Skip to main content

Whaddya know how to maximize your deduction for your business needs.

Year 2009 is to keep more cash for your business needs, to maintain your business operations and stay in business. I've read this article from CNN today titled "2009: Keep more cash!" I've got some useful informations for me to consider when filing my tax returns. Though just like other entrepreneurs out there, I have many questions to ask.

Profit from losses:
This is getting interesting when I continue to read the article. You can actually recoup some of the money by executing what's called a net operating loss (NOL) carryback. This is the first time I've learned about this specific tax code.

"Here's how the carryback works. Say you lost $1 million in 2008 after turning a $500,000 profit in each of the previous two years. You carry the loss backward by having your accountant amend your 2007 tax return to offset the entire profit for that year. You would then be due a refund on any federal taxes you paid on that profit - and state taxes in roughly a third of the states. You would still show a loss balance of $500,000, which you could carry back to 2006 and offset your profit for that year as well." (2009, CNN)

You can carry a NOL forward to offset profits for up to 20 years.

Though after reading this example computation, I'm still in the dark side figuring how can I apply this to my business? Who's my accountant HR Block? I'm planning to use Turbo Tax this year tax returns. Woow!

Sometimes, I asked myself why I choosed B.S. Computer Engineering and not Accounting or Financial Management. Well that's another story to tell.

Read the full story here.

Popular posts from this blog

Alternative Social Networks

If you are planning to create your social network e.g. similar to Facebook. Here's a short list of alternative software's:

Open Source and Free​
http://buddypress.org/ - Wordpress (Open Source and Free)http://elgg.org/ - (Open Source and Free)Commercial Social Networks software
http://www.socialengine.com/ ($299 Stand Alone, $29/mo Cloud)http://www.jomsocial.com/ (run with Joomla, need to know CMS)http://www.boonex.com/ (very expensive, $399 for Standard)http://www.anahitapolis.com/http://www.oxwall.org/http://sharetronix.com/http://www.moosocial.com/http://www.jcow.net/http://phpdolphin.comhttp://www.grou.ps (from free to Commercial, I left my networks and they are selling it http://www.phpfox.com/ (I used this before, it's hard to maintain. I moved to NING but left too after it was sold to another company)http://www.ning.com (I don't recommend using this service, it's hard to export your data when it's time to move)Something to check when selecting your next soc…

Example of Out of Office Reply for Terminated Employee

This is a sample message that I used for terminated employees, unless HR staff specified a different message.
=== Example for KING.NET Employee === John Doe (employee or consultant) is no longer with KING.NET effective June 1, 2008 (termination date). For matters relating to "Project Name here" please direct your concerns to John Smith at johnsmith@king.net (Manager or Supervisor). For all other matters, please direct your email to Mary Smith HR at marysmith@king.net.
Please call our main office 703-345-6789 if you have other concerns.
Thank you.
=== end of message ===

Frequent Account Lockout in Active Directory

I have a user in Windows Pro 7, and Windows Server 2003 environment that is frequently account locked out. I tried many different scenarios to resolve this account lockout issue, from resetting his password, changing a new password, remove and re-join the domain, rebooting the workstation and active directory servers.

I tried to use the command prompt utility to run "rundll32.exe keymgrdll, KRShowKeyMgr" (case sensitive) to delete the account in Windows 7 password cache, and still no luck.

Still searching for answer ... Let me know if you encounter a similar issue in Windows Pro 7 and Windows Server 2003.

Continue reading updated post here:
http://www.whaddya.com/2011/09/windows-needs-your-credentials.html