Monthly Archives: May 2016

Follow these suggestions for better pricing decisions

The prices you set for your products and services affect every aspect of your business, including long-term viability, short-term profits, market share, and customer loyalty. While the guidebook or financial guru who can provide the perfect answer to this important decision doesn’t exist, tried-and-true principles can help. Here are three suggestions to arrive at reasonable pricing for your market and… (more…)

Keep track of summer rental income

Are you thinking of signing up with one of those websites that link travelers to property owners with space to spare? If you plan to offer for rent all or part of your main home, establishing sound recordkeeping procedures from day one is a good idea. In addition to a bookkeeping system to track the income and expenses related to… (more…)

Don’t lose part of your IRA inheritance to penalties

If you inherit an Individual Retirement Account from someone other than your spouse, you may be surprised to learn you have to take distributions. That’s generally the case whether the IRA is a traditional or a Roth account. If you fail to take the distributions as required, you may owe a penalty of as much as 50% of the amount… (more…)

Use the “X” forms to correct your returns

Need to correct errors on a tax return? Forms for amending already-filed returns typically have an “X” in the title, such as Form 1040X. What should you do when you discover an error on an already-filed tax return? In most cases, the answer is: prepare and file a correction or an amended return. Forms for amending already-filed returns typically have… (more…)

Nonprofits: Heed this May deadline

May 16, 2016, is the deadline for filing annual information returns for nonprofit organizations. Missing the due date three years in a row means losing tax-exempt status. The revocation is automatic and has severe consequences, including the possibility of paying income tax. The good news is that filing might be easier than you think. A nonprofit with annual gross receipts… (more…)