Monthly Archives: July 2012

Partners need a written partnership agreement

If you are operating your business as a partnership, you should have a written partnership agreement. This is true for family partnerships as well. The need for a partnership agreement can be summed up in two words: things change. You … Continue reading

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Who needs to make quarterly income tax payments?

Any taxpayer that has income that is not subject to withholding may need to make quarterly estimated income tax payments. If you have just started a new business or have income from investments, you need to determine if you are … Continue reading

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Hiring family can cut taxes

As a boss, you may hire family members and pay reasonable salaries for the work they do in your business. For example, you could hire your son or daughter to perform routine clerical or cleanup tasks. Your child’s salary would … Continue reading

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Take cash discounts in your business

Don’t miss the cash discounts offered by your suppliers. A 2% discount for payment in ten days, versus net payment in 30 days, computes to an annual rate of return of 36%. If you can get a 10% discount for … Continue reading

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Supreme Court rules on health care law

On June 28, the Supreme Court ruled that the “Patient Protection and Affordable Care Act of 2010” was constitutional, including the provision in the law requiring individuals to have health insurance coverage starting in 2014. Several provisions in the health … Continue reading

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Midyear planning is a must this year

Major tax change is just months away: the Bush-era tax cuts are scheduled to expire at the end of this year, and the payroll tax cut ends after December 2012. The general expectation is that tax rates will go higher … Continue reading

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