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Look backward and forward for tax savers

You can reach into the past and future to cut your taxes. How? Through the use of tax carryforwards and carrybacks. Here is what you should know about these tax savers. Some tax deductions have a maximum amount that you can use in any one year. In these situations, the rules generally allow you to […]

David Bradsher, CPA

How your small business can compete against the big boys

When Starbucks or Wal-Mart or Home Depot comes to town, how can a small business successfully compete? That’s a tough question, one that’s been the subject of numerous magazine articles, Internet blogs, and doctoral theses. One strategy that doesn’t work is doing nothing — sitting back to watch what happens. By the time your rival’s […]

David Bradsher, CPA

Home office recordkeeping simplified

The IRS is reducing the recordkeeping required for the home-office deduction, effective for 2013. Taxpayers who qualify may use a new optional deduction calculated at $5 a square foot for up to 300 square feet of an area in a home that is used regularly and exclusively for business. The deduction is capped at $1,500 […]

David Bradsher, CPA

Check out your IRA options

It’s not too late to make contributions to an IRA for 2012. You can establish and contribute to a 2012 IRA as late as April 15, 2013. If the IRA is the traditional, tax-deductible kind, you can deduct your contributions on your 2012 tax return. If you’re under age 50, the maximum contribution is $5,000; […]

David Bradsher, CPA

Are you giving the IRS an interest-free loan?

Will you be among the thousands of taxpayers who get a big tax refund this year? While most Americans happily accept their tax refund checks, smart taxpayers understand that refunds actually cost them money. Here’s why: * The government pays no interest on refunds. Kept in your hands, those dollars could have been productive. For […]

David Bradsher, CPA