Plummeting unemployment insurance funds and rising state debt will likely trigger a “solvency tax” on many Michigan employers beginning in January, the Michigan Unemployment Insurance Agency (UIA) said.

Here are the key tax-filing deadlines for 2009. Keep this tax calendar handy for reference throughout the year.

You may know the pride and thrill of playing with OPM—other people’s money. In 2008, Freddie Mac and its former CEO, Richard Syron, gave an example in how not to play the game--and a lesson in leadership...

It’s important to understand the tax difference between “repairs” and “improvements.” Expenses for repairs can reduce your tax liability for 2008. But there’s little tax incentive to rush into improvements. Here's why ...

Business is bad for many businesses. Worst of all, you may have difficulty collecting payment for products delivered or services already performed. Strategy: Step up your collection efforts. If you don’t receive payment before year-end, you may be able to deduct the amount as a “bad business debt” on your 2008 return.

Q. We switched from a C corporation to an S corp. Now, my accountant says we owe a passive tax. Can this be right?

The economic stimulus law creates a tax incentive to buy business equipment this year. Under the new law, your business can claim “bonus depreciation” for qualified new (not used) business assets placed in service before 2009. But you may not derive any tax benefit from year-end purchases if you expect a loss this year ...

The following tips will help preserve the relationship...

In the normal course of events, your company can benefit from the “half-year convention” under the Modified Accelerated Cost Recovery System for property placed in service by Dec. 31. The property is treated as being placed in service on July 1, so you benefit from a half-year’s worth of depreciation on this year’s return ...

Angel terms can be structured in a variety of ways but generally fall into one of three funding categories...

Your company can deduct the travel expenses of its employees—including the owner—related to its business activities. Example: You might visit a client 500 miles away to pitch a business deal. In that case, you can write off the travel expenses such as air fare, lodging and 50% of your meal costs. Strategy: Change the schedule of trips planned for early next year ...

In a sign of the times, your business may want to switch its method of accounting to reflect current economic conditions. Consider changing to LIFO for 2008. This method is particularly beneficial if prices have escalated in your industry.

A desired return of five to ten times their initial investment within a five year time frame is common.

Generally, a business can deduct 50% of its entertainment and meal expenses that either follow or precede a substantial business discussion with a client. Since things tend to get hectic around the holidays, make your plans now. This will enable you to maximize entertainment expense deductions for 2008.

The IRS recently issued a warning, reminding employers that they remain responsible for paying payroll taxes on time, even if their outsourcing partner fails to do its part.

When seeking a private investor, the entrepreneur should seek an investment partner with whom he or she can comfortably work and communicate

As part of the federal bailout law, Congress passed legislation extending several expired tax breaks and patching the AMT once again. Here's what the “Economic Stabilization Act of 2008” includes.

Usually, employee bonuses are deducted in the year they are paid and taxable in the year they are received. Example: If you pay out bonuses in January, you can’t deduct them on a 2008 return for a calendar-year corporation. But a special exception applies to accrual-basis companies: The bonuses can be currently deducted if they’re paid within 2½ months of the close of the tax year.

This team will be able to assist the entrepreneur in developing a professional business plan.

According to a new survey by SurePayroll, 81% of small business owners say they’ve never received outside equity or debt financing.

The IRS recently issued a warning, reminding employers that they remain responsible for paying payroll taxes on time, even if their outsourcing partner fails to do its part.

An investor plan is not the same as a business plan.  It is a short summary of the investment opportunity set forth in a one-page outline or “term sheet.”

Q. We pay our nonexempt employees weekly on a salary basis, no matter how many hours they work during the week. These employees have not worked overtime hours in the past. However, the company’s operations have changed, and we expect to require some overtime work in the near future. Will we have to pay the employees time-and-a-half for those overtime hours? ...

Q  My father passed away this year. Can we deduct his funeral expenses on his 2008 return?

No serious angel will consider the opportunity without a comprehensive plan.  There are multiple necessary components of the business plan...