Small Business

Benefits of Tax Planning

Benefits of Tax Planning

During our tax season interviews at Predovich & Company, we find that many clients would have realized substantial tax savings if they had talked to us prior to taking certain taxable actions. Some areas where a pre-planning appointment with one of our CPAs may help you: Discuss your life goals Change in employment status Review […]

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Recovery Act Reminders for 2009

Filed in Deductions, Small Business, Tax Credits, Tax Law by on October 20, 2009
Recovery Act Reminders for 2009

Income Net operating losses – The ARRA amended IRC Sec. 172(b)(1)(H) to allow eligible small businesses to carry back a 2008 net operating loss up to five years instead of the otherwise available two-year limit. To be eligible for the longer carryback period, the loss must arise from an eligible small business – a proprietorship, […]

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Sole Proprietor Noncompliant Loss Deductions

Filed in News, Small Business by on October 13, 2009
Sole Proprietor Noncompliant Loss Deductions

Government Accountability Office report addresses impact of sole proprietor noncompliant loss deductions on tax gap. Ninety-five percent of all sole proprietors who reported losses in 2006 deducted some or all of their losses against other income, deducting a total of $40 billion, said the Government Accountability Office (GAO) in a report issued on Oct. 13. […]

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Year-end Planning for Capital Goods Purchases in an Uncertain Legislative Environment

Filed in Deductions, Small Business, Tax Law by on September 1, 2009
Year-end Planning for Capital Goods Purchases in an Uncertain Legislative Environment

Encouraging news from the U.S. Census Bureau about increases in orders for and shipments of manufactured durable goods, and higher nondefense orders for capital goods show that businesses, finally, are loosening their purse strings. And, from the tax viewpoint, now is a good time to buy, too, thanks to the availability of bonus first year […]

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