 Tax Episodes on
SOHO Today
SOHO Today is hosted by Mary Joan Schultheisz, and it's all about small businesses. SOHO Today can be seen live Wednesday evenings at 7:30 p.m. Central Standard Time, and in the InTimeTV.com archives any time. So if you miss a show or want to refer a colleague or friend you’ll always be able to find us.
SOHO stands for Small Office, Home Office, and small business is the focus of this show. On SOHO Today we provide you with tips, tools and techniques for running and growing your small business. We explore topics like technology, financing and insurance, how to get started, how to grow and how to compete against larger companies.
Topic: Economic Development Task Force/Business Outreach Expo — View the show here!
In Chicago several federal and city government agencies like HUD and the IRS and city representatives are working together together to help stimulate the economy. This is the second show we devote to this unique partnership. Tune in to find out what this Economic Development Task Force is doing, where, why, and how it affects you.
Guest: Ray Willis, U.S. Department of Housing and Urban Development. Mr. Willis is HUD's Community Planning & Development Regional Office Director for Region 5, comprised of Minnesota, Illinois, Wisconsin, Michigan, Indiana, and Ohio. Mr. Willis is spearheading the Economic Development Task Force, which is exploring tax incentives, tax credits and tax deductions to help spur economic growth.
Business Outreach Expo Friday July 25
Could your business use up to $10 million for land, building construction, facility renovation, or purchase of equipment at below market interest rates? Could your business use a business loan at 2.5 % below market with a ratio as high as 95% of development costs and an opportunity for partial debt forgiveness? Could your small business benefit from between $5,000 and $50,000 at reduced rates and without risk of pre-payment penalty even in today's tight credit market? Could your bottom line benefit from industrial property tax rates reduced from 36% to 16% of assessed value for 10 or possibly 20 years?
WHEN: Friday, July 25, 8:30 a.m. - 1 p.m.
WHERE: Malcolm X College, 1900 West Van Buren St., Chicago, Il. 60612
COST: FREE
RSVP: (312) 744-0358
Download this PDF for more information about this FREE event.
Topic: Economic Development Task Force — View the show here!
As the media keeps telling us, the U.S. is in an economic downslide, perhaps even a recession. So this week on the show we explore how some government offices are coming together to help stimulate the economy. Tune in to find out what this Economic Development Task Force is doing, where, why, and how it affects you.
Guest: Ray Willis, U.S. Department of Housing and Urban Development. Mr. Willis is HUD's Community Planning & Development Regional Office Director for Region 5, comprised of Minnesota, Illinois, Wisconsin, Michigan, Indiana, and Ohio. Mr. Willis is spearheading the Economic Development Task Force, which is exploring tax incentives, tax credits and tax deductions to help spur economic growth.
Community Renewal Initiative
www.hud.gov/offices/cdp/economicdevelopment/programs/rc/index.cfm
RC/EZ/EC Address Locator
http://egis.hud.gov/egis/cpd/rcezec/welcome.htm
List of 40 Renewal Communities
http://www.hud.gov/news/releasedocs/rcinitiative.cfm
New York State's Empire Zone Program
http://www.tax.state.ny.us/sbc/empire_zone.htm
Topic: Tax Tips for the Small Business Owner — View the show here!
Guest: Richard Allen, ChFC and CLU, State President of I.A.A.I.
Mr. Allen is currently the President of the Independent Accountants Association of Illinois (I.A.A.I.). This is a statewide association of over 600 accounting and tax professionals, including CPAs, Enrolled Agents, and other professionals. Also, a member of the National Society of Public Accountantsand of the National Association of Tax Professionals. Mr. Allen has been an enrolled agent for almost 40 years, and also the I.A.A.I. State Instructor for its annual preparation course for the Internal Revenue's Enrolled Agents Exam. He also hold securities registrations, and advance insurance designations (ChFC and CLU) in estate and financial planning.
Guest: Kenneth W. Reid, ATP, CPB, CPP President of MasterType Accounting & Business Services, P.C.
Mr. Reid is currently a State Director of the Independent Accountants Association of Illinois (I.A.A.I.), representing Chapter 18 (Northwest Suburban Chapter of I.A.A.I.). He is also the current 1st Vice President of Chapter 18 (I.A.A.I.). He is an Accredited Tax Preparer, a Certified Payroll Professional, and a Certified Public Bookkeeper. Mr. Reid is a Certified QuickBooks Pro advisor and a Certified QuickBooks consultant. Ken has over 25 years experience in the accounting/bookkeeping/payroll field.
Topic: Preparing For The Year End Tax Review* — View the show here!
*This is part two of a one hour show please use scroll bar on video to view this topic
Guest: Fee Tso, Bookkeeping and QuickBooks consultant
Ms. Tso has owned and operated her own small business consulting company for 11 years. She provides services to small businesses in a variety of industries. Her services range from setting up accounting systems, providing in-house training and bookkeeping services to operations consultation. She is a Quickbooks Pro advisor and Quickbooks instructor. Prior to embarking in her own business, Fee served as the chief financial officer for a small advertising specialties company.
Mary Joan and Fee discussed:
- pension plans for small businesses
- capital improvements that reduce taxes
- 529 deduction
- sales taxes
- Deductions for tuition and professional development
Small Business Pension Plans
These pension plans include Simple IRAs, SEP IRAs, and Keoghs. There are time lines on when an employer can open these retirement plans
Capital Improvements That Reduce Taxes
Invest in your company by spending excess cash in the fourth quarter on depreciable equipment. Use the 529 deduction to depreciate one item entirely in one year.
Sales Tax
You may have the option to deduct sales tax. A company can deduct sales tax on items it's purchased. Retailers' sales tax is not considered an expense or an income.
Deductions for Tuition and Professional Development
Professional development can be deducted up to a certain amount. This includes online classes and professional memberships as well as more traditional onsite college classes. |
