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A few extra days to make 2011 IRA decisionsWith the tax return deadline rapidly approaching, you still have time to make a 2011 contribution to an IRA. While you might choose to contribute to a Roth IRA because of the future tax savings available, a contribution to a traditional IRA may entitle you to an immediate tax deduction. Read more |
Attorneys: Set aside time to do your billingTime-keeping and billing can be the bane of an attorney’s existence. But even worse is having to work an additional 10 or 20 hours because a client failed to pay his bill. Faster billing means faster and larger collection of professional fees. Unfortunately, it’s almost a universal truth that professional billings are often neglected by lawyers because they feel like unprofitable c... Read more |
Do panicky clients cause weekend worries?Attorneys often suffer from “panicky client syndrome.” The client panics, the lawyer works double-time, and the client complains about the bill. Many clients, especially difficult ones, use Friday afternoons to pawn their legal worries off onto their lawyers. And they use Monday mornings to vent about the weekend’s frustrations. Read more |
New requirements hike cost of sick leave buybackPaid sick leave is a double-edged sword. Some employees consider it like vacation – extra paid days off. Paid days off are one of the most costly employee benefits offered by companies. The employee is paid but did not work. Therefore, no revenue was generated to offset the pay – a double whammy. Read more |
Are employees who smoke impacting your company?Smokers cost businesses significantly more than nonsmokers for healthcare and disabilities claims, according to the Action on Smoking and Health group in Washington, D.C. Smokers also have higher absenteeism and lower productivity – the average smoker takes four 15-minute breaks a day. Independent studies done in Sweden and the United States both confirm that smoking affects worker... Read more |
How can you improve the atmosphere at work?The best companies to work for are those where people are grateful for what they have and express their gratitude toward each other whenever it is merited. On the other side are places where people feel entitled and complain when they don’t feel they get their due. Read more |
Does it help to haggle?Anyone who’s traveled outside the country knows that bargaining for a better price is often a part of the retail experience. Consumer Reports 2012 Buying Guide found that 35 percent of major appliance shoppers tried to negotiate a better price with retailers – and 72 percent of them were successful! The median savings was $72.Perhaps it’s a sign of the times, but the same is b... Read more |
Available now: Vehicle depreciation deductions for 2012In a new revenue procedure, the IRS has issued the annual tables for the depreciation deductions available to owners of passenger automobiles, trucks and vans first placed in service during calendar year 2012. Read more |
Taxpayer can deduct worthless stock - if he can live long enoughA recent decision of the Tax Court demonstrates a tax risk sometimes encountered by employees of enterprises that have the potential for becoming financially unstable. This case (Patrick J. Sheedy and Karen J. Sheedy v. Commissioner, T.C. Memo 2012-69, March 14, 2012) also reinforces the importance of fully understanding the tax consequences of exercising stock options. Read more |
Bright idea doesn't apply to S corporationsPaul DiMundo set up a corporation in 2002, had all of the shares issued to a custodial Roth IRA account and had the corporation elect to be taxed as an S corporation. An S corporation is generally not subject to tax. Instead, the income of the S corporation is taxed directly to the shareholders. Read more |
Litterers worse than tax cheats?The message of a recent survey seems to be: Don't get caught littering. Forbes magazine reports that the Shelton Group, a green marketing firm based in Knoxville, Tenn., had 1,105 Americans complete online surveys in an effort to find out what kind of messages will make them adopt more environmentally friendly and energy-efficient products and behaviors. Read more |
Tax court judge shows creative sideJudge Robert A. Wherry, Jr., took a novel approach when outlining the facts of a recent Tax Court case involving a waitress who received a winning lottery ticket from a customer. Read more |
