Author: Robert Mapes (Retired)
Mar 28, 2012
Does Your Ohio Company Barter?
If your business is cash-strapped, you may turn to creative methods like bartering to pay the bills. If you can find other businesses with which to barter, it can be a great way to get what you need for your business and keep money in your local community. Recently, the IRS issued a reminder to … Continued
Feb 14, 2012
Expecting a Tax Refund?
If you’re expecting a federal tax refund this year, it could be delayed. The agency reports that new anti-fraud measures could slow the refund process by approximately one week. The IRS put new safeguards in place this tax season to provide stronger protection against tax refund fraud. The agency developed a comprehensive strategy to prevent, … Continued
Oct 15, 2010
Exploring the Unknown
This is the first part of a series designed to help you prepare for the upturn in the economy, which some economists believe will take place this year. The other articles are Plan for Scenarios You May Encounter and Reinventing Your Company. An economic rebound is coming…sooner or later. Are you ready for it? Your … Continued
Mar 15, 2010
How Can I Check the Status of My IRS and State Refund?
If you’re expecting a tax refund from the IRS or state department of taxation, you can check the status of your refund online or by phone. Here’s how. Where’s My Refund is a secure online tool you can use to track your refund. Your refund information is generally available within 72 hours after the IRS … Continued
Feb 6, 2010
Ready, Set, Convert to Roth IRA
Taxpayers who convert a traditional IRA into a Roth IRA can enjoy a number of tax advantages, which are described below. However, there’s always been a problem for higher-income folks. You couldn’t convert a traditional IRA into a Roth in a year when your modified adjusted gross income (MAGI) exceeded $100,000. The good news is … Continued
Jan 6, 2010
Helping Your Business Survive and Thrive
If one of your New Year’s resolutions is to take your business from barely breathing to thriving, you’ll want to treat it like a family physician treats a patient – by conducting a holistic exam. Here are some vital signs to consider checking. Is your business operating at maximum efficiency? By being effective and efficient … Continued
Jul 1, 2009
Check Your Pulse
This is part two of a three-part series, Thriving When Times Are Tough, dedicated to helping keep your business strong in a troubled economy. Part one covers cash flow management and part three discusses going back to basics to be prepared for anything. With revenue falling and profits decreasing, it’s hard to focus on anything … Continued
Nov 1, 2008
Is Your Money Safe?
A year ago you probably never thought about your bank failing. Yet, the recent takeover of IndyMac and WaMu probably has you wondering about the safety of your deposits. FDIC Account Rules The Federal Deposit Insurance Corp.’s (FDIC) rules are clear. They only insure deposit accounts up to $100,000 and up to $250,000 for retirement … Continued
Oct 29, 2008
Foreign Sourced Income & Foreign Bank Accounts
Confusion: The ever-popular scenario and confusion goes like this: A U.S. citizen has earned substantial interest income in Canada (foreign income). Is it really taxable in the U.S.? We’ve heard on TV that only foreign income that is brought back into the United States is taxable. The answer to this scenario is somewhat correct in … Continued
Jul 2, 2008
Three Tax Planning Advantages During Low Interest Rates
Dropping interest rates may signify bad news for many investors, but can bring good news for those who may be considering transferring assets or developing lifetime-giving contribution plans. The following three tax planning opportunities shine during low interest periods. Private Annuities Private annuities typically involve a parent transferring assets to his or her child or … Continued