Keep a copy of your return forever.

There is limit on the number of years the IRS can go back to review taxes for a year in which no return was filed. Keep a copy of the return, along with proof of filing—a certified receipt for a paper return or an electronic acknowledgment from the IRS for an e-filed return.

Disaster Relief Payments

When disaster strikes, the federal government may provide needed assistance. The Federal Emergency Management Agency (FEMA) steps in to provide grants and other assistance to affected individuals and businesses. (For more information about disaster assistance, check www.fema.gov.) To avoid adding insult to injury, certain government assistance can be received tax free.

You are not taxed on disaster relief payments you receive from federal agencies or charitable organizations to cover personal expenses. There is no dollar limit on the amount you can exclude from income. Your exclusion does not depend on your income or need.

With the expansion of social networking phenomenon online, many small business owners question whether they should utilize these sites for small business marketing. If so, which sites would be the most useful to grow a business? This article will outline a few of the more popular social networking sites online and show the benefits of each site.

When to tie the knot?

While marriage is a highly personal decision, don’t ignore the impact it can have on your taxes. Whether you can file a joint return or are unmarried for tax purposes depends on your marital status on the last day of the year.

Acquiring an 8(a) Certification can be extremely beneficial to your business. Federal acquisition policies encourage Federal agencies to award a certain percentage of their contracts to Small Disadvantaged Businesses Certified businesses.

Don’t respond to any e-mail that seems to come from the IRS.

The IRS DOES NOT send e-mail to taxpayers. The official looking online correspondence is merely a phishing expedition to obtain your personal information so identity thieves can steal your identity. Don’t respond. When in doubt, call the IRS at 800-829-1040 to inquire.

Tax-free income from a vacation home.

Rent out your home for no more than 14 days during the year and all the rental income is tax free (you don’t even have to report it on your return). You still get to deduct the property taxes and mortgage income (within limits), but you can’t deduct maintenance costs or depreciation.

You may be considering starting a small business and you need to decide whether or not you should operate your business from a home office or if your small business will require a more traditional office setting. Below you will see 5 reasons to operate your business from home if your specific business allows for home-based operations.

Summertime for many people means vacation time and travel opportunities. As summer rapidly approaches, recognize that the type of vacation you schedule can produce favorable tax results.

Combine Business with Pleasure

If you travel out of town on business, but tack on vacation days at the beginning or end of your trip, the business portion of the trip is deductible. This means all of the cost of the airfare is a business deduction as long as the trip is primarily for business. There is no bright line test for "primarily," but most experts agree that the majority of days must be spent on business or there must be some special business reason for the trip.

Expecting the birth of a child this year?

This means you’re in a position to keep more of your paycheck now. You’ll be entitled to a full dependency exemption for this new child (the exemption is not prorated to birth), which will cut your taxes for the year.

Best strategy: Instead of waiting until you file your return to see this savings, get the benefit now by increasing your withholding allowances so less income tax is withheld from your pay. Just file a new Form W-4with your employer (not with the IRS).

 “Money management is all about what you do with your money and mind management is about what you allow money to do to you.”

At the end of the day money is simply an exchange for goods and services. If you can offer something to someone that has value to them then you can make money. People who excel in financial excellence don’t focus on how much money they make, but rather see money simply as a bi-product of what they choose to do in life. They are in a position where they control their money without their money controlling them and this is through developing both the mindset and knowledge base that allows them to be “money smart” in life.

SCORE CEO Ken Yancey says, “When it comes to getting ahead in business, it’s all about making the rights moves at the right times. At SCORE, we share secrets for success, based on having helped more than 8.5 million entrepreneurs. This year, we’ve come up with our top 10 list to make 2010 a profitable year for America’s small businesses.”

SCORE’s Top 10 Secrets for Small Business Success in 2010

1. Grow your customer base. Understand your customer demographics and why they buy your products and services. Win clients over with new and diversified products. Offer multiple price points and create packages or customizable plans, which give your customers greater freedom and flexibility.