Let us know your thoughts about this Wisconsin Accounting and Wisconsin Tax Consulting Company.
Small Businesses are getting creative when it comes to keeping their doors open. Many times the small business owners only real asset is their business. They have poured all their time and resources into their business and have no other options than to make it work. That is when people can become real resourceful.Â
Â
The Wall Street Journal outlines a few examples of business owners getting creative in saving their business.
http://online.wsj.com/article/SB124603061762161137.html
The House of Representatives has rolled out a new health care reform plan that would virtually make employer sponsored health coverage mandatory.
Businesses that chose not to offer their employees insurance coverage would be charged up to 8% of their payroll as a penalty. There are a few exceptions to this potential legislation that can are outlined in the article below.
http://online.wsj.com/article/SB124759535535340189.html#mod=testMod
Small Businesses will be the ones most affected if congress chooses to pay for the revamped health care system by taxing health care benefits. http://articles.moneycentral.msn.com/Insurance/InsureYourHealth/what-a-tax-on-health-benefits-may-mean.aspx
What is more exasperating than having to pay taxes? Understanding the constantly changing legislation affecting them! Yet, not fully understanding rights and how provisions work together costs taxpayers significantly every year. A mid-year tax review with an expert will help you. Here is why. Following are some common areas fraught with complex rules that cause taxpayers to miss valuable opportunities to leverage their options and lower their tax bills. Financial advisors and tax preparers are experts in these areas so you don’t need to be. Call your tax advisor for your mid-year review soon to discuss your financial plans and learn how you can save on your next tax return.
Â
1)Â Â Â Â Â Overpayment or underpayment of taxes. Did you receive a big refund last year? If so, you overpaid and the government kept your money as a tax-free loan while you could have invested it and earned interest. Did you owe? Worse, were you stuck paying Alternative Minimum Tax? A mid-year review will help determine where you are and allow you to adjust your withholding now to avoid penalties later.
Â
2)     Saving for retirement – IRAs, 401(k)s, profit-sharing, pensions, employer-sponsored plans, etc. Many changes have taken place in the last few years regarding retirement savings plans. The plan you originally began with may have been advantageous when you started it, but it might not be anymore. So much has changed with these plans that it’s important to review them to see if they ...