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Advice, articles, and resource reviews from the small business editors at CPAPro. Click on ‘comments’ at the bottom to ask a question or view other comments. Coming soon: add your own blog entries.

It's Tax Time Again!

February 5th, 2009
This time of year in small business and among individuals is like a race against the clock. We will spend a good amount of time locating, organizing and filing tax documents to the Internal Revenue Service.

Many small businesses enlist the help of an accountant to help navigate the maze of tax filing. However, the IRS provides a one-stop tax information center to help small businesses and the self-employed properly file their taxes. Of course, accountants will find these resources quite helpful too with up-to-date tax rules and regulations.

Learn about filing requirements for both self-employed individuals and small businesses with employees.

Find out what business expenses are tax deductible and how you can benefit from depreciating capital equipment purchases.

Short audio and video presentations help you easily learn about the complex subject of business taxes.

Visit and learn all the facts so your tax filing will go smoothly.

Business Tax Ratings: Which States will you pay the Least

January 21st, 2009
The share of small business profits and personal income you are required to give the state in the form of taxes is a big consideration.

See where your state ranks and which provide the best business tax climate in the 2009 State Business Tax Climate Index. Recently released by the nonprofit Washington research firm The Tax Foundation, this report examines unemployment insurance, income, property, business profits and sales tax rates.

Of course, other factors contribute to a state's overall business climate - labor force, the market for products and services, proximity to suppliers and quality of life are just a few.

For 2009, the following are the 10 best states in the rankings:

1. Wyoming
2. South Dakota
3. Nevada
4. Alaska
5. Florida
6. Montana
7. Texas
8. New Hampshire
9. Oregon
10. Delaware

The 10 worst states in 2009 in regard to their tax climate are:

41. Minnesota
42. Nebraska
43. Vermont
44. Iowa
45. Maryland
46. Rhode Island
47. Ohio
48. California
49. New York
50. New Jersey

Tax Issues in the 2008 Election

November 4th, 2008
Across America, people are going to polls in record numbers to elect a new president. Accounting firm RSM McGladrey has produced a great scorecard detailing the two major party candidates' tax proposals.

But in 23 states, voters will also be deciding on various tax issues, which could have far reaching implications.

Probably the most significant is in Massachusetts, where a measure is on the ballot to get rid of the state's income tax by 2010. If it passes, Massachusetts will become the 10th state without an income tax.

Other big tax proposals are on the ballot in North Dakota, where voters will decide whether to lower the state's corporate tax rate by 15% and the personal income tax rate by 50%. In Oregon, voters will decide whether to lift the cap on the federal income tax deduction they can take on their state income tax return.

Tax Foundation counsel Joseph Henchman has produced an overview of all of the proposals across the country, summarizing pros and cons of each.

Check back soon for results and analysis of their implications!
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