Fiscal Cliff News

Many of my clients are wondering what was renewed and what was not in the proposed tax bill.  Here is a good summary of new/expiring and extended tax provisions:
http://www.thetaxbook.com/updates/TheTaxBook/Updates/2013-01-02_Fiscal_Cliff_News.pdf

Business and Math

I just had to share this little snipped I read on a forum today.

Quote:

Originally Posted by Anonymous  DO I have to do the math thing about costs, labor, etc....I'm dead

Naw, you dont have to do the math.... but your chances for success are far greater if you do.  It reminds me a little of the two fellas who went into the hay business. They could buy hay from the neighbor for $1.00 per bale and found a market for it about 50 miles away where the guy offered them $100 bucks for every 100 bales they could bring him. After about a week of loading, hauling, and unloading hay they noticed they were not prospering.... the brighter of the two asked the other.... "Do you think we need to get a bigger truck?" 

Business and math go together. 

Quickbooks Pro Download on Sale $99.00

For those looking to buy Quickbooks Pro 2012 I saw it was available for just $99.99 for the download version. I don't know how long this price is good for so I'd take advantage of it now if you're looking to upgrade or buy the software!

Changes to 2011 1099-misc reporting requirements

If you're a business owner, there's a good chance that you'll be preparing 1099-misc slips sometime this month. There are some important changes to 1099-misc reporting requirements.

If you made payment to vendors via a third party payment system such as google checkout, credit-card, debit card, or paypal, do not include these amounts on the 1099-misc you issue to your vendor. The third party company will be responsible for reporting these payments on a form 1099-K.

Here's a link to the IRS instructions.

In most cases, 1099's should be issued to the recipient by January 31.

2012 Standard Mileage Rates

Happy new year!

Here are the 2010 Standard Mileage Rates:

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 55.5 cents per mile for business miles driven
• 23 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.

Changes to TX Ag Exemption System

Beginning in 2012 individuals and businesses claiming an exemption an agricultural and timber purchases must provide a registration # provided by the Texas Comptroller of Public Accounts.

Who is eligible to register?

A person (person is generic this includes individuals and businesses) including a non-Texas resident, engaged in the production of agricultural or timber products for sale in the regular course of business is eligible for a registration.

Should I register?

If you make agricultural purchases that are eligible for the exemption and you are an eligible person you should register, otherwise you'll have to pay the sales tax when you purchase your agricultural items. If you're wondering what are eligible agricultural purchases here's a link to qualifying and non qualifying items: Exempt and Non Exempt Products

How do I register?

You can apply online via this page: Texas Agricultural and Timber Exemption Number Online Application . If you prefer to apply by paper you can click on the following link and complete and print a paper application: Texas Agricultural and Timber Exemption Number Application.

What do I need to register?

You'll need the basic information such as knowing your business entity (sole proprietorship, llc, partnership, corporation etc), name, mailing address, street address, owner social security #, business federal tax ID # and if registered with the state your state file #.

If you have questions about registering, please do not hesitate to contact me. Registering is simple but if you'd prefer you can request that I complete your registration for you. Please contact me by phone or email if you have questions.

Surviving Your Serengeti-7 Skills to Master Business and LIfe by Stefan Swanepoel

Recently I was given a complimentary copy of this New York Times Bestseller book through Booksneeze.com. I should preface my review of this book with the fact that I'm not usually a big fan of self-improvement books. In fact even though I'm an avid reader, they rarely make it into my reading repertoire. This book was different -it was captivating and thought provoking.

This book is about a couple on an African safari who meet up with an enigmatic old friend. The friend affords the couple the opportunity to witness many different animal species and the skills they use to survive as they make their annual thousand mile migration across the wild and changing Serengeti.

The couple watch and learn how each animal has adapted to life on the Serengeti and how humanity can learn by watching and using the same principals in our personal and business lives to further our goals.

Which animal are you?

Are you the enduring Wildebeest who has the steadfast ability to hold on for one more day?

The strategic Lion who has a road map to define and achieve its goals?

Or are you the graceful giraffe who has more than style and finesse, but also does the right thing.

Maybe you are the Cheetah, master of efficiency, optimizing all resources to achieve the best results.

How about the enterprising Crocodile who explores all options and boldly seizes opportunity?

Are you the Mongoose who takes calculated risks as an essential part of every journey?

Lastly you might be the Elephant the effective communicator who delivers its message.

If after reading the book you can't decide, you can go to http://www.whatanimalamI.com and take a quiz. I'm not sure about the Quiz though...it said I was an Elephant, I would have thought I was the Cheetah. Perhaps I'm a bit of both.