I have added a section to my web site regarding buying and selling Virginia businesses.  I have handled many transactions for clients on both sides and thought it would be helpful to lay out the process. 

There are five basic steps whether you are buying a Virginia business or selling one.  The steps are different, of course, depending on which side of the transaction you are on.  Check it out and, if I can be of assistance with your Virginia transaction, just let me know.

Have you ever wondered how many non-profit organizations there are in Virginia or how many people in Virginia are involved in non-profits?  An interesting article today in the Richmond Times-Dispatch shares some statistics on this subject.  Some of the highlights (from a study using data from 2005) are that:

1. One in seventeen employees in Virginia work for a non-profit;
2. Non-profit employees in Virginia earned more than $8.2 billion in wages;
3. In 2005, there were 10,414 non-profit organizations in Virginia (and that number is growing), with the highest number of employees in non-profits working in hospitals.

Check out the article for more interesting facts about non-profits from the study mentioned in the article. And for more information on starting your own  Virginia non-profit, check out our Virginia non-profit section.

If you have employees that earn the minimum wage, their hourly wage went up today to $6.55 per hour.  Previously, the minimum wage under federal law was $5.85 per hour.  Effective today, July 24, 2008, it has been raised to $6.55 per hour and you should adjust your payroll accordingly.  It is also worth noting that the minimum wage will rise to $7.25 per hour next year.

Now that we’re into 2008, business owners should be aware of several tax changes for the new year that will affect your finances when it comes time to file your 2008 taxes. 

• the social security taxable wage base is now $102,000 (versus $97,500 for 2007)
• the maximum deductible limit for IRA’s (traditional or ROTH) is now $5,000 (up a thousand from 2007)
• the business mileage deduction is now 50.5 cents per mile (up two cents per mile from 2007)
• the standard deduction has increased - for married filing jointly it is now $10,900 and for single/married filing separate it is $5,450 (a slight increase of $200 and $100 respectively)
• the personal exemption is now $3,500, up a hundred dollars; and
•  the annual exclusion for gifts given remains the same as last year at $12,000

Knowing these changes now may help you take full advantage of them during the year.  If you are aware of other tax issues that affect you every year, check the IRS web site at IRS.gov to see if there has been a change or consult with your CPA.