Growing Pains: 20 Tips Every Business Should Know

Quickbook Intuit's website offers a great list of the "20 Tips Every Business Should Know" to its customers to help them create a more efficient and profitable company. I wanted to begin offering this resource on my blog every Sunday in the "Growing Pains" post. Since I'm meeting with my CPA early next month to do my taxes, I thought this list would be helpful for you and me:

TAX TIPS

Here are some updates for the 2007 tax year. But realize that all tips may not be applicable in your area, so please consult your tax advisor.

1) The mileage rate for 2008 business has increased from 48.5 in 2007 to 50.5 cents.

2) Your 2007 tax refund can be deposited directly into an IRA account.

3) If you are a husband/wife partnership: A qualified joint venture is not treated as a partnership for tax purposes. Each spouse takes into account his or her share of income and expenses on a Schedule C.

4) Subject to certain limitations, an employer can make one-time balance transfers of an employee's Flexible Spending Account (FSA) or Health Reiumbursement Arrangements (HRA) to a Health Spending Account (HSA).