Tax Rules for Bad Debts on a Balance Sheet

How do income tax rules treat bad debts? Facts: There are two provisions in the Income Tax Act (ITA) for bad debts. Discussion: The first way to claim...

How to Determine Taxability of Services

If you followed our recent series about multi-state tax facts for various types of technology companies, you likely noticed a common theme: it’s important...

True Story: Missing Assets Equal to a Year’s Sales

You don’t think finance and accounting matter in small business? Here’s a true story, and it’s about a small business like the ones I...

Small Business Bookkeeping: What You Need to Know

In the rush and excitement of starting a new venture, it’s easy to overlook the importance of good small business bookkeeping in the early...

5 Tax Saving Tips Most Small Businesses Don’t Follow

Taxes are one of the biggest burdens facing small businesses. According to the Small Business Administration, many small businesses pay effective tax rates near...

IRS Reveals 2017 Dirty Dozen Tax Scams

Each and every year, the Internal Revenue Service releases a list of the “dirty dozen” tax scams the agency recommends taxpayers be on the...

How to Take Advantage of the Section 179 Deduction

Small businesses have a friend at the IRS. This friend, known as the Section 179 deduction, allows small businesses, in many cases, to deduct...

Long-Term Debt on a Balance Sheet

What is Long-Term Debt on a Balance Sheet? The Long-Term Debt category appears as a long-term liability on a Balance Sheet. The balance represents the...

New IRS Filing Deadlines for Partnerships and C Corporations in 2017

The tax-filing deadlines for small business owners have traditionally remained the same for many years. More specifically, March 15 has been a longstanding date...

3 Vital Multi-State Tax Facts for SaaS Companies

Last week, we discussed various multi-state tax issues software companies often overlook. This week we look at another industry that often misses sales and use...

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