WASHINGTON (WJLA) – This week on Washington Business Report with ABC7 national correspondent Rebecca Cooper, we talk with Richard Levick, one of the nation’s top PR public policy strategists, about what the “guilty” verdict for former Virginia governor Bob McDonnell means, plus:
6 Tips for Tax Returns
PR Lessons Learned from the Bob McDonnell Verdict
Harry Wingo returns to D.C. roots to lead Chamber of Commerce
Harry Wingo is a man who has lived all over the world, and could have any type of high-profile job — but instead, has returned to his D.C. roots.
The D.C. Chamber of Commerce acts as an advocate for businesses in the District and Wingo, its leader, has an amazing background. Wingo has experience in the technology and Internet security sectors, acting as senior policy counsel at Google’s Washington, D.C. office, and having worked at the Federal Communications Commission.
Harry Wingo is a former Navy Seal, and told Washington Business Report’s Rebecca Cooper how and why he ended up back in the place he was raised.
6 Tips for Smart Tax Returns
This week’s Small Business Spotlight features Anne McCabe Triana’s advice on how small business owners can save money and resources.
McCabe Triana is a certified financial planner and a wealth advisor. She offered tips to Washington Business Report:
1. Keep good records. This is like the rule to eat 5 servings of vegetables a day. Everyone knows the rule, and not everybody follows it. It is incredibly important for you to keep good records to understand your numbers, and in the event you are audited. Figure out a way to organize receipts. Keep records for six years, and keep tax returns and investment statements forever + HUD-1’s and K-1’s and other items that affect basis in property for decades.
2. Have a great Certified Professional Accountant, and communicate with him/her often. You should know in November what your tax bill will be in April. Don’t only talk about what happened in the past, but more importantly, what are your projections for the next quarter? Are there expenses you can accelerate into this tax year to maximize your deductions?
3. Avoid common audit traps. Some of the common red flags for the IRS are: 1.classifying employees as independent contractors, 2. using the home office deduction (not all businesses qualify) 3. large miscellaneous deductions, and 4. differentiating personal and business expenses. Have a separate business bank account and credit card.
4. Consider offering fringe benefits such as health insurance, child-care assistance, or tuition reimbursement instead of a standard raise. These benefits are deductible to the business, and are not counted as income for the employee for payroll tax purposes.
5. With the stock market at all-time highs, consider donating highly appreciated stock instead of cash for your charitable giving. The business can deduct the current value of the stock instead of your basis, or what the business paid for it.
6. Know how your business finances impact your personal finances, and know what your “number” is — how much do you need saved to be able to retire, or for how much do you need to sell your company for (after taxes).
This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.