It’s a known fact, more businesses are paying their bills with credit cards. Hence why the IRS has implemented the issuance of a 1099K by all credit card companies. You probably received one in 2011. Although it wasn’t as important then, it’s going to be important in 2012. We project that a majority of small…
Category Archives: Expenses
Unpaid Debt
Debbie, a small business owner, faces a dilemma. Although her daycare business is steady, she recently faced a revenue loss. In the midst of moving, one of her clients neglected to pay her for one month of service totaling $1,200. “I’m devastated. Yes, business is good, but every nickel from my income is accounted for. …
Would you like to maximize your gift tax exclusion?
According to IRC $ 2503 (e) – Education and Medical Expenses, a donor can gift a sum of money to assist anyone for medical and educational purposes. For 2011 the gift tax exclusion is $ 13,000. For example, if donor has 3 children, he or she can give ($13,000 * 3) = $ 39,000 per…
