Biggie knows Tax Season is here!
I paid $39,500 for a franchise in 2012. Is that amount tax deductible?
Franchise fees are one of those items that can be tricky and that can depend on the franchise contract. Many times, the franchise contract will break down the fees according to what you, the franchisee, receive for amounts you paid to the franchisor. This is important, because portions of the fee may be treated differently, depending on what you received in return.
- Due date for filing 2012 individual income tax returns or Form 4868 for a six-month extension.
- Due date for filing 2012 calendar-year partnership returns or Form 7004 for a five-month extension.
- First quarter estimated tax payment due for 2013.
In addition to an independent lifestyle and personal fulfillment, a successful exit is the primary motivator for business ownership and entrepreneurship.
Far too many business owners do not realize that, as your business grows, careful strategic planning to sell your business is just as important as a business plan to launch and grow your business.
Follow these tips to make sure you’re setting yourself up to CASH IN:
1. Don’t Wait Too Long To Sell
2. Take Your Time – Don’t Be in Too Much of a Hurry
3. Start the Process Early (2-4 years)
4. Get Your House in Order (Books & Team Members)
5. Try to See It From the Buyer’s Point of View
6. Make Yourself Less Central to the Business’s Success
7. Meanwhile, Keep Focused on Running (and Growing) Your Business
8. Get Professional Assistance
9. Even if a Deal Comes, Be Prepared to Say No
It’s important to continually evaluate your options throughout all phases of business growth to ensure that you are making the best decisions for the long term.
Not sure if you are on the right track? Let’s talk about it….
Reach me here at Business Accounting and we can talk about it.
I know I know your excited that the IRS went social that you don’t know what to do with yourself….
So I wanted to make it easy for you to express your tax love to them…lol
From the IRS:
With the April 17 tax deadline approaching, procrastinators may be in a rush to find the tax information they need. Businesses, media, web masters and others may also be looking for creative ways to help their own website’s visitors find official IRS tax information and tools.Let these social media tools from IRS help you or your website visitors navigate last-minute tax-time tasks. 1. IRS2Go The IRS’s smartphone application can help you get your refund status and tax updates. IRS2Go is available for the iPhone or iTouch and the Android.
2. YouTube The IRS offers video tax tips on a variety of topics in English, Spanish and American Sign Language at www.youtube.com/irsvideos.
3. Twitter IRS tweets from @IRSnews include tax-related announcements and daily tax tips. Other IRS Twitter accounts tailor information for tax professionals and Spanish speaking taxpayers - @IRStaxpros tweets IRS news and guidance for tax professionals and @IRSenEspanol tweets IRS news and information in Spanish.
4. Podcasts These short audio recordings offer one tax-related topic per podcast. They are available on iTunes or through the Multimedia Center onwww.irs.gov (along with transcripts).
5. Widgets These tools, which others can place on websites, blogs or social media networks, direct users to the relevant page on the IRS website. The 2012 widgets feature often overlooked tax credits, Free File services, common tax transactions and the popular deadline countdown widget. Marketing Express hosts the IRS widgets.So far this tax season, more than 1 million taxpayers have viewed the IRS’s popular YouTube video tax tips, about 500,000 have downloaded the IRS phone app and more than 188,000 have viewed the IRS widgets. More than 23,000 Twitter followers get daily tax tips and IRS news at their fingertips. You can too.
Check out this infograph by Best Vendor for the most used applications and softwares for Startup’s.
Quickbooks dominates with 71% of startup’s using the software. The real question is are they using it correctly??If you are not sure if Quickbooks is for you or if you are using it correctly we can help you!