by | Nov 10, 2016 | Current Affairs, Tax Tip of The Week
I hear this very often from business owners, particularly from those business owners that owe more in taxes this year than they expected. What they fail to understand is that there are substantially fewer things we can recommend that they do to cut taxes once...
by | Aug 31, 2016 | Accounting & Bookkeeping, Cash Flow, Current Affairs, Income Taxes, Tax Tip of The Week
Tax deductions reduce your taxable income and cut your taxes by the amount of your top tax bracket. For example: If you make a $100 tax-deductible contribution to the Red Cross for the Oklahoma tornado relief effort(and I hope you did) and you are in the...
by | Jul 12, 2016 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Tax Tip of The Week
It is never too early to start organizing for tax time. If you have a desk, box or simply a folder full of receipts and tax forms, you can develop easy organizational practices or habits to make your life easier and to help your accountant when you actually go to...
by | Jul 11, 2016 | Accounting & Bookkeeping, Income Taxes, Tax Tip of The Week
If you have any expenses for businesses not covered by your employer, you may be able to file the IRS Form 2106 that allows you to make these deductions on your taxes. It is important to remember that this form is only used if you are an employee, not if you are a...
by | Jun 13, 2016 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Small Business Owners, Tax Tip of The Week
It seems that many people think that having an accountant is something that is only necessary if you have your own business, a large investment portfolio or if you are one of the very wealthy. In fact, having an accountant that does your taxes on a yearly basis is...
by | Apr 25, 2016 | Accounting & Bookkeeping, Income Taxes, Small Business Owners, Tax Tip of The Week
When tax time rolls around, many tax payers have a difficult time determining if the deductions they think they are entitled to are really business deductions or just hobby expenses. The Internal Revenue Service has a very definitive answer to help determine...
