http://hbsbusiness.com/index.php/news/ Recent articles and news from HBS Tax in Martinsburg, WV. en hershbusiness@aol.com Copyright 2012 2012-01-18T19:01:00+00:00 http://hbsbusiness.com/index.php/site/articles/why_your_business_needs_a_growth_strategy/ http://hbsbusiness.com/index.php/site/articles/why_your_business_needs_a_growth_strategy/ The purpose of the Consultant’s Corner and Growth Strategies is to help business owners and leaders hurdle the many stumbling blocks that impede progress and, all too often, knock businesses and organizations completely out of the race.  The most daunting obstacle blocking the path to success is what I call the cold, hard truth. Growth Strategies 2012-01-18T19:01:00+00:00 http://hbsbusiness.com/index.php/site/articles/business_owners_lower_your_red_audit_flags/ http://hbsbusiness.com/index.php/site/articles/business_owners_lower_your_red_audit_flags/ If you are the sole owner of an unincorporated business and have not elected to be treated as a corporation for tax purposes, you are considered a “sole proprietor.”  Sole proprietors report their business income and expenses on Schedule C, Profit or Loss from Business.  Schedule C then becomes part of your individual tax return, Form 1040.  Sole Proprietorships are the most common form of business in the United States, making Schedule Cs the most common business form filed with the IRS. Tax Preparation, Tax-Based Bookkeeping 2012-01-18T18:40:35+00:00 http://hbsbusiness.com/index.php/site/articles/donating_the_george_in_the_driveway/ http://hbsbusiness.com/index.php/site/articles/donating_the_george_in_the_driveway/ The sagging economy has many reconsidering their charitable giving – just when it is needed most.  Tough times, however, do not mean you must forego the charitable season.  If you’re tired of paying insurance and maintenance on a seldom-used vehicle, consider donating it to charity.  It’s a great way to serve your community, cut expenses and, as a bonus, reduce your tax bill. Tax Preparation 2012-01-02T06:50:42+00:00 http://hbsbusiness.com/index.php/site/articles/last_minute_charitable_deductions_even_basics_not_so_simple/ http://hbsbusiness.com/index.php/site/articles/last_minute_charitable_deductions_even_basics_not_so_simple/ Helping others elevates your spirit.  Sharing your blessings as the holiday nears will lift the spirit of others.  It may even lower your tax bill if you itemize deductions and properly document your giving. Tax Preparation 2011-12-09T14:46:34+00:00 http://hbsbusiness.com/index.php/site/articles/foreclosures_short_sales_-_here_to_stay/ http://hbsbusiness.com/index.php/site/articles/foreclosures_short_sales_-_here_to_stay/ Foreclosures & Short Sales - Here to Stay News 2011-12-02T09:33:09+00:00 http://hbsbusiness.com/index.php/site/articles/the_limits_of_limited_liability/ http://hbsbusiness.com/index.php/site/articles/the_limits_of_limited_liability/ One of the reasons business owners choose to operate through a separate structure, such as an LLC or a corporation, is to obtain what is called “limited liability.”  In investing terms, limited liability means that an owner or investor cannot lose more money than the amount they have invested or personally guaranteed. Tax-Based Bookkeeping 2011-10-31T13:22:37+00:00 http://hbsbusiness.com/index.php/site/articles/tax_spending_and_health_care_reform/ http://hbsbusiness.com/index.php/site/articles/tax_spending_and_health_care_reform/ There has been much debate recently about increasing taxes to help balance the budget.  The debate centers on the fact that even though annual federal, state and local tax revenues have increased by 18% over the last decade, this increase has only offset a mere quarter of the same period’s 71% rise in government spending. Taxes are certainly a topic for serious discussion.  When government spending exceeds tax revenues, the difference must be borrowed – borrowing a free society can only repay through additional taxes generated by an expansion of private enterprise and/or the contraction of the government itself. Tax Preparation 2011-09-30T16:48:42+00:00 http://hbsbusiness.com/index.php/site/articles/abc_employees_receive_settlement/ http://hbsbusiness.com/index.php/site/articles/abc_employees_receive_settlement/ After 3 Years, Former Employees Receive Payment News 2011-09-22T14:50:10+00:00 http://hbsbusiness.com/index.php/site/articles/college_credit_extended_for_taxpayers/ http://hbsbusiness.com/index.php/site/articles/college_credit_extended_for_taxpayers/ Thanks to a late-year legislative “Hail Mary,” the fall semester kick-off includes a significant reduction in 2011 and 2012 post-secondary tuition.  Students received this reduction due to a two-year extension of the American Opportunities Credit included in last December’s Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act (the “Job Creation Act”).  In this article, I will discuss the American Opportunity Credit and how its provisions expand certain aspects of its predecessor, the Hope Scholarship Credit.  My goal is to help you obtain your degree while reducing the cost of paying for it. Tax Preparation 2011-09-06T18:12:39+00:00 http://hbsbusiness.com/index.php/site/articles/roth_counters_inertia/ http://hbsbusiness.com/index.php/site/articles/roth_counters_inertia/ Sir Isaac Newton’s First Law of Motion states that an object at rest will remain at rest until an agent of change forces it to move.  Once set in motion, the object will maintain the same speed and direction until something forces change again.  Tax Preparation 2011-08-29T18:22:53+00:00