Thursday, January 29, 2009

Chicago's Snow and Ice Ordinance

Yes, I am a pedestrian for most of the year. I use our public transportation system and have to admit that it sure makes for less stress. So when I got this tidbit from one of the Alderman offices I just had to share (of course I did a little jig first).

During these cold winter months please remember to shovel your sidewalk, not only is it the neighborly thing to do, but it is also the law.

We are all pedestrians at some point in the day, whether walking to the bus, to a car, or to a neighborhood store. Without a wide, clear path, snow and ice on the sidewalk make it difficult for everyone - especially people with disabilities, seniors, and children - to walk safely.

Be a good neighbor and offer help to those in your community who are physically unable to clear their own sidewalks.

Click here for more information.

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posted by The Office Grapevine at 11:46 AM 0 comments

Monday, January 19, 2009

A Quick Reminder for All Small Business Owners

So I've been working on 1099's this past week and wanted to give everyone a reminder. January 31st is on a Saturday so you have until February 2nd as the mailing deadline for your 1099's and W-2's. The deadline for form submission to the IRS/SSA is March 31st.

Thanks to the excellent advice from Deb Howard Greenleaf of Greenleaf accounting you can also go to this website and submit your own W2 and 1099 forms electronically for under $5 per form.

Happy Accounting!!

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posted by The Office Grapevine at 8:06 PM 0 comments

Tuesday, January 13, 2009

Some Breaking News from AIPB

I just received this great information from the American Institute of Professional Bookkeepers. Be sure to speak with your financial advisor to verify if this does in fact impact your situation.

An unpleasant surprise may await
S corp and partnership owners

Under recent IRS guidelines, owners may not receive the full benefit of the 2008 Sec. 179 write-off of $250,000. The IRS says that the deduction applies separately to the entity v. individual owners. (Here, "owner" refers to both the S corp shareholder and the partner in a partnership.)

The amount of Sec. 179 pass-through an owner can deduct will depend on the maximum Sec. 179 deduction allowed in the owner's tax year—not the S corp's or partnership's tax year. This is potentially bad news for owners who have a calendar tax year who receive a pass-through Sec. 179 deduction from an S corp or partnership with a fiscal year. Here's what to tell company owners:

Entity treatment. An S corp or partnership with a tax year beginning in 2007 and ending in 2008 has a Sec. 179 ceiling of $125,000 for property placed in service in 2007. An S corp or partnership with a tax year beginning in 2008 and ending in 2009 has a Sec. 179 ceiling of $250,000 for property placed in service in 2008.

Owner Treatment. A calendar-year shareholder or partner has a Sec. 179 deduction of up to $250,000 when:
  • property is placed in service by the entity during 2008.
  • the pass-through portion of any Sec. 179 deduction(s) to the owner occurs in 2008 and that owner has a taxable year ending in 2008.

Here is the potentially bad news: Say that the entity's tax year begins in 2008 and ends in 2009, giving it a maximum Sec. 179 deduction of $250,000—but the pass-through to the owner occurs in 2009 and the owner has a calendar tax year in 2009. The maximum Sec. 179 deduction for that owner will be limited to the 2009 maximum Sec. 179 deduction of $125,000 (plus any inflation adjustment).

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posted by The Office Grapevine at 7:58 AM 0 comments

Monday, January 12, 2009

Free Download of Suze Orman's latest book

I just received this link from a friend of mine and wanted to share. This link will only last until January 14, 2009.

http://www.oprah.com/article/oprahshow/20081119_tows_bookdownload

The book outlines what happened in the market and how it affected the economy today. So even if you don't have any time to read it, then be sure to download the file and then save it for later.

It looks to be a great read.

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posted by The Office Grapevine at 6:33 PM 0 comments