THE FED IS DEAD BUT OHIO ESTATE TAX STILL LIVES!
Earlier this month I wrote about the 2010 suspension of the federal estate tax. Now I would like to discuss the estate tax that is still alive and well in Ohio. Only 18 states including the District of Columbia have an estate tax that is still collected. For those of us who live in Ohio, [...]
“Cash is King” – Do you know your Cash Cycle?
The cash cycle of a business is the amount of time from the point when a business makes an outlay to purchase material to the time cash is collected from the sale from using that material. This concept can be used in all types of businesses. Shortening the cash cycle can make a big improvement [...]
2010 Roth Conversion- “The Decision” Made Simple
This has been a hot topic since the Fall of 2009. When I first read the law I asked myself why my favorite Uncle Sam would want me to do this. Does he need the money? I’ve been in this business a long time, and the conventional wisdom has always been “defer income and accelerate [...]
A flood of Form 1099s to come???
Get ready for more scrutiny from the IRS and paperwork hassles. A revenue producing provision (Section 9006) of the new health care bill changes two aspects of reporting on Form 1099. Currently, the form is used to report payments of over $600 to non-employees such as freelancers and independent contractors. Starting in 2012, Form 1099 [...]
IS THE DEATH TAX DEAD?
It is if you die in 2010–no matter how large your estate is. In actuality, due to the large federal estate exemption, only an estimated 5,500 estates were taxable in 2009! This represents an 85 percent decrease from 2008. The biggest benefit under the estate tax rules prior to 2010 was that inherited property received [...]
