If you have other sources of income and don’t really need the RMD from your IRA, you can also donate the funds directly to a charity. There are various ways to structure gifting. You can set up trusts, gift annually,…
Watch the Video to learn more about foreign bank accounts Does your CPA use an organizer to ask you about foreign bank accounts? One of the things that we do to ensure that our clients are getting the best…
The government now allows the reimbursement of health insurance premiums for small business owners (50 FTE or less), which was taken away about a year and a half ago. There are many questions people have: “What is Trump going to…
The IRS is now saying it is going to take 45 days, 60 days, or 120 days to get a response. All walk-in options have been cancelled; if you have to physically go into an IRS office and submit something…
A bookkeeper would see many different scenarios, options, and loopholes that they can help you and your CPA apply to your situation. They would also help you with your month-end reconciliations by looking at the reports, not only from the bookkeeper…
"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. 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…
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…
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?…
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…
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…