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If you have a business, perhaps you consider bookkeeping and tax preparation among your more unsavory jobs. After all, who wouldn't? These two jobs, bookkeeping and tax preparation, can be among the most laborious of the duties you have to shoulder when you run your own business. And the problem is, it doesn't even have a lot to do with your business itself, except that you, of course, are doing your job as a citizen and making sure...more
When it comes to running an efficient business, the one thing that you want to pay close attention to are the costs. Everything you do will cost money, and the idea is to minimize your spending. You might spend hours, days, weeks, or even years trying to figure out the best way to reduce your costs, but the answer is right in front of you: Outsource. Okay it may sound terrible, but we really are in an economic crisis, and saving money is all that matters at this point. Your accounting department is one of the major areas that can be outsourced, and for this reason, there are many independent accounting agencies out there that you can use for all of your accounting purposed. The first thing that you will need to do is take a look on your favorite search engine. Searching for "Independent Accounting Services" should bring you several dozen results. But now that you know where to find it, how do you choose a good company? First, you want to look at the number of transactions that they do per hour. A good company will usually do fifteen to twenty per hour. Aside from that, you need to look at their rates. Typically, these companies will work internationally, so make sure that you...more
A personal exemption deduction is allowed for a taxpayer, a spouse and any dependents such as children and other relatives. The amount for 2009 is $3,650 for each exemption, but this amount is reduced if the taxpayer's Adjusted Gross Income (AGI) exceeds a certain amount.In calculating the Alternative Minimum Tax, however, no deduction is...more
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Tax reduction is just one of the benefits of cost segregation. Many real estate owners and tax preparers believe cost segregation simply defers payment of taxes. While they recognize it effectively generates an interest-free loan from the government, they do not understand it also provides tax reductions in most cases.For most real estate owners (corporations are the exception) income is characterized as either ordinary income or capital gains income. It is not intuitive, but cost segregation changes the character of income from ordinary income to capital gains income providing tax reductions of up to 20%. This occurs because the additional depreciation is a tax deduction that reduces ordinary income. When the property is sold, it is recognized as capital gains income. Having more tax deductions increases tax reduction.Since a portion of the cost basis is allocated to short-life improvements, some owners and tax preparers express concern that the depreciation will be recaptured when the property is sold (at a tax rate of 25-35%).When a property is sold, the owner and the tax preparer typically collectively review the sales price and depreciation schedule to allocate the sales price...more
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