by | Jun 6, 2013 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Income Taxes, Small Business Owners, Small Business Success Series
I recently saw a statistic that approximately 85 percent of small businesses are set up as S Corporations. There are three great tax reasons why so many tax advisors recommend small business owners use an S Corp: 1.To reduce self-employment tax. If your...
by | May 25, 2013 | Accounting & Bookkeeping, Current Affairs, Income Taxes
(And how incorporating your business will reduce your audit risk by 714%) The IRS released their 2012 Data Book that reported the following information about its audit activity for the 12 months ended 9/30/12: Tax Tip: If your small business or rental activity...
by | May 9, 2013 | Accounting & Bookkeeping, QuickBooks
A common question I receive from business owners is how to handle customer prepayments. It is very common for the business owner to accept a deposit. But how do you set this up in QuickBooks? You want to be able to track the customer payment,...
by | Feb 4, 2013 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Small Business Owners
The SBA estimates that there are 14 million home-based businesses, but only 3.4 million of these home-based businesses claimed the home office deduction in 2010. Keith Hall, the national tax advisor for the National Association for the Self-Employed, said that...
by | Jan 16, 2013 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Small Business Owners
The IRS announced the new standard mileage rates that can be used to deduct auto expenses related to business, medical, moving, and charitable purposes (IRS Notice 2012-72). Beginning January 1, 2013, the following rates will apply: 56.5 cents per mile for...
by | Jan 15, 2013 | Accounting & Bookkeeping, Current Affairs
We want to thank Accounting-Degree.org for choosing us as one of the top 25 blogs of 2012! We try our hardest to provide useful and consistent information to our audience. Our goal is to give small business owners the knowledge to create the business...
