Richard Lipton, CPA, Author at Engine Builder Magazine
Start Planning Now for Next Year’s Taxes

You may be tempted to forget about your taxes once you’ve filed your tax return, but did you know that if you start your tax planning now, you may be able to avoid a tax surprise when you file next year? Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are six tips to give you a leg up on next year’s taxes.

6 Tax Tips for Charitable Giving

Richard Lipton, founder of Lipton CPA & Associates, says if you make charitable donations and want to claim a tax deduction for your gifts, you must itemize your deductions. He offers the following tips for giving business gifts to charity.

A Simple Retirement Plan for the Self-Employed

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive MatchPLan for Employees) is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees.

Year-End Tax Planning for Businesses

While the fate of several business-related tax extenders such as R&D credits, bonus depreciation and Section 179 expensing that expired at the end of 2013 is uncertain, there are still a number of end of year tax strategies businesses can use to reduce their tax burden for 2014.

7 Common Small Business Tax Misperceptions

One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The old legal saying that “ignorance of

Tax Change Checklist for Engine Shops

It’s that time of the year again — time to pass out those W2 forms to your employees. And with the start of a new year, it’s always a sure bet that there will be changes to the tax law, and 2014 is no exception. From health savings accounts to retirement contributions and standard deductions,

Tax Planning for Small Business Owners/Engine Shops

It is to your benefit to review your income and expenses monthly and meet with your CPA or tax advisor quarterly to analyze how you can take full advantage of the provisions, credits and deductions that are legally available to you. Running a hands-on engine shop can keep you pretty busy and at times, you

Protect Your Business with the Right Insurance

Having the right kind of insurance is critical to your business and multiple insurance policies should be in place before you even open • Commercial Business Insurance: Commercial Property Insurance policies are either all-inclusive or risk specific and protect your office and its contents from damage caused by natural disasters, fires, or vandalism. your doors for

2012 Tax Changes For Businesses

Standard Mileage Rates: The standard mileage rate in 2012 is 55.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations. Health Care Tax Credit for Small Businesses: Small business employers who pay at least half the premiums for

Protecting Your Business With The Right Insurance

Running a business is expensive and the capital that you’ve poured into your company can disappear in an instant if a major weather event damages your facility, or if someone in your shop gets injured while on the job. Having the right kind of insurance is critical to your business and multiple insurance policies should

7 Common Small Business Tax Misperceptions

The old legal saying that "ignorance of the lawis no excuse" is perhaps most often applied in tax settings and it is safeto assume that a tax auditor presenting an assessment of additional taxes,penalties and interest will not look kindly on an "I didn’t know I wasrequired to do that" claim. On the flip side,

How To Get Paid On Time

The following suggestions will help your business improve its cash flow and tighten up its credit and collections policies. Some of the tips discussed here may not be suitable for every business, but can serve as general guidelines to give your company more financial stability. • Define Your Policy: Define and stick to concrete credit