UNDERSTAND THE TIME VALUE OF MONEY

When making financial decisions, do you consider the time value of money? If you have a basic understanding of time-value concepts, you’ll be able to make better choices in many business and personal financial situations.

BUSINESS ALERT: BARTERING HAS TAX CONSEQUENCES

Did you know there's a way to get goods and services you need for your business without using up your company's cash?

IRS OFFERS PENALTY RELIEF IN "FRESH START" INITIATIVE

Taxpayers who are struggling to pay their taxes may get some relief from the IRS’s expansion of its "Fresh Start" initiative, a program started back in 2008. The new Fresh Start provisions provide penalty relief to the unemployed and make installment agreements on taxes owed available to more people.

IS YOUR BUSINESS DUE FOR A CHANGE?

The business entity your company operates under can have a significant effect on the taxes you pay and your costs of doing business. As your company grows or changes, it may be a good idea to switch to a different entity. Among the main entity choices: sole proprietor, partnership, C or S corporation, and LLC. For guidance in analyzing the entity issue for your company, contact us at (518) 798-3330.

HSA LIMITS INCREASE FOR 2012

The amount you can set aside in a health savings account (HSA) in 2012 increased to $3,100 for an individual and to $6,250 for a family. If you’re 55 or older, you’re allowed an additional $1,000 contribution. HSAs permit taxpayers who have high deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay medical expenses not reimbursed by insurance.