In working with many small and medium-sized business, I’ve found that people generally don’t like to talk about fraud. Some people are afraid their business will be susceptible to fraud and, therefore, they are paranoid to talk about it.
Category: Accounting
Best Practices for Filing 2019 W-2 & 1099-Misc Forms
Filing and filling out tax forms can be overwhelming and confusing at times especially at year-end with all of the other deadlines and all we really want is to enjoy the holiday cheer! Today, we provided a few best practices that can be applied now to help when filing 1099-Miscellaneous forms and the 2019 Forms W-2.
Top Five Reasons for Tax Planning! NOW!
Halloween is over and the first snow has fallen already…and it’s way too early, in my opinion! But what it is not too early for is yearend tax planning discussion. Here are the top five reasons I would recommend an early planning discussion with my clients. Read More
Refresher Course on Deductibility & Accounting Related to Meals & Entertainment Deductions
The Tax Cuts and Jobs Act (TCJA) made several changes to deductions for meal and entertainment expenses. I went through these changes in my blog of January 2018, explaining that many of the expenses that were either 100% or 50% deductible were changed to being only 50% or not deductible at all. The biggest change was that entertainment expenses would no longer be deductible at all.
School is Starting! Educators, Keep Track of Your Expenses for Tax Deductions!
Starting school can not only costly for students, but many teachers and aide also incur extra costs as they purchase extra supplies for the classroom. There is a special tax deduction for educators that allows a teacher, counselor, principal, or aide to deduct up to $250 of these expenses.
College bound, but hopefully not debt bound!!
It’s that time again when the kids head off to school. I hear parents everywhere discussing the cost of college including tuition, books, room and board, not to mention transportation, clothing and entertainment. As these costs continue to escalate, it is more important than ever to plan for these expenses. One way that I know that can help is by setting up a college savings plan called a “529 plan” or qualified tuition program. The one that I am most familiar with is the Iowa College Savings Program that is especially beneficial to Iowa residents. Read More
Traveling for Business: What Rules Do I Need to Follow?
If you took a trip already this summer, you are possibly wondering if any of the trip could be a business trip and therefore be deductible on our tax return. Now is a good time to review some of the travel rules and what can be deductible as a business expense.
Should you hire your kids this summer?
Summer is here and school is out! Woo-hoo, free labor—your kids working for you, what could be better? Well, possibly hiring your children in your business would be an even better answer.
SAVE $7,500?? Electric Vehicle Tax Credit Update
I am looking for a new vehicle. I never really thought of an electric vehicle until I became a bit infatuated with a Tesla which, as I am sure you know, is an electric car. Being a CPA, I also knew about the tax credit of $7,500 for certain electric vehicles so that was enticing, also. Then I heard on the news that the credits for Tesla vehicles are being phased out and so I decided I needed to do some research on these credits. And here are my findings. Read More
Do You Rent Your Building to Your Business?
Are you eligible for the 20% Qualified Business Income Deduction? Read More
Better Late Than Never
Oops, I didn’t do any tax planning and 2018 is gone! Before you give up entirely, here are a few ideas that you can still do that might help your 2018 tax situation.
2019 Increases That Help Decrease Your Tax Liability
Happy New Year! 2019 is here and with the new year come various cost of living adjustments released from the IRS. Will any of these increased limits help you reduce 2019 tax liability?
Last Chance to Save On Your Taxes
The end of the year is fast approaching and after the end of the year, your chance to make tax saving moves will be limited. The Tax Cuts and Jobs Act (TCJA) made some major changes to the federal tax laws that will affect nearly all individuals.