by | Oct 21, 2011 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Income Taxes, Small Business Owners, Small Business Success Series
Yes, I survived the 10/17/11 personal extension deadline. Barely! I, like most CPAs, hate this deadline. We are dealing with the clients who have bad records, don’t plan, are surprised that they owe taxes, and complain about how we must have missed something....
by | Oct 5, 2011 | Accounting & Bookkeeping, Books, Client Question of the Week, Income Taxes
Question: How long am I required to keep my tax records? Answer: “Audit-proofing” your return means having the proper documentation to prove a deduction if you are audited. We have written in the past about what documentation is required (see our ‘Surviving an IRS...
by | Oct 3, 2011 | Cost Cutting, Income Taxes, Tax Tip of The Week
Most taxpayers who do volunteer work for charitable organizations fail to deduct their costs as charitable gifts on Schedule A of their income tax return. These deductions include: Travel, meals, and entertainment-related volunteer and charitable activities (actual...
by | Sep 27, 2011 | Income Taxes, Tax Tip of The Week
If you have the bad luck to be audited, how will you prove that you gave items to Goodwill or Candlelighters? A receipt from them says you made a donation. But the IRS knows that you get to fill in what was given and how much it is worth. I tell my clients to take...
by | Sep 26, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Client Question of the Week, Cost Cutting, Income Taxes, Small Business Owners
Question: When should I incorporate my business? Answer: This week I had an appointment with the owner of a small trucking company who wanted to know if he should incorporate. He has been in business for about five years and has grown the company to about $700,000 in...
by | Sep 19, 2011 | Current Affairs, Income Taxes, Tax Tip of The Week
Well, the corporate extension deadline just passed, and now the deadline for those taxpayers who extended their returns on April 15th is approaching. The last day to file your 2010 individual tax return is October 17, 2011 (this year, the 15th is on Saturday.) So if...
