Posting by:  Geoff Brown
Date: January 11, 2010

A CPA down to my soul, I decided to focus on a few tax items for my blog post this month – I just can’t help myself.  There were a couple tax relief items for businesses that were passed into law last year and may be of some interest to family businesses. 

Nothing but Net – Net Operating Loss Carryback

The first tax change is for Net Operating Loss Carryback.  This measure, to get a refund of tax monies back to small businesses carrying losses, had been limited to two years, but has now been extended to five.  The carryback to the fifth year is limited to 50% of the income for that year.  This is an attempt to provide businesses that suffered losses an opportunity to recover back taxes paid and boost cash flow.  Another relief item is the change in “Section 179” expensing.  This provision allows you to write off tangible personal property in the year placed in service, instead of depreciating it over several years.  For tax years beginning in 2009 the write-off amount is now $250,000, which is double the amount allowed in 2008.

Posting by:  Debra Andrews
Date: December 23, 2009

Well, we’ve been seeing them trickle in since around Thanksgiving.  Snowy scenes, stockings, warm wishes, thanks, reflections on the year and hopes for the following one.  Some secular, some specific to a creed, religion, etc.  Names are printed mostly, sometimes signed, and occasionally there is a picture taken just for this.  What are these December darlings?  The company holiday cards.

Posting by:  John Morris
Date: December 22, 2009

Turn on the news and you cannot avoid it; open the paper and it smacks you across the face; look on the Internet, and there are videos spoofing it… 

To what am I referring, you ask?  The phrase “IN THIS ECONOMY,” usually either preceded or followed by an explanation of how someone is coping or struggling with the bad economy.  There is the perfect storm of unemployment, potential tax hikes, healthcare debates, credit crunch and possibly a looming period of hyperinflation.  This is great news… for the news stations; however, for individuals and business owners, we cannot escape the doom and gloom, and all we want to know is:  What should we be doing IN THIS ECONOMY?