If your business is managing to weather the uncertain economy so far, don’t rest on your laurels. Things can turn bad in a hurry. Here are five danger signals for business owners to heed. [continue]

Prior to its annual Memorial Day recess, Congress passed two new laws that pinpoint tax breaks for certain taxpayers. Here are some of the highlights. Heroes Act: Officially titled the Heroes Earnings Assistance and Relief Tax Act of 2008 (more commonly known as the Heroes Act or HEART Act), this new law provides a number of tax benefits for military personnel and their families. The changes include, but are not limited to, the following: [continue]

One of your best employees has just notified you that he or she is leaving the job. This presents several ticklish issues. Should you try to convince the employee to stay? Or should you tell the worker to clear out immediately? This article will provide some insights into an employer's quandary. Caution: Every situation is different, so rely on this material only as a general guideline. [continue]

Suppose your company offers store customers a rebate if a local team wins the championship. What are the tax ramifications? A new private letter ruling is a good indication. [continue]

The cost of gas has soared to unprecedented heights in 2008. Are there any tax breaks to salvage from this difficult situation? Unfortunately, you cannot deduct the cost of traveling back and forth from work in your car, but business drivers may write off certain "commuting" expenses. Here are five common examples when you may qualify for tax write-offs. [continue]

Standard Mileage Rates-Due to rising gas prices, the IRS has increased the standard mileage rate for business drivers for the last six months of 2008. From July 1 through December 31, the rate is 58.5 cents per mile (plus related tolls and parking fees), up from 50.5 cents per mile. The rate for medical and moving expense travel increases to 27 cents per mile (up from 19 cents per mile). [continue]