Practical Business Solutions

03/12/2020

This is a great public service article - of course we all should be extremely careful doing our share to control the spread of this epidemic. But let’s do it with reason not panic.

Posted on March 8, 2020Infectious Diseases Specialist : I am scared about is the loss of reason and wave of fear that has induced the masses of society into a spellbinding spiral of panic Written byJames Posted inBergen County Taggedcoronavirus, COVID-19, Facts not fear, Infectious Diseases Speciali...

01/22/2019

By

BILL
BISCHOFF
It’s summer, and that means it’s time for kids to have jobs. Hiring your child as a legitimate employee of your business can be a great tax-saving strategy. Here’s the deal.

Tax advantages for your kid
Say you operate your business as a sole proprietorship, as a single-member LLC that is treated as a sole proprietorship for tax purposes, as a husband-wife partnership, or as an LLC that is treated as a husband-wife partnership. Great! That means you can hire your under-age-18 child (as a legitimate employee) and his or her wages will be exempt from Social Security tax, Medicare tax, and federal unemployment (FUTA) tax. In fact, the FUTA tax exemption lasts until your employee-child reaches age 21. You can hire your child part-time, full-time, or whatever works for you and the kid.

Need more information please consult your current CPA or email me.
[email protected]

03/07/2018

Read this very interesting article and thought I would share it with my friends. I know just
reading this will make me more aware (at least for awhile).

Sometimes the most overwhelming part of running a business has nothing to do with your actual work. Rather, it's all the distractions that creep in throughout the day and hook your attention, making it difficult to be productive and get stuff done. We are all pulled in a million directions every day...

10/31/2017

Happy Halloween ideas to keep your business running smoothly!

Vampires, zombies and bad Yelp reviews oh my! This Halloween, before the candy starts flowing and the witches start cackling, take time to eradicate the monsters who may be hiding in your company’s closet. In your search for revenue-suckers, keep an eye out for the following: 1. Consumer Complaints…

08/14/2015

A question on a lot of minds is "What does it mean to be self-employed for tax purposes?" There are several factors that you must be aware of when you decide to open that business or stri...

02/17/2014

Great little video on hiring!

Get ready to Hire Smart with free resources and products from Intuit and LinkedIn.

01/24/2012

1. Focus on your values
Whenever you are clear on your values, it makes all other decisions in your life very easy to make. This tip alone will help you prioritize your time and commitments. Make a list of your top five core values (family, health, fun, freedom, work, etc..). Now take a look at how you spend the majority of your time. If you are wasting time on things that do not align with your values, you should let it go or delegate to someone else.

2. Be single minded
If you want to simplify your life, focus on being single minded. We waste so much time when we are pulled in so many different directions. If you are writing an email and then you go to check your facebook status, it takes an average of 16 minutes to get back to the level of productivity from before. Try focusing on doing one task at a time before moving on or getting side tracked.

01/16/2012

Great tool to keep you penalty free

A handy calendar of important federal tax due dates and legal holidays.

01/15/2012

Thought this was worth sharing.

Americans don’t expect much for the coming year — at least when they think of the state of the world. In the latest Economist/YouGov Poll (Week of 12/31/2011), just 35% are optimistic for the world in 2012, and nearly as many are pessimistic. At the start of 2011, more we...

12/12/2011

IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July

IR-2011-116, Dec. 9, 2011

WASHINGTON — The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

55.5 cents per mile for business miles driven
23 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense are in Rev. Proc. 2010-51.

Notice 2012-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.