Santa is Mad at Congress

Posted on December 21, 2011 by Leasa Magnuson in Business Tax, Individual Tax

Santa has never been political but if Congress’ doesn’t make some difficult decisions soon and cut some government sponsored programs and increase some taxes he is going to pull all his white hair out and retire to a deserted island somewhere, never to deliver toys again. All the indecision makes it difficult for him to […]

View Post Confusing Tax Code, Payroll Taxes, Section 179, Year End Tax Planning

Year End Tax Planning Ideas

Posted on December 7, 2011 by Leasa Magnuson in Business Tax, Individual Tax

It is that time of year where people begin to wonder what they can do to reduce their taxes. Here are some ideas for your business: There is the ever popular purchasing of business property. Unless Congress changes the rules, 2011 is the last year where the expensing limit is at $500,000 and the investment […]

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Year End Tax Planning for Businesses

Posted on November 17, 2010 by Leasa Magnuson in Business Tax

•Hire a worker who has been unemployed for at least 60 days before year end if you are thinking of adding to payroll soon. Your business will be exempt from paying the employer’s 6.2% share of the Social Security payroll tax on the formerly unemployed new-hire for the remainder of 2010. Plus, if you keep […]

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Year End Tax Planning for Individuals

Posted on November 10, 2010 by Leasa Magnuson in Individual Tax

•Increase the amount you set aside for next year in your employer’s health flexible spending account (FSA) if you set aside too little for this year. Don’t forget that you cannot set aside amounts to get tax-free reimbursements for over-the-counter drugs, such as aspirin and antacids (2010 is the last year that FSAs can be […]

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