by | Nov 1, 2017 | Accounting & Bookkeeping, Books, Cost Cutting, Small Business Owners, Tax Tip of The Week
The fair market value of property or services received in barter is taxable. But, it may not result in an increase in taxable income based on how what you received is used. As an example, we trade accounting and tax services with an office supply company. We must...
by | Oct 16, 2017 | Accounting & Bookkeeping, Other, Small Business Owners, Tax Tip of The Week
Have you heard about the latest crazy tax deductions? How about the cholesterol deduction? The Willie Nelson write-off? The time machine? Or the stripper who bared her assets? These tax tales are part of the fifth installment of Bankrate’s 10 craziest tax deductions....
by | Oct 12, 2017 | Accounting & Bookkeeping, Cost Cutting, Income Taxes, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week
Taxpayers must be prepared to substantiate auto deductions with adequate records or sufficient evidence. Failure to do so will cost you thousands of dollars in increased taxes and/or fees to accountants or tax lawyers if you are audited. Taxpayers should be able to...
by | Aug 25, 2017 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week
A couple who used their vehicles in their sole proprietorships found this out the hard way. Their logbooks were riddled with mistakes, questionable entries and other irregularities – so much so that the Tax Court was unable to rely on them. As a result, the...
by | Aug 9, 2017 | Income Taxes, Other, Tax Tip of The Week
While going back to school is an investment in your future or the future of your children, it isn't always an easy option when it comes to your finances. The good news is that there are some tax breaks that students attending college or university can claim. These...
by | Jul 10, 2017 | Accounting & Bookkeeping, Books, Income Taxes, QuickBooks, Small Business Owners, Tax Tip of The Week
As a small business owner or an entrepreneur you should be talking to your accountant at least once or twice a year, and ideally more often, to make sure that you are taking full advantage of any tax deductions or opportunities that you may have. The Small Business...
