Our Financial Blog
Here’s What Businesses Need to Know About The Enhanced Business Meal Deduction
For 2021 and 2022 only, businesses can usually deduct the full cost of business-related food and beverages that has been purchased from a restaurant. Otherwise, the limit is typically 50% of the cost of the meal. To qualify for this enhanced deduction: The business...
Best Practices for Managing Your Business Through an Economic Downturn
The United States economy is nothing if not cyclical - which can be a good thing or a bad thing depending on when, exactly, you're trying to operate a business. According to one recent study, roughly 57% of small business owners say that they fear the U.S. economy...
A Tax Checklist for Newly Married Couples
Below are some factors individuals should do after getting married regarding their taxes: Name and address changes: Individuals who change their name after getting married should report their name change to the Social Security Administration ASAP. The name on...
The Top Cash Flow Tips That Medical Practices Need to Follow
By far, one of the biggest issues that most organizations face is and will always be cash flow. This is especially true when it comes to medical practices, which rely more heavily on customer invoicing than most. Getting a hold of your practice’s cash flow situation...
Happy Birthdays from the IRS
When Congress enacts tax laws, many times whether the law applies is based on the age of the taxpayer or a taxpayer’s dependent. Reaching a certain age sometimes provides a tax benefit, while in other cases there’s a tax “penalty” – meaning that a specific type of...
When Can You Dump Old Tax Records?
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep...
Do You Understand Tax Lingo?
When discussing taxes, reading tax-related articles or trying to decipher tax form instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are saying. It can be difficult to understand tax...
Part-Time Bookkeeper is Responsible for Employer’s Delinquent Payroll Taxes
A part-time bookkeeper is liable for his employer’s unpaid payroll taxes. He owes the 100% trust fund penalty for willful failure to deposit. He was an hourly employee of a doctor’s office and took care of the business’s payroll. Although he knew...
Second Quarter June 15 Deadline Approaches for Those Who Pay Estimated Taxes
Second Quarter June 15 Deadline Approaches for Those Who Pay Estimated Taxes Taxpayers who pay estimated taxes: the due date to pay your second quarter tax liability is June 15. Taxes are pay-as-you-goTaxpayers need to pay most of the tax they expect to owe during the...
What Every Employee Needs to Know About 401(k) Savings
Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Not only do these popular...
ICYMI: IRS Destroys An Estimated 30 Million Paper Tax Documents
An audit conducted by TIGTA has found that the IRS intentionally destroyed an estimated 30 million paper-filed tax return documents in March 2021. However, the tax collection agency says no taxpayers were negatively affected by the destruction of these documents. The...
Summer Employment for Your Child
Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their...
Best Accounting Tips for Auto Repair Shops
If you own or manage an auto repair shop, then accounting and bookkeeping are likely pretty low on your list of favorite past times. Unfortunately, tracking revenue and expenses and other financial aspects of your business is absolutely essential to your success....
Writing Off Your Business Start-Up Expenses
Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the virus, new businesses will be opening as the economy returns to near normal. ...
Why Proactive Planning is More Important Than You Realize
There's an old saying that reminds us "if you fail to plan, you plan to fail." Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren't just an important part of running a...
S Corporations Reasonable Compensation Requirement
Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits flow through to its shareholders’ individual tax returns on a pro rata basis....
The Ever-Changing Role of Tax and Accounting Professionals in the Modern Era
To say that there is a lot going on in the world right now is truly a bit of an understatement. Starting a few years ago with the onset of the still ongoing COVID-19 pandemic, the role of the accounting professionals in the context of a small business began to change....
Tax Issues That Arise When Converting a Home into a Rental
With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage interest rates, more and more homeowners are converting their existing homes into rentals when they buy a new home. Other...
Seek Tax Advisor Recommendations Before Selling an Investment Property
The real estate market is red hot, and plenty of folks nearing retirement and holding investment property see now as an excellent time to offload their real estate assets and reap the profits. If you’re one of them, then - tempting as it may be - make sure that...
You May Qualify for a Small Business Home Office Deduction
If you are a small business owner and use part of your home for business, you may be able to take the so-called office-in-home tax deduction. This deduction reduces both income and self-employment taxes. While the term “home office” is used to describe when a taxpayer...