Small Business Links

PostHeaderIcon American Taxpayer Relief Act of 2012 – Capital Gains/Dividends Rate

This is part two in a series of article explaining the changes that happened when the American Taxpayer Relief Act of 2012 was enacted.  Like Individual Income Tax rates. the changes to the capital gains rate only changed for those who exceed a certain income threshold.  The news 20% rate applies to individuals making more […]

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PostHeaderIcon American Taxpayer Relief Act of 2012 – Individual Income Tax Rates

This is the first in a series on the recent changes enacted as part of the American Taxpayer Relief Act of 2012.  The first thing we will look at is how income tax rates have changed.  The good news is, for most people, there are no changes other then the usual increases due to inflation.  […]

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PostHeaderIcon American Taxpayer Relief Act of 2012 – Soundbite Edition

We have a new tax bill.  I’m going to cover each of these items in detail but I wanted to make sure everyone had a quick summary version they could refer too Individual Income Tax Rates – If your single and make less than $400,000, married and make less than $450,000 or a head of […]

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PostHeaderIcon Year End Tax Planning

November and December is when I normally start sitting down with my clients to talk about what they can do at the end of the year to minimize or defer their taxes.  Everyone’s tax situation is going to be different so the meetings are tailored to the clients but here are some general themes that […]

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PostHeaderIcon Buying or Selling a Business – Technical Terminations

A few months ago, I discussed the differences between a stock sale and an asset sale.  In one of the examples, I touch on technical terminations and this concept deserves it’s own post.  Let’s start with an example. Two friends set up an LLC and buy a piece of real estate with each owning 50% […]

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PostHeaderIcon Renting Your Home

Let’s start with a case study to set this up.  You live in the Detroit area so let’s assume a major sporting event is coming back to town like the U.S. Open and they’re holding it at Oakland Hills.  You’re lucky enough to own a home less than a mile away from the golf course […]

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PostHeaderIcon IRS Issues Guidance on Expanded Adoption Tax Credit for People Who Extended Their Return

In their summertime tax tip series, the Internal Revenue Service recently issued guidance to those people who adopted a child recently yet also extended their 2011 tax return.  According to the report, there’s eight things you need to know. 1. The adoption credit for tax year 2011 can be as much as $13,360 for each […]

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PostHeaderIcon Taxes for People Serving in the Military

If you know someone serving in the armed forces and is helping protect our country, like everyone, they have to file a tax return.  While most of the regular rules apply to those serving in the military there are a couple of things that those in the Armed Forces have to look out for.  Most […]

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PostHeaderIcon Brian Borawski CPA, PC on Taxgirl.com

While I’m still putting some finishing touches on my “About Me” page, you can still find a few things about me because I was highlighted on Taxgirl’s “Getting to you know Tuesday.”  Be sure to check it out and when my About Me page is done, I’ll let everyone know.

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PostHeaderIcon Start Up Costs

When you’re starting a business, be careful what you do with your start up costs.  Costs that you think would normally be deductible may not be and this is all because of Code Section 195.  Start up costs fall into one of three categories… 1)  costs incurred in investigating the creation or acquisition of a […]

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