Let's digress this week from our typical tax discussion and discuss some tools commonly employed by business owners for analysis of their financial statements and, thusly; their business. In an earlier week, we explained the importance of financial statement analysis as we must remember the numbers on the financials are not an end in themselves. And, without trend analysis and common size techniques, it is difficult to draw any meaningful conclusions from them.

This is a general, informational piece only and not intended to provide legal advice. Each individual should seek legal advice for their own situation.

After intense lobbying efforts by the Ohio Society of CPAs and every other small business association, on April 14, President Obama signed legislation repealing the Form 1099 filing requirements that were imposed under the Small Business Jobs Act and the Pension Protection and Affordable Care Act.

Aaaah……The week after tax season (and the first full weekend home in two and half months) is the best week in a tax accountant’s life!

If you haven’t filed your tax return by now, you should probably consider filing for an extension. It is a lot easier to file for an extension than it is to amend a return later for a mistake you made trying to rush your return to completion. Even more costly is if the IRS finds a mistake you made and assesses underpayment penalties and interest.

Tax Deductions are good….Nonrefundable Tax Credits are better….and Refundable Credits are great!