Interesting quick tips on travel and entertainment meals. Watch the Video! You must have records to prove the business purpose, the amount of each expense, the date and place of the entertainment, and the business relationship of the parties entertained…
When you go into business, your focus would be on building a better widget, serving a specific customer, or the like, and not on bookkeeping. I would recommend delegating such tasks. Here are some questions that you should ask: "How…
Who do you need to give a 1099 to? how do you provide the subcontractor a 1099 Recommendation to all of the business owners, which will make 1099s much easier, is to ensure that before you pay anyone, do not…
A critical mistake some business owners make is not being familiar with the IRS limits on gifting. There are two types of gifts: Personal gifts, which, for tax purposes, can either fall under the lifetime limit or the annual limit Business gifts…
Any change of President almost certainly guarantees some type of tax law changes. The election of Donald Trump as the 45th President of the United States is certainly no exception. During the campaign, President-elect Trump outlined numerous tax proposals for individuals…
Financials and accounting are just part of being a business owner. However, you go into business to build a better widget, or serve a specific customer niche, or whatever it is, but you go into business specifically so that you…
Quick things to learn while filing taxes with an extended deadline: If you're not ready to file your tax return yet, you may file an extension. People believe that their 1040 tax return, which is the personal tax return, needs…
One of the ways to plan your taxes in advance to avoid penalties and interest is to do a tax planning session in November/December Make sure you submit the full payment by the extended deadline. Expect a notice from the…
If you're a business owner, right now is a great time of the year, before the rush of the holidays, to get your tax books and get your bookkeeping reconciled IRS makes us ensure that we have logs. We're not…
Instructions on how to help clients get the answers they need from you. Watch the Video! Helping your customers automate their systems Ways that can facilitate customer service: For example, an auto-response to your client’s or customer’s emails informing them…
Did you know that a dog is a potential tax deduction? Clearly, this doesn't apply to just any family pet, but if your dog meets certain criteria, man's (or woman's) best friend can help you increase your tax deductions. Security…
Delegation! Watch the video to learn what this really has to do with taxes? Setting up a tuition reimbursement plan within your company: If you own a company, especially if it is an S Corp or a C Corp, where…
Watch the video to drop your taxes in 2016! Filing your tax returns on time, the IRS, at the federal level, can audit you going three years back. Document retention; any documents related to real estate should be kept permanently. Any…
We are edging closer to April 15th and, as the deadline approaches, you may be wondering if it’s smart to file an extension or not. Everyone’s situation varies, but it’s important to remember that it’s not necessarily a bad thing…
Shauna, our very own Tax Goddess, was featured this week in an article on tax strategies and tax nightmares. Read more below... 5 Tax Nightmares You’ve filled out all the paperwork, checked boxes and now you’re ready to know what…
