December

Major Tax Deadlines
December 15 - Fourth estimated tax payment is due for calendar-year corporations.<

More wages subject to social security tax in 2007
The Social Security Administration has published the maximum amount of earnings that will be subject to social security taxes next year.

Two 2006 laws may offer new tax planning opportunities
If you can name the two new tax bills passed by Congress this year, you might be a master of trivia.

IRS announces mileage rates for 2007
The IRS has issued the 2007 standard mileage rate that businesses can use to calculate the deductible costs of driving an automobile for business.

Don’t overlook these business tax deductions
As a small business owner, you probably don’t need one more thing to do during the busy holiday season.

November

Major Tax Deadlines
During November: It's wise to estimate your 2006 income tax liability and review your options for minimizing your 2006 taxes.

Telephone tax to be refunded with your 2006 tax filing
Did you know you may qualify for an extra refund when you file your 2006 taxes? And if you qualify, you can claim the refund by filling out just one extra line on your 2006 tax return.<

Let the tax man help with child care costs
Are you a working parent looking for ways to ease the burden of child care expenses? There are several tax-saving strategies available to you.<

Note these changes on your 2007 business calendar
Daylight saving time for 2006 just ended on October 29.

Do a year-end tax-cutting review for your business
Many small businesses and self-employed business owners make the mistake of not thinking about taxes until it's time to file their returns.

October

Major Tax Deadlines
October 16 - Deadline for filing 2005 individual tax returns on automatic extension of the April 17 filing deadline.<

IRS begins using private collection agencies
A 2004 tax law authorized the Internal Revenue Service to use private collection agencies to assist with the collection of taxes due the government.

Know the rules for claiming dependents
You are allowed a tax deduction of $3,300 for each dependent this year.

Focus on healthy habits to cut health care costs
The rising cost of health care is a major concern to most businesses.

Is your business paying phony invoices?
Businesses are cheated out of millions of dollars every year with invoices for goods or services that were never delivered.

September

Major Tax Deadlines
September 15 - Due date for individuals to pay third quarter installment of 2006 estimated tax.

New pension law changes some tax rules
In early August, Congress passed a major new law on pension plans.

Take action now to trim 2006 taxes
The end of the year will be here before you know it.

Roth IRA change important for your company's 40l(k) plan
A new rule in 2006 lets 40l(k) plans offer employees the option of designating plan contributions as Roth IRA contributions.

What benefits does your company offer?
To motivate or reward your employees, consider giving them a tax-free benefit.

August

Major Tax Deadlines
*Prior to this year, getting an automatic extension for filing your tax return gave you four extra months to file.

IRS concedes defeat on telephone tax
After numerous losses in court, the IRS is admitting defeat on the issue of telephone excise taxes.

Consider the tax benefits of annual gifts
Did you know that this year you can give gifts of up to $12,000 to as many individuals as you want without being liable for gift tax? Normally, the gifts you make count towards your lifetime exemption from gift and estate taxes.

Paperless payroll can cut business costs
Companies looking for ways to cut costs might want to consider this new idea: Instead of issuing paper paychecks, pay employees with payroll “plastic cards” or with direct deposit to the employee’s bank account.<

Consider cross-training your employees
Have you considered cross-training your employees? Cross-training, or job rotation as it’s sometimes called, can be a win-win situation for you and your employees.

July

Major Tax Deadlines
July 31 - Due date for filing retirement or employee benefit plan returns (5500 series) for plans on a calendar year.<

Combat pay counts for IRA contribution
On May 29, 2006, President Bush signed the Heroes Earned Retirement Opportunities Act, a new law that will permit combat pay, which is usually nontaxable, to count as taxable income for purposes of calculating IRA contributions.

Manage your income to maximize tax benefits
What do the following have in common: itemized deductions, personal exemptions, child tax credits, student loan interest deductions, and Roth IRA contributions? The answer is that they're all reduced or eliminated when your adjusted gross income (AGI) reaches certain levels.

