As a result of soaring fuel prices, the IRS has increased the mileage rate to .585/mile effective 7/1/08.
This is probably a good time to remind taxpayers that you need documentation to claim this rate.
At a minimum, this documentation should include the following.
Date
Trip ( From/To )
Number of miles
Reason for Trip
If you need any additional information regarding your business use of an auto, please call me at 513-683-0520 or email at gtvcpa@yahoo.com.
Wednesday, June 25, 2008
Wednesday, June 18, 2008
Wednesday Tax Tip #21 - Estimated Payments
If you forgot to mail your 2nd quarter estimated payment to the feds or the state, now is a good time to get those in, albeit late.
Like all payments in the government, late payments are better than no payments. In the case of estimated payments, a late payment penalty may be assessed for what amounts to interest from the time the payment was due to the time it was actually received.
So minimize any penalty and get those payments in ASAP.
Like all payments in the government, late payments are better than no payments. In the case of estimated payments, a late payment penalty may be assessed for what amounts to interest from the time the payment was due to the time it was actually received.
So minimize any penalty and get those payments in ASAP.
Thursday, June 12, 2008
Wednesday's Tax Tip #20 - Stimulus checks
If you should have received your stimulus check by now and have not. The IRS has established a place to check on the status of your check.
Click the link below and you may be able to find out the check's status.
IRS Stimulus Check Status
Click the link below and you may be able to find out the check's status.
IRS Stimulus Check Status
Monday, June 9, 2008
Personal financial tip #18 - 10% off gas purchases
I came up with a unique way to drop 10% off of the price of gasoline.
Right now many of the larger chain grocery stores (Meijer & Kroger) are offering to add 10% on a gift card with your government stimulus, check.
Simply purchase a card for $300 or $600 (roughly the price of an SUV refill) and the store will ad $30 or $60 on top of that. Then simply use that card at the gas stations of those stores.
Stay tuned for your latest in consumer savings tips.
Right now many of the larger chain grocery stores (Meijer & Kroger) are offering to add 10% on a gift card with your government stimulus, check.
Simply purchase a card for $300 or $600 (roughly the price of an SUV refill) and the store will ad $30 or $60 on top of that. Then simply use that card at the gas stations of those stores.
Stay tuned for your latest in consumer savings tips.
Friday, May 30, 2008
Business Tip # 17 - Capital
A while back, we did a piece on how the bank's establish the credit worthiness of a small business loan or the "Five C's of Credit".
Following up this week we'll go over Capital.
Capital is the built up reserves a business holds. Capital can be liquid or not.
Many banks will attempt to evaluate your liquid capital; your current assets (cash, accounts receivable, inventory) less your current liabilities (accounts payable, accrued expenses, short term debt obligations).
Depending on the business, a well capitalized company will have a current ratio (current assets divided by current liabilities) of at least 2 to 1. Meaning that the company has $2 in current assets for every dollar in current liabilities.
A prudent banker becomes concerned if this ration deteriorates over time.
For instance, if a company's current ratio is less than 1.0 to 1, it indicates that the company does not have the resources to pay it's current debt obligation. In addition, it could indicate that the company has a good deal of uncollectable receivables and/or obsolete inventory that cannot be sold.
Review your current ratios over time and notice your company's trends. it may tip you off as to why your feeling a liquidity pinch.
Following up this week we'll go over Capital.
Capital is the built up reserves a business holds. Capital can be liquid or not.
Many banks will attempt to evaluate your liquid capital; your current assets (cash, accounts receivable, inventory) less your current liabilities (accounts payable, accrued expenses, short term debt obligations).
Depending on the business, a well capitalized company will have a current ratio (current assets divided by current liabilities) of at least 2 to 1. Meaning that the company has $2 in current assets for every dollar in current liabilities.
A prudent banker becomes concerned if this ration deteriorates over time.
For instance, if a company's current ratio is less than 1.0 to 1, it indicates that the company does not have the resources to pay it's current debt obligation. In addition, it could indicate that the company has a good deal of uncollectable receivables and/or obsolete inventory that cannot be sold.
Review your current ratios over time and notice your company's trends. it may tip you off as to why your feeling a liquidity pinch.
Thursday, May 29, 2008
Wednesday's Tax Tip #19 - IRS Tax Processing
Not so much a tax tip this week, but an interesting item.
Hat Tip. TaxProf
Hat Tip. TaxProf
2008 FILING SEASON STATISTICS | |||
Cumulative through the weeks ending 5/18/07 and 5/16/08 | |||
Individual Income Tax Returns | 2007 | 2008 | % Change |
Total Receipts | 129,150,000 | 143,138,000 | 10.8% |
Total Processed | 119,827,000 | 130,342,000 | 8.8% |
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|
|
E-filing Receipts: |
|
|
|
TOTAL | 77,076,000 | 86,347,000 | 12.0% |
Tax Professionals | 54,932,000 | 59,975,000 | 9.2% |
Self-prepared | 22,145,000 | 26,372,000 | 19.1% |
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Web Usage: |
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|
|
Visits to IRS.gov | 142,282,000 | 205,654,000 | 44.5% |
Wednesday, May 21, 2008
Wednesday's Tax Tip #18 - Rebate checks
If you are wondering where your rebate check might be here is a schedule of the release dates.
If you had your 2007 federal income tax refund direct deposited, you rebate check will direct deposited.
If you did not have a direct deposited refund you schedule will be as follows.
If you have any questions about your individual circumstance , please email me at gtvcpa@yahoo.com
If you had your 2007 federal income tax refund direct deposited, you rebate check will direct deposited.
| Last two SSN digits: | Payments will be transmitted no later than (and received by the end of the day of): |
| 00 through 20 | May 2 |
| 21 through 75 | May 9 |
| 76 through 99 | May 16 |
If you did not have a direct deposited refund you schedule will be as follows.
| Last two SSN digits: | Payments will be mailed no later than (and received a few days after): |
| 00 through 09 | May 16 |
| 10 through 18 | May 23 |
| 19 through 25 | May 30 |
| 26 through 38 | June 6 |
| 39 through 51 | June 13 |
| 52 through 63 | June 20 |
| 64 through 75 | June 27 |
| 76 through 87 | July 4 |
| 88 through 99 | July 11 |
If you have any questions about your individual circumstance , please email me at gtvcpa@yahoo.com
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