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| The Economic Stimulus Act of 2008 signed into law by President Bush earlier this year has the potential to increase your day spa’s business deductions on your 2008 tax return. J. Tol Broome, Jr., president of commercial finance at BB&T Corp. and frequent contributor for DAYSPA magazine’s Money Matters column, cites changes in the maximum expense deduction law for business owners. These changes may prove to be of help to qualified small-business taxpayers. | |||
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 On top of a hefty tax payment, spending extra money on tax planning may seem frivolous. But actually, the opposite is true when it comes to enlisting the help of a tax planner. Unlike tax preparers, who simply fill out the necessary forms to file your taxes, tax planners strategize and analyze your spa’s financials to minimize your tax bill. “Meeting now with a tax planner to develop a customized tax strategy can save you thousands of dollars in taxes,” says Larry Kopsa, a certified public accountant and partner at Kopsa Otte + Associates in York, NE. Here, Kopsa offers DS Minutes readers some of that professional advice for free. |
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There’s no forgetting that on April 15, that past year’s state and federal income tax returns were due. This deadline is also the deadline for: filing for an extension; submitting your first-quarter estimated tax payment; and making contributions to IRAs and ROTH IRAs for the tax year. But there are other dates to remember too. Be prepared by marking on your calendar these crucial IRS deadlines for the remainder of 2008:IN A DS MINUTE: Get the latest news impacting the day spa industry.
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