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Steps to Avoid an IRS Worker Classification Audit
Any small business must hire more people as the business grows and thrives. At the initial stage when work is sporadic, it may make sense to hire contractors like a web designer to create an…
Tax Cuts and Jobs Act: Key Provisions Affecting Businesses
The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have…
2017 Year-End Tax Savings Tips Not to Overlook
With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why?…
Business Tax Provisions: The Year in Review
Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2017. Standard Mileage Rates The standard mileage rates in 2017 are as follows: 53.5 cents…
Petty Cash Management: A Good Practice System
Petty cash is a float that gets replenished monthly and is a convenient way to reimburse staff for company purchases or to cover minor expenses. Petty cash is considered a current asset on the balance…
2017 Might Be Last Chance to Claim a Tax Credit by Hiring a Veteran
With Veterans Day on November 11th, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to…
Research Credit Can Offset Payroll Taxes for Small Businesses
Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill. This relatively new privilege…
Employers May Give Employees Tax-Free Disaster Relief
If they carefully follow the guidelines, employers may give cash payments to employees for disaster relief, tax-free. Under Sec. 139 of the Internal Revenue Code, qualified disaster relief payments to employees are tax free to…
Heavy Vehicle & Deductible Home Office = Major Tax Savings
You can reap major tax savings with the heavy vehicle and home-office combo. The heavy vehicle produces quick deductions. The home office that qualifies as a principal office eliminates commuting miles, and such an elimination…
Capital vs. Operating Lease: Tax Reporting Implications
We often encounter taxpayers who do not quite fully understand how to report for income tax purposes the lease agreements they have entered into for business use assets, particularly automobiles. Leased property includes real estate,…