IRS timelines and in person meetings Phoenix
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…
Why successful bookkeepers do not do their own bookkeeping; tips from the Tax Goddess
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…
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…
1099s, the bane of the business owner’s existence in the accounting
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…
Did you give gifts? Know the IRS regulations and Tax Implications
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…
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…