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…
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…
Making millions? Be ready for an audit--check out this article we found in Accounting Today by Michael Cohn. By Michael Cohn, As seen in Accounting Today The Internal Revenue Service reported that audits of individuals topped 1 million in fiscal…
By Charles Green, eHow Contributor You can help your tax preparer by bringing the required information with you. If you plan to have an accountant or tax preparing professional handle your taxes this year, you need to bring with you…
I had a dream of writing this blog on December 31st. Below is how I was going to rant: It is sad news that today is December 31 and we still do not have a resolution to this fiscal cliff…
What's this? Tax season could be delayed? I found this article in the Accounting Today newsletter and thought it was quite informative. Here's my take on this issue as well: Without knowing what the laws are, the IRS cannot finish…
Managing your Arizona properties from another state? What you need to know to avoid fines! Over the last two years we have seen a flood of investors that have re-entered the Phoenix metro market taking advantage of great homes at…
