https://mhtb.com/ Take a look at our recent blog posts and client newsletter articles. en-us Wed, 01 May 2024 09:00:00 +0000 Wed, 01 May 2024 09:00:00 +0000 https://www.mhtb.com/newsletter.php#2 If you received a large refund this year, you may want to adjust your withholding. Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money. Wed, 01 May 2024 09:00:00 +0000 https://www.mhtb.com/newsletter.php#2 https://www.mhtb.com/newsletter.php#1 If you’re a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or low-taxed income, and, depending on the situation, you may realize payroll tax savings. Perhaps best of all, your kids will spend time with you. Wed, 01 May 2024 09:00:00 +0000 https://www.mhtb.com/newsletter.php#1 https://www.mhtb.com/newsletter.php#3 Every business wants to cut costs, but it isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs (such as wages, benefits and overhead) often aren’t viable options because the very stability of your operation may depend on them. But there might be other ways to lower expenses if you dig deeply enough. Here are three possibilities. Wed, 01 May 2024 09:00:00 +0000 https://www.mhtb.com/newsletter.php#3 https://www.mhtb.com/newsletter.php#1 Generally, the IRS has three years to audit a tax return, from the later of the due date of the return or the date you file. You can also file an amended return within this time frame if you overlooked something. Mon, 01 Apr 2024 09:00:00 +0000 https://www.mhtb.com/newsletter.php#1 https://www.mhtb.com/newsletter.php#3 Businesses shut down for many reasons. Examples include an owner’s retirement, a lease expiration, staffing shortages, partner conflicts and increased supply costs. If you’ve decided to close your business, you might need assistance with some steps in the process, including handling various tax obligations. Mon, 01 Apr 2024 09:00:00 +0000 https://www.mhtb.com/newsletter.php#3 https://www.mhtb.com/newsletter.php#2 If you own a C corporation, you know there’s a tax advantage to taking money out as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but it can’t deduct dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once, to the recipient employee. Mon, 01 Apr 2024 09:00:00 +0000 https://www.mhtb.com/newsletter.php#2 https://mhtb.com/blog.php?id=52 The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business, paid for with various revenue raisers. Here's a brief overview of the tax changes in the new law. Fri, 01 Oct 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=52 https://mhtb.com/blog.php?id=53 The Patient Protection and Affordable Care Act (HR 3590), signed by the President on March 23, 2010 and the Health Care and Education Reconciliation Act approved by Congress, signed by the President on Wednesday, March 31, 2010 are intended to expand coverage to millions of Americans. Some measures will be implemented in 2010, but many will not take effect until 2014 with some extended out to 2020. A timeline with a high level overview is provided below. Thu, 30 Sep 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=53 https://mhtb.com/blog.php?id=42 The recently enacted Small Business Jobs Act of 2010 includes a wide-ranging assortment of tax changes generally affecting business. Two of the most significant changes allow for faster cost recovery of business property. Wed, 29 Sep 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=42 https://mhtb.com/blog.php?id=43 The recently enacted 2010 Small Business Jobs Act doubles the amount of start-up expenses that someone starting a business in 2010 can write off this year. Tue, 28 Sep 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=43 https://mhtb.com/blog.php?id=44 The recently enacted 2010 Small Business Jobs Act of 2010 includes a wide-ranging assortment of tax changes generally affecting small business. One of the changes could help those who are starting a business this year. It provides a 100% exclusion of gain from the sale of small business stock, with certain limitations. Mon, 27 Sep 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=44 https://mhtb.com/blog.php?id=45 The new legislation removes cell phones and similar telecommunications equipment (including PDAs and Blackberry devices) from the Ã??Ã?¢??listed propertyÃ??Ã?¢?Ã??Ã? rules. This makes it easier for employers that provide cell phones to employees, as well as for employee who use their own cell phones. Sun, 26 Sep 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=45 https://mhtb.com/blog.php?id=46 Generally, business owners can't deduct the cost of health insurance for themselves and their family members for purposes of calculating self-employment tax. The new law allows business owners to deduct health insurance costs incurred in 2010 for themselves and their family members in calculating their 2010 self-employment tax. Sat, 25 Sep 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=46 https://mhtb.com/blog.php?id=47 The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business. Paying for the tax breaks, in large part, are new provisions allowing taxpayers to convert 401(k) and government retirement accounts into Roth accounts, in which they pay taxes up front on the money they contribute, enabling them to withdraw it tax-free after they retire. Fri, 24 Sep 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=47 https://mhtb.com/blog.php?id=48 To offset a portion of the cost of the various tax breaks and incentives in the Act, Congress beefed up certain reporting requirements and penalties, in the hope that the added requirements will generate revenue and lead to more effective tax collection. Here are the details of the new reporting requirements. Thu, 23 Sep 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=48 https://mhtb.com/blog.php?id=49 The recently enacted health overhaul legislation requires certain employers to offer and contribute to their workers' health insurance or pay a penalty. Sat, 31 Jul 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=49 https://mhtb.com/blog.php?id=50 For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions to pay attention to. The major ones include: tax credits; excise taxes; and penalties. Fri, 30 Jul 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=50 https://mhtb.com/blog.php?id=51 A brief overview of the key tax changes affecting individuals in the recently enacted health reform legislation. Thu, 29 Jul 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=51 https://mhtb.com/blog.php?id=41 How are you managing your business finances? Many business owners are discovering that their assets are not as well protected as they thought. This is especially true in small business environments where a single employee manages all the finances. Often there are no "checks and balances" to verify that transactions are accurate. Thu, 01 Jul 2010 14:00:00 +0000 https://mhtb.com/blog.php?id=41 https://mhtb.com/blog.php?id=37 IRS has issued new rules that will affect how we, tax professionals, communicate with you. Fri, 01 Jan 2010 15:00:00 +0000 https://mhtb.com/blog.php?id=37