Archive for February 25, 2007

Setting Up Your Business Entity

Do you remember getting started in your brand new business venture? Besides testing the market, deciding on a product or service, there was this decision regarding entity selection. Before the early 1990’s, there was the corporation (C or S), the partnership in its many forms, and the sole proprietorship. With the advent of the Limited Liability Company or LLC, choosing an entity form has become more interesting and thought provoking.

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Top Tax Scams for 2007 According to IRS

Every year, the IRS issues a list of the top tax scams the agency is seeing. Known as the “dirty dozen”, here are some highlights of the 2007 list.

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Tips to Reduce Your 2006 Income Taxes in 2007

Income taxes are a substantial burden for business owners and real estate investors. There are few actions which can reduce your 2006 taxes after December 31, 2006. This article summarizes four options for reducing your 2006 federal income taxes during 2007. These include reducing revenue, increasing real estate depreciation, increasing expenses by conducting a fixed asset audit and increasing expenses by converting capital expenditures into operating expenses.

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