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Author Archives: maycpa
Contractor’s Tax
The state of Mississippi has special sales and use tax rules for construction contractors. Some contractors pay a special contractor’s tax equal to 3.5% of gross revenues in lieu of a 7% sales tax. However, this contractor’s tax is only … Continue reading
My refund was THIS BIG!
Now that April 17th has come and gone, you’re probably either still cringing at the amount that you had to pay the IRS, or maybe you’re one of the “lucky” ones who are still trying to figure out how to … Continue reading
Be smart with your tax refund
Are you receiving a tax refund this year? No doubt you’ve already heard the standard admonishment about why you should not be giving the government an interest-free loan. Maybe you’ve decided to “do better” during 2012 by revising your withholding … Continue reading
Filed your return? Don’t panic, file an extension.
Where has the time gone? It’s hard to believe that tax day (April 17th this year) is only one week away! If you have gone into panic mode and are still scrambling to get your tax information together, fear not, … Continue reading
Tips for managing part-time employees
Part-time employees can play a valuable role in a small business, especially while a business is waiting for general economic recovery. Part-timers can help you deal with variations in workload without having to hire a full-time employee. And often, when there are many job applicants for any opening, you can find a person with above-average skills for the position. Read more. Continue reading
There’s still time to cut your 2011 tax bill
Are you still dealing with your 2011 tax return? Do you owe a bigger tax bill than you expected? Are you missing a tax break because your adjusted gross income is too high? Would you like a bigger refund? Don’t despair. You might still have time to make some changes. Read more. Continue reading
Posted in Riley's General Tax Info
Tagged IRA contribution, refund, Roth IRA, self-employed, SEP-IRA, tax bill, tax break
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Deductible or nondeductible?
Last year, did you take the standard deduction, or did you itemize? In order to maximize your allowable deductions each year, it is important to analyze your expenses each year to determine which option will be most beneficial. To determine … Continue reading
Posted in Contractor Tax Tips by Nathan
Tagged AGI, deductible, expenses, floor, itemize, standard deduction
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International internet scheme defrauds MS company
I recently received an email from the Mississippi Society of CPAs and the Secretary of State’s Office alerting us of an internet scheme that defrauded a Mississippi company out of hundreds of thousands of dollars. Here is the email: Alert: … Continue reading
Are you ignoring this new tax credit?
Health care legislation passed in 2010 included a tax credit for small businesses that provided health care coverage for their employees. Recent surveys have shown that the majority of small companies that could qualify for the credit have failed to … Continue reading
Some deductions are available even if you don’t itemize
If you’ve given up itemizing deductions, you’re not alone. These days over half of all taxpayers find they’re better off using the standard deduction. But even if you take the standard deduction, you can also deduct some individual expenses on … Continue reading
Posted in Riley's General Tax Info
Tagged contributions, Deductions, itemize, self-employment, student loan interest, tuition
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