Yogi Berra on Taxes!
"It ain't over 'til it's over". Fighting the IRS can take a long time; long enough to make 16 or 18 scoreless innings fly by in comparison! If you get audited and wind up behind the count with a deficiency notice,…
LLC’s Tax Filling Rules
LLC’s Tax Filling Rules. Watch the Video! Having separate LLCs for each rental property, for legal reasons, and tax reasons Obtaining a line of credit or a credit card in the name of the LLC, as you would not want…
Did you know… Special form 14039 when someone passes away!
When someone passes away, you should file Form 14039 as quickly as possible. This very specific form allows the IRS to protect the social security number of the deceased person. To protect the deceased person’s social security number against fraud…
Gift limitations for business owners
Did you know that when you provide a gift to a customer, the maximum deductible amount is $25 per person? Do you and your bookkeeper know the most important points to consider when gifting? Any questions on how gifting works?…
Three types of meals and entertainment and how to deduct some of them at 100%
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…
Important questions to ask when hiring a bookkeeper
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…
Importance of extended deadline for filing tax returns
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…
Penalties and interest on taxes
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…
3 Tips for an amazing 2016 Tax year
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…
Helping your customers automate their systems
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…
When Can Your Dog be a Tax Deduction?
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…
Importance of Delegation
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…
Learn to drop your taxes further in 2016, by the Tax Goddess
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…
Curious About Extensions?
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…
Tax Goddess Featured in New Article on Tax Strategies This Week!
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…
