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Written by Skyler W. Fairchild, CPA
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Saturday, 15 December 2007 |
To reflect the recent increase in gas prices, the IRS raised the standard mileage rates for six month period from 7/1/08 through 12/31/08. The Internal Revenue Service has issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. |
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Written by Skyler W. Fairchild, CPA
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Friday, 14 December 2007 |
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Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amounts you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. |
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Written by Skyler W. Fairchild, CPA
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Wednesday, 12 December 2007 |
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When it comes to budgeting—a vital part of any business’s growth and cash flow—-it’s important to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. These errors tend to throw budget estimates out of line with reality, thereby taking away from a budget’s usefulness. |
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Written by Skyler W. Fairchild, CPA
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Monday, 10 December 2007 |
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Income Delay or Acceleration. Depending on whether it’s better for you, tax-wise, to delay or accelerate income, you can decide to bill clients or customers sooner (before year-end) or later (after the year-end) to accomplish your tax planning goals.
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Written by Skyler W. Fairchild, CPA
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Sunday, 09 December 2007 |
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Life insurance proceeds are generally not taxable and do not need to be reported as income. If you receive interest income then the interest income would be taxable. Realize, that if the policy was transferred to you for a cost, then the exclusion of the proceeds is limited to the amount you paid, along with other amounts. There are exceptions to this rule. Please contact SS&C for assistance. |
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