TAX PRO PLUS LA

Retirement Plan Distribution Pitfalls

When an individual retires or leaves an employer's service, the individual will be required to take a distribution from the employer's retirement plan (if the employer had a plan). Depending on the employee's age and the plan's terms, a distribution may not be required immediately, but when it's time to take the distribution there are a number of tax pitfalls that can create some very big tax headaches for the employee. This article will explore those hazards and discuss how to avoid them.

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October 15 - Last Chance to Take Advantage of Retroactive Business Expensing

If you are a small business owner, October 15, 2015, is your last chance to retroactively adopt the new tangible property regulations that took effect in 2014.

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Key Performance Indicators (KPIs) Are Valuable Tools for Small Business Owners

If you’re a small business owner, then you know that gauging the performance of your business is one of the most difficult tasks you face. The indicators and measures that you work with on a day-to-day level are not necessarily reflected in the criteria and metrics that are provided on paper, and it’s hard to know what to trust and which information is best to use. It is essential that business owners have a reliable, understandable way to tell whether things or going well or need improvement, and that’s why using and understanding your Key Performance Indicators (KPIs) is so vitally important.

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October 15 Extension Due Date Rapidly Approaching

If you could not complete your 2014 tax return by the normal April filing due date, and are now on extension, that extension expires on October 15, 2015, and there are no additional extensions. Failure to file before the extension period runs out can subject you to late-filing penalties.

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Sole Proprietorship - Is The Risk Worth It?

If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on the individual's personal tax return (Form 1040) using a Schedule C. There is no need to file a separate tax return as is required by a partnership or corporation (if the business is set up as an LLC with just one member, filing is still done on Schedule C, although an LLC return may also be required by the state). Generally, there are very few bureaucratic hoops to jump through to get started.

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