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March 2015 Archives

Social Security Taxable Wage, Conclusion

How much the taxable wage base rises each year depends on cost projections made by the Social Security Administration. They make three forecasts, one each for low, medium and high costs. The medium cost is forecasted to rise every year for almost the next decade. There are long term forecasts, but they are subject to change. One thing is for sure, it's going to cost the work force more in the future to support the retired force.

Social Security Taxable Wage, Part I

"Our society must make it right and possible for old people not to fear the young or be deserted by them, for the test of a civilization is the way that it cares for its helpless members." Pearl S. Buck

Home Office Deduction Safe Harbor, Part I

For small business owners, home office deductions can be an important tax break. Instead of renting space, many businesses can be operated from home, lowering the business's overhead costs and reducing the owner's tax liability.

Bartering - the Oldest Form of Trade is Still With Us, Part IV

There are a few accounting guidelines to remember when you conduct barter transactions. First, all barter income is dealt with on a cash basis. The IRS treats barter as income received whether you use accrual-basis or cash-basis accounting. You must report and pay taxes on barter income for the year in which it accrues. If your business is profitable, you should try not to have unspent barter credits at the end of the fiscal year. What should you do if you have unspent barter credits at the end of the fiscal year? You may be able to contribute unspent barter credits to charity and deduct them from your taxes.

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