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There are a number of steps you might take by year-end to cut your 2011 tax bill, such as deferring income, accelerating deductions and capital gains planning. Deferring Income If you are planning on selling an investment this year on which you have a gain, it may be best...

How do you let customers know they owe you money? Probably by sending invoices. And how’s that working for you? If your customers are all conscientious and pay on time, maybe that’s all you need to do. But perhaps you need to consider doing at least part of your...

The tax code provides a variety of tax incentives for families who are saving for, or already paying, higher education costs or are repaying student loans. You may be able to claim a credit for the qualified tuition and related expenses of the students in your family who are...

The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax. In general, these rules should determine the minimum amount of tax that someone...

Cash is the lifeblood of any small business. Here are some tips to help your business maintain a sufficient cash flow to meet its financial goals and run efficiently: Toughen up your credit policies. Review the payment terms you offer to customers and tighten them up if slow payment...

Given the current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here are some answers: Q: What if I received unemployment compensation in 2010? A: Unemployment compensation you received under the unemployment compensation laws of the United States or of a...

Spring is a great time to clean out that growing mountain of tax and financial papers that clutters your home and office. Here’s what you need to keep and what you can throw out without fearing the wrath of the IRS. Let’s start with your “safety zone,” the IRS...

Under the Affordable Health Care Act, employers are now required to report the value of health care benefits. Beginning in 2011, employers must report the value of health care benefits for each employee. This amount will appear on the new 2011 form W-2 to be issued in 2012. This...

If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction...

Millions of Americans forfeit critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a federal tax credit for low-to-moderate-income individuals who work. Taxpayers who qualify and claim the credit could owe less federal tax, owe no tax, or even receive a refund. The...

It’s not too late to take advantage of the American Opportunity Tax Credit, a credit that helps parents and college students offset the cost of college. This tax credit is part of the American Recovery and Reinvestment Act of 2009 and is available through December 31, 2012. It can...

Asset Allocation Adjustments Review the asset allocation of your portfolio.Increases and decreases in the value of your portfolio can upset the asset allocation you consider optimal. Should you shift some stock investments into or out of bond investments? Should you shift some funds into tax-free investments? Health Spending Checkup...