Small Business, Big Ideas

with Jean Willard

07/29/13

Change in small business statements presents full financial picture

Certified public accountants follow a rigid set of guidelines for preparing businesses’ financial statements. When we create these statements, footnotes are mandatory, and our rules for small businesses mirror the rules that apply to large publicly held companies. Unfortunately, owners or managers of these small and medium-sized businesses sometimes complain that these financial statements include meaningless details and lose touch with the significant highlights of their businesses.

Posted at 10:40 AM | Permalink | Comments

06/10/13

Stopping tax identity theft

You have taken strong measures to secure your credit cards. You shred paperwork at home to be sure your trash doesn’t give any clues to your identity. Still, you could become a victim of tax identity theft. Tax-related identity theft is a growing problem. Years ago you’d never dream that your identity could be stolen or your tax return refunds might be taken by someone else. So how can this happen?

Posted at 09:19 AM | Permalink | Comments: 1

05/13/13

Retirement: It isn’t just about age anymore

I recently saw an article in The Wall Street Journal about Americans giving up on their retirement plans. The writer commented that two-thirds of Americans aged 45 to 60 say they plan to delay retirement, a steep jump from two years ago when fewer than half of the respondents said they expected to put off retirement.

Posted at 12:47 PM | Permalink | Comments

04/08/13

You got a letter from the government. Now what?

After working in the area of tax preparation for more than 30 years, I have learned that even if you are a good, thoughtful tax preparer, you might still get notices from the IRS and/or Wisconsin Department of Revenue. Notices are delivered in May and June. The following is my guide to common IRS notices and how to react to them. First of all, never, ever ignore a letter from governmental regulatory bodies and always be polite in responding within the time allowed.

Posted at 08:54 AM | Permalink | Comments

03/11/13

Wisconsin use tax and how it affects you

Lately we’ve been hearing that Amazon may agree to charge sales tax on items purchased from its website. You might wonder why you should care. After all, those who purchase goods from Amazon are already paying use tax with their income tax returns, aren’t they? Well, if you’re a Wisconsin resident who owes use tax, you shouldn’t forget to include the tax when preparing your Wisconsin individual income tax return.

Posted at 09:47 AM | Permalink | Comments