Posts Tagged ‘Taxes’
Tax Deductions for New Small Business Owners
As a small business owner, you can take advantage of many tax breaks to reduce your tax bill and keep more of the income you earn. Many business tax deductions are often overlooked and are never claimed, which can leave thousands of dollars in savings on the table. Consider these commonly overlooked deductions when you…
Read MoreCorporations: Changes for 2016
One of the most positive aspects of my job is to talk to people who come in with their start-up ideas. Whether those are tried & tested ideas or totally out of the box schemes, the excitement at starting something new is always palpable. It’s like planning a baby’s room or buying a new house.…
Read MoreFiled a Tax Extension? Do These 5 Things Before the October Deadline
Some of us just need to buy a little extra time when handling our IRS tax obligations each year. If you are part of this group this year and you filed for an extension of time to pay your tax bill, your 6-month grace period is almost up. Consider a few easy things you can…
Read More6 Steps to Take This Fall to Reduce Your Tax Bill in 2017
The weather is gradually cooling down, and the leaves are starting to change color if you’re a northerner. Football action has kicked off. Can you finally feel fall in the air? While we’re still a few months out from the calendar turning to 2017, tax season will be here before you can say “IRS.” With…
Read MoreSweeping Up Tax Savings: Tax Deductions for Self-Employed Housekeepers
There may be nothing more rewarding than laboring all day to clean up a messy house and then seeing how sparkling and new it looks after this hard work. While housekeepers may get this nice dose of satisfaction, they are still like all self-employed professionals who get hit with countless taxes and IRS regulations. So,…
Read MoreTax Tips & Deductions for Food Truck Owners
Do you serve up hot subs, fresh salads, and sweet treats around town in your decked-out food truck? If so, you’re part of the rapidly growing mobile cuisine industry. While it can be quite rewarding to prepare delectable edibles for hungry consumers looking for a quick bite to grab, there are several IRS tax rules…
Read More3 Must-Haves of Small Business Tax Provision Software
Recently published surveys indicate that 50% to 70% of the tax departments in publicly traded companies exclusively use spreadsheets to manage ASC 740 processes. However, the percentage would be higher if the surveys focused strictly on small and medium businesses (SMB). These numbers have held steady the scrutiny of the last 15 years relative to…
Read MoreWhat is Depreciation and How Does It Affect My Taxes?
You’ve likely heard the terms depreciate and depreciation when it comes to tax matters. But do you really understand the basics of these concepts and how they apply to your taxes? Depreciation Defined In layman’s terms, the basic concept of depreciation revolves around an income tax deduction. This IRS write-off allows a taxpayer to recover the cost of certain…
Read MoreWhat the IRS Does Not Mention About Crowdfunding and Taxes
In Information Letter 2016-0036, released June 24, the IRS explains general rules that might apply to someone’s receipts of funds via a crowdfunding platform. It doesn’t mention any websites, but examples include Kickstarter and GoFundMe. The IRS notes the broad rule of Section 61 that receipt of funds is likely to be taxable gross income.…
Read MoreHow to Manage and Pay Tipped Employees in Restaurants
In the restaurant industry, tips are more than something you’d associate with a homespun tip jar by the cash register—they’re a primary source of income for tipped employees. The catch is tips are also taxable income with specific responsibilities for employees and employers. Tips Are Not Small Change In its research, the National Restaurant Association (NRA) states that restaurants…
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