Cell phones: A business benefit or liability?
Cell phones have made it easier for business people to communicate, but they are not always a plus in the work environment.<

Map out a plan before opening for business
Taking a trip without a map may get you lost, and trying to run a business without a plan is likely to have the same result.<

June

Major Tax Deadlines
June 15 - Second quarter 2006 individual estimated tax is due.

“Buyer beware” warnings are issued by the IRS
A 2005 law requires anyone filing for bankruptcy to first seek counseling from a credit counseling agency.<

$70 billion tax cut signed by Bush
Congress finally passed a bill that provides for $70 billion in tax relief for American taxpayers.

Sample plan amendment for Roth 401(k)s now available
This year employers can offer a Roth option within their 40l(k) plans.

Starting a business? Follow these tips to grow a profitable company
Are you feeling stuck in your current job and looking for a change? Starting a new business could be your dream come true.

May

Major Tax Deadlines
May 15 - Deadline for calendar-year exempt organizations to file 2005 information returns.<

IRS publishes credit amounts for hybrid vehicles
The Energy Policy Act of 2005 provided for tax credits of up to $3,400 to encourage taxpayers to buy fuel-efficient vehicles.

Get an early start on reducing your 2006 taxes
Maximize your tax savings this year by getting a jump-start on your planning.

IRS announces 2006 vehicle depreciation limits
The IRS has issued the depreciation limits for business cars first placed in service in 2006.

Business e-mail comes with risk and responsibility
It's a high tech world.

April

Major Tax Deadlines
April 3 - Deadline for taking your first required IRA distribution if you turned 70½ in 2005.

Good news from the IRS
If you can’t meet the April 17 filing deadline for your 2005 tax return, you can get a six-month extension.

Parents: Your children can be the source of tax breaks
Let’s talk about your kids — specifically, about the opportunities and issues involving your children and taxes.

2005 inflation figures released
Inflation is a concern of every business, affecting both the costs of doing business and the prices the company charges for its products or services.<

Is it time to change your business entity?
As you review your business taxes for last year, there's one other issue to consider.

March

Major Tax Deadlines
March 1 - Farmers and fishermen who did not make 2005 estimated tax payments must file 2005 tax returns and pay taxes in full.<

Should you pay taxes with a credit card?
More and more taxpayers are using their credit cards to pay the taxes they owe at tax filing time.

April 3 is an important deadline for many
Retirement accounts grow tax-deferred until you need the funds.

IRS to focus on employment tax issues to reduce tax gap
The IRS recently released new research data on the tax gap - the difference between what taxpayers should be paying in taxes and what they actually pay.

How to make business meetings worth the time
For most companies, business meetings are a fact of life.

February

Major Tax Deadlines
February 28 - Payors must file information returns (such as 1099s) with the IRS.

The early bird may get the new energy credit
If you’re thinking of buying a hybrid or alternative fuel vehicle this year, you may want to take action earlier rather than later.

How long should you keep tax records?
How long should you keep your tax records? Unless fraud, evasion, or a substantial understatement of income is involved, the IRS generally has only three years in which to question your return.

Tax filing requirements simplified for small employers
The IRS hopes to reduce the tax filing burden for about 950,000 small businesses this year.

Businesses: Tap into the benefits of a retirement plan
Does your business offer a retirement savings plan for employees? If not, consider setting one up.

January

Major Tax Deadlines
January 17 - Final 2005 individual estimated tax payment is due, unless 2005 tax return is filed and taxes are paid in full by January 31, 2006.<

Use new tax numbers for your 2006 tax planning
The IRS adjusts many tax numbers for inflation each year.

Medical sticker shock? Consider a health savings account
If health care costs are starting to give you sticker shock, you might want to consider creating a health savings account in 2006.<

New energy tax breaks available this year
Every business should be aware of the new energy tax credits and deductions that are available this year.

Keep those payroll taxes paid
With rising energy prices, many business owners are facing increasing costs and deteriorating cash flows.