Yikes, I just had to pay a big tax estimate for 2011 and first quarter 2012. My fault as I did not get tax return info to my tax accountant on time and I should have budgeted ahead so there were no surprises. You would think that as I post these alerts I would be on top of it. I am glad I use Paychex for employee payroll, it helps to make sure that … [Read more...]
None of us like dealing with tax issues let alone paying them but we have to so might as well get on with it! Optical business owners should have already provided employees with their copies of Form W-2 for 2011. Here are some other important dates for the first quarter 2012 Tax Calendar: February 28: The government’s copy of Form 1099 series … [Read more...]
Taking advantage of section 179 and the 100% bonus depreciation on new optical equipment before year end makes sound business sense for more reasons than just the savings. Economics teaches that there is a time to buy and a time to save. Savings is more lucrative when rates are high, so stash away your money. Buying makes sense when interest … [Read more...]
Proposed to Congress on September 12, 2011, the jobs proposal and deficit reduction plan aims to cut the federal deficit by $3.2 trillion over the next 10 years and includes nearly $1.5 trillion in revenue provisions. Some of these provisions could potentially affect your optical business. On October 11, the Senate failed to pass the jobs … [Read more...]
Bigger Section 179 Deduction: Your optical business may be able to take advantage of the temporarily increased Section 179 deduction. Under the Section 179 deduction privilege, an eligible business can often claim first-year depreciation write-offs for the entire cost of new and used equipment and software additions. For tax years beginning in … [Read more...]
Taxes are not our favorite subject and if you are like me, you might forget about them but celebrating July 4th reminded me - "No Taxation without Representation"! So here is some useful upcoming tax calendar info for optical and all businesses from Alert in case you need that little memory jog: July 15: If the monthly deposit rule applies, … [Read more...]
This is definitely a loaded question but today we are just going to look at it from a tax point of view because 'tis the tax season and an optical practice is an ideal business for husband and wife e.g. optician and optometrist, office manager or book-keeper and optometrist or any combination of ECP's and optical staff. Many sole proprietors … [Read more...]
We probably don't need to remind you Optical Equipment buyers that you can get a $250,000 tax deduction on qualifying optical equipment bought this year, 2010. Our friends at Briot pointed this out on their Facebook page earlier this year and we thought now was a good reminder as some ECP's will be looking at Optical equipment at Vision Expo West … [Read more...]
If debt collection is a problem for your optical business, deducting uncollectible (bad) debts from your tax bill may somewhat lessen the sting of simply writing them off. Here is some basic information on deducting business bad debts. First, the debt must be legitimate. A bona fide debt arises from a debtor-creditor relationship and is based on … [Read more...]
Helping pay for health care is one of the most valued benefits that optical businesses can offer their employees. Even small optical businesses have the opportunity to help their vision care employees with insurance premiums or medical bills. With section 125 plans, employees can save pretax dollars to use toward medical dependent care expenses, or … [Read more...]
The Vision Council provided this useful tax information for Haiti Relief which we would like to pass on to our optical and vision care readers as there are some important details you might not be aware of: New Law Allows Donations to Haiti to be Claimed on 2009 Taxes On January 22, 2010, President Obama signed into law the "Haiti … [Read more...]
I received an email from Charles Schwab with a Year-end financial checklist. I thought it was a good idea to share this as we are so close to the end of the year. Manage your investments for potential tax savings It’s smart to think ahead—especially if your investments have fallen behind. If you decide to sell losing assets before … [Read more...]
I hate paying taxes, don't we all hate paying taxes? I think it is because I hate it so much that I always have trouble remembering to pay quarterly tax estimates and other tax dues. I thought it might be useful to post an Optical Tax Calendar as I am sure many of our readers have the same issue. Here is an Optical Tax Calendar reminder for end … [Read more...]
It's always a big relief when my taxes are finally done! But if you have been delaying the process here here are some places you can go for last minute tax help. TaxACT- Free online tax preparation. The FAQ page is very helpful in finding answers to your questions. UncleFed's Tax Board- Good information on personal taxes. IRS … [Read more...]
February 2: Most employers must file Form 941 (Employer's Quarterly Federal Tax Return) to report Medicare, social security, and income taxes withheld in the fourth quarter of 2008. Small employers who have been notified by the IRS should file Form 944 (Employer's Annual Federal Tax Return) Give your employees their copies of Form W-2 for … [Read more...]
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