Website Vistor, welcome to The Advisor for May 1, 2008.

  Great Advice from Bader Martin

Walter Smith, CPA 
Managing Shareholder

The potential benefits of a compressed workweek are many: less traffic congestion, reduced gas consumption and corresponding pollution, an enhanced ability to balance personal and work commitments―and don't forget the three-day weekends!

One study even found that a flexible work environment promotes healthier lifestyle habits.

This year, Bader Martin is piloting a program of compressed workweeks during the summer months. Beginning the week of May 12 and extending through the week of August 11, we'll be working longer hours Monday through Thursday and closing the office on Friday.

It's important that you know our new schedule does not mean we will be unavailable if you need us on a Friday.

Our commitment to serving our clients and professional colleagues remains our top priority. If we're needed for a meeting or other event on a Friday, we'll be there. If we need to work on a Friday to meet an important deadline, we'll do so. In addition, all of our professionals will monitor voicemail and be available to return phone calls during what would otherwise be normal Friday business hours.

We're excited about the benefits of our new, flexible approach to the summer. If you have questions or concerns about its potential impact on you, please let us know.

Click Full Article for instructions on leaving voicemail messages in either Bader Martin's general mailbox or the personal mailboxes of our staff members.

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Andrea Bonaccorsi, CPA 
Manager, Tax Services

Apparently actor Nicolas Cage can't, at least according to the IRS. Cage is accused of wrongly deducting more than three million dollars in personal expenses―including meals, gifts, travel, and even his private jet!

Some of Cage's disputed deductions were claimed on his personal tax return, others on the return for his business, Saturn Productions. The IRS also considered the disallowed Saturn Productions deductions to be salary and dividends to Cage, and therefore taxable on his personal return.

All told, the IRS claims that he owes nearly two million dollars in taxes and penalties. Cage's business manager claims that the expenditures are deductible business expenses because they are customary in the entertainment industry.

Who's right? If you're not always sure of the difference between personal and business expenses, it seems you're in good company.

Click Full Article to learn more about the rules for deducting business expenses.

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  Timely Opportunities

Gasoline prices are at record highs with the nationwide average cost-per-gallon hitting $3.57 last week. That makes fuel a prime target for cost-cutting. Here are some smart ways your company can help boost its bottom line by taking smart driving and vehicle maintenance steps.

 What is the most expensive state to buy gas? Which passenger vehicle is the most fuel-efficient? Click "Full Article"
Copyright © 2008

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  Business Tax

Here's a business rule you don't ever want to break: Don't borrow from payroll taxes withheld from employees. The IRS views this money as sacred. That's why the penalties involving these funds are severe. You need to know who will be considered liable if payroll taxes go unpaid. Read the "Full Article" for an important heads-up.
Copyright © 2008

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  Personal Tax

The tax rules for claiming charitable contribution write-offs have changed several times in recent years. In general, it is now more difficult to qualify for a tax deduction. Here is a rundown of the recordkeeping rules and other requirements you need to follow in order to claim a tax break for gifts to eligible charities.
Copyright © 2008

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  Latest Business Headlines

UAE guarantees bank deposits, savings
middle-east-online.com - Mon, 13 Oct 2008 09:40:49 GMT

Markets rally as India moves to reassure investors
gulfnews.com - Mon, 13 Oct 2008 09:39:56 GMT

World leaders offer up cash
thenewstribune.com - Mon, 13 Oct 2008 09:31:59 GMT

Shares in Europe stage powerful comeback
nigeriasun.com - Mon, 13 Oct 2008 09:30:54 GMT

Qimonda to sell Inotera stake to Micron, to cut 3,000 jobs
marketwatch.com - Mon, 13 Oct 2008 09:28:28 GMT

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  Disclaimer of Liability

The subject matter contained in this newsletter is often complex, with nuances that cannot be fully described in a single article or announcement. It is therefore vital that you consult with us -- and your legal and investment advisors, as appropriate -- before implementing ideas contained in the newsletter. Bader Martin, PS is not responsible for misinterpretations, errors, or omissions related to the content of this newsletter. Nor are we responsible for its applicability to your personal, business, or tax situation.