Please welcome our guest blogger, Dr. Johnathan Willner, Professor of Economics, Oklahoma City University Snow White is nice little fairy tale, fit for the current dilemma in US Education. Many Americans look in the mirror and decide that each of us is the fairest of them all. We are wonderful and perfect people who [...]
Inflation-What’s the Big Deal?
There has been a lot of conversations recently in the business press about inflation, so I though it would be a timely topic. Why should business owners even care? Primer Many people were not in business the last time inflation was a serious problem in the United States, so for most this is uncharted territory. [...]
1099 Reporting Requirement Repealed
What does the recent health care act have to do with 1099 reporting requirements? It sounds like the beginning of a bad joke, but that is the question that many people asked after the Affordable Care Act passed last year. The good news is that we now have an answer to that question. And, [...]
A Tax on Toilet Paper? Really?
I know that no one likes taxes, and it would be a major coup to have 100 people agree on what is the best taxation method, but we’ve truly gone through the looking glass folks. Tax Types Generally, you can tax anything or any activity, but most taxes center around the big three, real property, [...]
Loophole You Could Throw a 2X4 Through
The 2010 Tax Relief Act may have a large unintended loophole. The Act allows business to claim a 100% depreciation deduction in the year assets are placed in service for qualified assets. As usual, the devil is in the details. So what are qualified assets? Sure Thing As we’ve previously discussed in our letter on the [...]
Things That Will (Probably) Never Happen
Wanted to share some of the proposed tax law changes in the President’s budget. With the current political climate, it is hard to believe that the House will accept many of these changes, but really, who knows. Anti-Business Elements Raise Federal Unemployment Tax (FUTA) wage base from $7,000 to $14,000 Elimination of the LIFO inventory [...]
Why Outsourcing Payroll Makes Sense
I know that most would think it self promotion, but I truly believe that I would say the same thing if I were in a different industry. Processing your own company’s payroll COSTS you money. I don’t mean in the way some sales people use the phrase, but actually hard dollars you can put in [...]
News Flash! Internet Doesn’t Work as Promised!
As I sit here in the middle of another unpredictable Oklahoma weather cycle, I begin to let my mind wander. After reading a story in the newspaper about one of our competitors having to survive the last snow storm, I’m wondering why small business owners are so resistant to change. I’m not belittling small business owners, they [...]
ESOP (And no it’s not a Fable)
One of the critical mistakes most business owners make is the lack of a succession plan. That is, there only plan is to die in their chair. The sad truth is that many business owners leave a lot of value on the proverbial table by not planning for the EVENTUALITY that they will someday die. [...]
Those EVIL SUV’S (or How You Can Destroy Air Quality and Save Taxes)
It’s like a B-grade horror flick, The Return of the SUV. Buried in the new tax law passed in December is provision to write off 100% (you read that correctly) of heavy Sport Utility Vehicles if it is used 100% for business. A Brief History Heavy SUV’s have long qualified under the popular Section 179 [...]