An Aside: Consult a Tax Expert

I've been getting several questions over the past week from readers who are anxious about getting their income taxes done, and they've asked for more information. I totally understand your anxiety especially as we march closer to the due date, but I just want to stress that I'm not an expert.

Be sure to consult with your own CPA or tax advisor who has knowledge about current tax laws. It's a slippery slope out there, and I'm not talking about the blizzard that hit the Denver metro area yesterday! There are so many ways to make mistakes, especially when you graduate from an EZ form to an itemized deduction format. I've worked with my CPA for more than a decade. He's quite aggressive, but I've learned to trust in his decisions. Find someone in your area that you can trust in too!

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).