by | Jan 19, 2016 | Accounting & Bookkeeping, Income Taxes, Small Business Owners
The tax law allows you to deduct travel and entertainment (T&E) related to your business. But the IRS doesn’t like it, and it is a top audit target of IRS examiners. Your best defense is understanding the rules and gathering all the necessary...
by | Jan 6, 2016 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Tax Tip of The Week
It is not just individuals and households that have been feeling the pinch as of late – governments everywhere have too. In their efforts to deal with unprecedented budget deficits, they have recently done everything from closing tax loopholes to encouraging tax...
by | Dec 28, 2015 | Income Taxes, Small Business Owners
Outsourcing payroll is often a very smart thing for business owners to do. This allows them to concentrate on what they do best while avoiding all the work and potential penalties from making errors. But the IRS is encouraging all firms that outsource payroll...
by | Dec 15, 2015 | Income Taxes, Small Business Owners
The IRS has now made it easier for small business owners to deduct home office expenses. Beginning with 2013 tax returns, you can elect to use the simplified method allowing a maximum $1,500 deduction (IRS Internal Release 2013-5). Don't automatically take...
by | Dec 4, 2015 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Tax Tip of The Week
Many wage-earning taxpayers with children believe that since they are not in business or don’t own rental properties, their tax-planning opportunities are limited. While they don’t have anywhere near as many options, there are still a number of strategies that...
by | Dec 3, 2015 | Accounting & Bookkeeping, Income Taxes, Small Business Owners, Small Business Success Series
Real estate has long been a popular investment. Rental properties, in particular, can be a source of income and has many income tax benefits. In particular, real estate can provide a tax-deferred income stream due to the deduction of a non-cash expense...
