Year-End Tax Planning for Businesses
While the fate of several business-related tax extenders such as R&D credits, bonus depreciation and Section 179 expensing that expired at the end of 2013 is uncertain, there are still a number of end of year tax strategies businesses can use to reduce their tax burden for 2014. Purchase New Business Equipment Section 179 Expensing:
A SIMPLE Retirement Plan for the Self-Employed
Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE IRA plans work well for small
Tips for Safeguarding Financial Records
Some natural disasters are more common in the summer. But major events such as hurricanes, tornadoes and fires can strike at any time, so it’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here
8 QuickBooks Reports You Should Run Regularly
You send invoices because you sold products and/or services. Purchase orders go out when you’re running low on inventory, and there are always bills to pay, it seems like. All of this activity is, of course, important in itself, but all of your conscientious bookkeeping culminates in what’s probably the most critical element of QuickBooks:
Eight Facts to Know if You Receive an IRS Letter
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be easily dealt with without having to call or visit an IRS office. Here are eight things you should know about if you receive a notice or letter from the IRS: 1. There
Turn Your Vacation Into a Tax Deduction
Tim, who owns his own business, decided he wanted to take a two-week trip around the U.S. So he did — and was able to legally deduct every dime that he spent on his vacation. Here’s how he did it. 1. Make all your business appointments before you leave for your trip. Most people believe
Five Last Minute Tax Tips for 2014
Are you one of the millions of Americans who haven’t filed (or even started) your taxes yet? With the April 15 tax-filing deadline less than a week away, here is some last minute tax advice for you. 1. Stop Procrastinating – Resist the temptation to put off your taxes until the very last minute. Our office
How to Get Paid on Time
Due to current economic conditions, it’s likely that collecting on your accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. The following suggestions will help your business improve its cash flow and tighten up
Tax Changes for 2013
Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes in 2013. Standard Mileage Rates The standard mileage rate in 2013 is 56.5 cents per business mile driven, 24 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service
Tax Provisions of the Affordable Care Act
The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for individualsand businesses. With healthcare exchanges set to open
6 Keys to Winning Negotiations
Negotiation is an everyday part of life, and by adhering to these six concepts, you’ll win more times than you’ll lose when you face off with insurance adjusters.
Tax Planning for Small Business Owners
Tax planning is the process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants, but tax