Tax and Accounting
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 a bad debt is covered in Section…
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 to determine which states a business has created in so that…
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 write about, in fact one I was involved in, not a…
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 days and let things slide. When this happens, small business owners…
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 30%. Many financial experts argue that high taxes are killing small…
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 lookout for throughout the year. That’s because scammers seem to come…
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 the entirety of a capital investment in a single tax year….
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 total outstanding balances of all bank loans, mortgages and financial…
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 on the calendar for entrepreneurs who operate formal business entities across…
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 tax ramifications on their sales: Software-as-a-Service (SaaS). Many think that because…
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