by | Mar 10, 2011 | Accounting & Bookkeeping, Income Taxes, Surviving an IRS Audit Series, Tax Tip of The Week
Ahhh!! Tax Season is in full swings here at the office, so creativity is temporarily taking a back seat. So until we get past our deadline, we will still do our best to post our weekly blog but they will be taken from our tax resources. This one is from QuickFinder...
by | Mar 5, 2011 | Accounting & Bookkeeping, Books, Cost Cutting, Income Taxes, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week
I regularly have conversations with my business owners about meals and entertainment deductions. A lot of business owner’s know they can deduct meal and entertainment expenses they just don’t know when or how to document theses items. First, let’s go over what...
by | Feb 15, 2011 | Accounting & Bookkeeping, Cost Cutting, Current Affairs, Income Taxes, Tax Tip of The Week, Web/Tech, Weblogs
One of the best websites out there for tax information is the IRS site which is located at www.irs.gov. This is a surprisingly well setup site that has tons of information and resources. One of the best is the IRS Tax Tip. Just click on the link above to get to the...
by | Feb 7, 2011 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week
Many S-Corporation owners take little or no salary so they can take out their profits as a dividend, which are not subject to the 15.3% self employment tax. The IRS has stepped up their audit of these plans and has been winning in the courts. In a recent case, a CPA...
by | Jan 29, 2011 | Accounting & Bookkeeping, Books, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week
All employers that have employees or contract workers are required by law to give their employees and/or laborers their Form W-2 or 1099 by January 31, 2011. This can be done either in person or by mail. If you are unable to reach an employee, you must mail their form...
by | Jan 21, 2011 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week
The rocketing federal deficits have spurred congress to make another effort to force the underground cash basis economy to file returns and pay their tax. Their solution – larger penalties for taxpayers who fail to file 1099s. As a general rule, businesses...
