarding shareholder-employee compensation from an S corporation. Tax advisors commonly advise S corporation shareholder-employees to pay themselves minimum compensation in the form of “wages” subject to Social Security and Medicare taxes, … Continue reading
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Additional Year-End Tax Planning Thoughts
As President-Elect Obama continues to name the members of his economic team, there seems to be a degree of optimism budding in the country that experienced leadership is coming to Washington. Our challenges are not over; these taxing times will … Continue reading
Posted in Business, Charitable Giving, Individual
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Preliminary Year-End Tax Planning Thoughts
The votes are in; the Democrats will control the White House and both Houses of Congress. Federal taxes will increase. In my opinion, federal taxes would have increased no matter which party won the presidential election; the issues are now; … Continue reading
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Important Reminders for Tuesday, November 4
Two important reminders for you this evening. Tomorrow, Tuesday, November 4 is election day, at long last. Your vote is extremely important, no matter which candidates you choose. Just please participate in the cornerstone of our democracy and VOTE! The … Continue reading
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Main Street Tax Provisions in Financial Markets Bill
The House of Representatives passed the “rescue” legislation this afternoon. The president immediately stated that he would sign the bill as soon as it reaches his desk. My copy of the bill submitted to the House for consideration is 451 … Continue reading
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Rescue the Rescue
Several of my clients and friends have asked my opinion on the “bailout.” I have held my comments because, even though I have a degree in Economics, I am not an economist; I am a CPA, but I don’t regard … Continue reading
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New Purchased Equipment Expense Deduction
I don’t recommend buying equipment solely for the tax benefits. If you need new equipment for your trade or business, buy it and tax whatever tax savings are available. Generally, you receive, at most, an approximately 35 percent tax savings … Continue reading
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On the Presidential Candidates’ Tax Plans
I don’t get too concerned about proposed tax legislation until bills are introduced, debated, and actually get to a joint committee for resolution of differences. What we are hearing today is just rhetoric. Neither candidate will get all they are … Continue reading
