by | Jan 25, 2017 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Client Question of the Week, Cost Cutting, Income Taxes, Small Business Owners
After all this time it still amazes me that business owners don’t understand the importance of having good records. As often as I have run into it over the last 30+ years, it shouldn’t anymore. They usually hire a bookkeeper and a CPA to do their taxes and then forget...
by | Nov 30, 2016 | Accounting & Bookkeeping, Client Question of the Week, Current Affairs, Small Business Owners
Yes, in fact you should have two sets of books. No, not to cheat on your taxes! But a business owner may have one method for tax purposes and a second method for management purposes. For the IRS, most small business owners are eligible to file...
by | Apr 29, 2015 | Client Question of the Week
Can I contribute to both a regular IRA and a Roth IRA? Yes, as long as you are allowed to by the tax law. For 2015, the maximum contribution allowed to be contributed to an IRA was the lesser of $5,500 ($6,500 if over age 50) or your taxable...
by | Apr 4, 2014 | Client Question of the Week
What is the new tax on medical devices, and will I have to pay it? Under the Patient Protection and Affordable Care Act of 2010 (ObamaCare) a 2.3 percent excise tax was added to most medical devices such as walkers, wheelchairs, and lift chairs. The tax is...
by | Oct 30, 2013 | Client Question of the Week, Cost Cutting, Small Business Owners, Small Business Success Series
I Started a Home Repair Business. Can I Deduct My Personal Tools and Pickup Truck That I Am Now Using For Business? Yes. You can claim a depreciation deduction for personal assets that are converted to business use. Your basis for...
by | Feb 26, 2013 | Client Question of the Week, Current Affairs, Income Taxes
NO!!! Any e-mail you receive from the IRS is a scam! I am 100% sure of this, since the IRS never contacts taxpayers by e-mail. The IRS recently released IRS Tax Tip 201319 reminding taxpayers about this, and how to avoid identity theft: 1. The IRS does...
