Before you know it, another year will be here. If you are like many small-business owners, you have had to take your lumps in 2008. Revenues have been down and outstanding debts have been up. What can you do to improve your situation next year in this uncertain economy? Start with a plan. Specifically, we are referring to a comprehensive business plan. The plan may serve as a blueprint for the coming year. Here are five good reasons for putting such a plan in place. [continue]

It takes a lot of hard work to get into top physical shape ... and even more work to stay there. Usually, the effort is well worth it. The same thing is true for staying "financially fit," especially in the current economic environment. Although there are no guarantees, the following regimen can serve you well throughout the coming year. [continue]

How do you distinguish interest expenses on your tax return? There are four main "baskets" of interest expenses for this purpose (although there are technically other categories of "interest" in the tax law). Here are the key points you should know about. [continue]

Is a family member entering an assisted living facility (ALF)? Part of the cost may be deductible as a medical expense. [continue]

The Emergency Economic Stabilization Act of 2008 was signed into law on October 3, 2008. This "rescue plan" authorizes the purchase of financial assets through a special government program. It also curbs excessive compensation for executives of financial firms and provides relief to some beleaguered homeowners. [continue]

*Tax Wrapper on Gifts-If your company gives small holiday gifts to employees, they may be exempt from tax as de minimis fringe benefits. Reason: It's impractical to value the gifts. But there is no official dollar limit on this tax break. Example: In a new private ruling, a firm did not impose any tax on gifts it valued at less than $50. But the IRS said the firm could not use a plan with this arbitrary limit to determine tax-free fringe benefits. [continue]