Monday, June 25, 2007
$800 HAIRCUT
Check out this article that appeared in a recent article in MSN Money by Rachel Lehmann-Haupt. Make sure that you check out the videos. Microsoft Money Article
Friday, June 15, 2007
KNOWLEDGE IS POWER
“Knowledge is power” is a concept that we constantly focus on in our office. Persistently striving to improve ourselves makes us better at what we do and helps to improve our lives.
Nothing exemplifies that concept more than the results I saw this week at the Salon Training International Advanced Training Course in Carlsbad California. I was honored to be asked to participate as a speaker at this three day event. My one half day topic was Income Tax Savings for Salons and Spas, or as I like to call it, “How to Keep Uncle Sam out Of Your Pocket.”
As I observed the extremely valuable information and the ideas that the leaders, Julie Shepperly and Deb Hunt, shared with the participants, I could see the excitement and the enthusiasm to put these concepts into place in their salons. Beyond the focus that the leaders brought to the group, I am sure the networking that was taking place alone was worth the price of the course. As the owners and managers shared their successes and their problems, the group worked together to benefit from each others experiences and knowledge.
If you are interested in making more money and taking your salon or spa to the next level, I encourage you to check out the upcoming courses on their website at http://www.salontraining.com/.
Nothing exemplifies that concept more than the results I saw this week at the Salon Training International Advanced Training Course in Carlsbad California. I was honored to be asked to participate as a speaker at this three day event. My one half day topic was Income Tax Savings for Salons and Spas, or as I like to call it, “How to Keep Uncle Sam out Of Your Pocket.”
As I observed the extremely valuable information and the ideas that the leaders, Julie Shepperly and Deb Hunt, shared with the participants, I could see the excitement and the enthusiasm to put these concepts into place in their salons. Beyond the focus that the leaders brought to the group, I am sure the networking that was taking place alone was worth the price of the course. As the owners and managers shared their successes and their problems, the group worked together to benefit from each others experiences and knowledge.
If you are interested in making more money and taking your salon or spa to the next level, I encourage you to check out the upcoming courses on their website at http://www.salontraining.com/.
Sunday, June 10, 2007
IRS WARNS ABOUT A NEW E-MAIL SCAM
The Internal Revenue Service warned Thursday of new e-mail scams that try to get businesses or individuals to open an attachment or send a reply, actions that could damage their computers.
The agency said scammers are sending e-mails falsely claiming that someone is under investigation by the Internal Revenue Service or that a complaint has been filed with the Internal Revenue Service. The message asks the recipient to reply to the e-mail or to open an attachment.
The Internal Revenue Service said computer users should forward such messages to phishing@irs.gov and then delete them to avoid bringing the virus into the computer.
Other scams offer “refunds” or send computer users to a fake Internal Revenue Service Web site that asks for bank account numbers. The Internal Revenue Service said it does not send unsolicited e-mails or ask for personal or financial information online.
The agency said scammers are sending e-mails falsely claiming that someone is under investigation by the Internal Revenue Service or that a complaint has been filed with the Internal Revenue Service. The message asks the recipient to reply to the e-mail or to open an attachment.
The Internal Revenue Service said computer users should forward such messages to phishing@irs.gov and then delete them to avoid bringing the virus into the computer.
Other scams offer “refunds” or send computer users to a fake Internal Revenue Service Web site that asks for bank account numbers. The Internal Revenue Service said it does not send unsolicited e-mails or ask for personal or financial information online.
Wednesday, June 6, 2007
YET ANOTHER NEW TAX LAW
Moments before stealing away from Washington under the cover of darkness for the Memorial Day recess, our beloved Congress passed yet another major new tax law (the fourth one in the last 13 months). This latest effort is called the Small Business and Work Opportunity Tax Act of 2007 (the Act). President Bush signed it into law on 5/25/07. The stated purpose of the legislation was to provide small business owners with tax relief to help offset the cost of the newly increased federal minimum wage. However, the Act also includes “revenue raisers” (better known as tax increases) to pay for the tax relief. If this makes sense to you, consider running for Congress yourself. Anyway, below is a link to a site that summarizes the provisions in the new law. We will cover the biggest piece of bad news first.
Unfavorable New Kiddie Tax Rules
If it seems like it was just a short while ago that Congress made anti-taxpayer changes to the Kiddie Tax rules, you’re right! Last year’s Tax Increase Prevention and Reconciliation Act (TIPRA) included unfavorable new rules that were retroactive to 1/1/06 for affected calendar-year individuals. Ouch!
Now Congress has gone and done it again. This time, however, the new anti-taxpayer rules won’t take effect until tax years beginning after 5/25/07, which means starting with 2008 for calendar-year individuals.
Here’s the gist: for 2008 and beyond, the Kiddie Tax can potentially come into play until the year during which a child turns 24. This used to be age 14 and was one of our keys to planning for post highschool education. It finally cuts out for that year and for all subsequent years. In other words, the term “Kiddie Tax” will soon become a complete misnomer.
Here is the link to all of the new tax changes.
http://www.quickfinder.com/intranetfiles/135199/smallbizact.pdf
Unfavorable New Kiddie Tax Rules
If it seems like it was just a short while ago that Congress made anti-taxpayer changes to the Kiddie Tax rules, you’re right! Last year’s Tax Increase Prevention and Reconciliation Act (TIPRA) included unfavorable new rules that were retroactive to 1/1/06 for affected calendar-year individuals. Ouch!
Now Congress has gone and done it again. This time, however, the new anti-taxpayer rules won’t take effect until tax years beginning after 5/25/07, which means starting with 2008 for calendar-year individuals.
Here’s the gist: for 2008 and beyond, the Kiddie Tax can potentially come into play until the year during which a child turns 24. This used to be age 14 and was one of our keys to planning for post highschool education. It finally cuts out for that year and for all subsequent years. In other words, the term “Kiddie Tax” will soon become a complete misnomer.
Here is the link to all of the new tax changes.
http://www.quickfinder.com/intranetfiles/135199/smallbizact.pdf
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