Category: Accounting
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W-2s
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Employers can start preparing for year-end. Before you know it, the year will be over. If you are a business owner with employees, your to-do list is quickly growing. If you issue any of your employees a holiday or year-end bonus, be sure that you are still withholding the…
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Cybersecurity and You
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We hear of a new threat, scam or hack every day. As overwhelming as this subject is, there are things that you can do that will reduce the risk of your personal and financial information from being compromised.
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Mileage Substantiation
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How do you keep track of your business mileage and could you lose that deduction in an audit? If you are a business owner, keeping track of your business travel and mileage can provide a great benefit on your tax return, but properly recording your mileage is vital. Mileage expenses…
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The Home Office Deduction
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If you regularly use your home to conduct business, you may be eligible for the home office deduction. Contrary to what some people may think, the home office deduction does not set off red flags with the IRS or make an individual more prone to being audited. This deduction allows…
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New Business Return Filing Due Dates and Penalty Changes on the Horizon
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The Fourth of July has come and gone and for many business owners the mid-summer season is an excellent time to start to look ahead and begin making decisions in preparation of the end of the tax year. Part of this process should include a review of how any recent…
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Understanding Charitable Contributions
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The IRS allows a deduction for charitable contributions made during the tax year to qualified charitable organizations. However, understanding how and when a charitable contribution is deductible can be confusing. Commonly asked questions include such topics as what is deductible as a contribution, how are the deductions claimed, and what…
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Small Business Retirement Plans
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Deciding which retirement plan is best for you and your business can be challenging. There are many different factors to weigh depending on your overall financial position. It is important to consider, how to start the plan, who the plan will cover, how much if any you plan to contribute,…
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Obamacare and You
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HOW THE AFFORDABLE CARE ACT (OBAMACARE) WILL AFFECT YOUR 2014 TAX RETURN As many of you are now painfully aware through the media, The Affordable Care Act will bring some changes to the preparation of your 2014 individual tax return. These changes will come in one of three ways. Individuals…
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Small Business gets a Break on Start Up Expenses
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Small Business gets a Break on Start Up Expenses When and how do I deduct expense incurred before I opened my business? Most new business and rental property owners will pay or incur expenses for investigating the viability of a business and expenses before actually opening the business or renting…
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Will these tax breaks be extended?
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As of December 9, 2014 there are more than 50 temporary tax provisions that have not been extended for 2014. This normally would not be an issue as tax laws change frequently. The problem is that many taxpayers are expecting them to be extended for 2014, but without Congressional action…