Keeping accurate records is critical for small businesses for a number of reasons. First of all, when you have a complete picture of how much money is coming in, how much is being spent and what it is being spent on, you have a much better understanding of what areas could be cut and what […]
The Importance of Bookkeeping for your Small Business Read More »
Entering retirement is a completely new phase of life not only in terms of career and possibly in terms of your living situation, but financially as well. Employer income typically replaced with Social Security and combined with either a pension or IRA/401K withdrawal. On top of that, you still may be maintaining a part-time job
Important Tax Tips for Seniors Read More »
Filing taxes for self-employed entrepreneurs and small businesses can be quite complicated. In addition, tax liabilities can vary widely depending on the accuracy of your record keeping and which deductions you take. Since small business people are required to pay 15.3% self-employment taxes on all taxable income, it is in your best interests to take
Deductible and Non-Deductible Small Business Expenses Read More »
Bitcoin and other digital currencies have increased in popularity in recent years. The number of people holding Bitcoin is now in the millions, and many online retailers, such as Dell, Microsoft, and Overstock.com are now accepting the currency as payment for goods and services. Bitcoin Basics: Bitcoin is an electronic medium of exchange in which
Calculating Bitcoin Taxes Proving Difficult Read More »
On Wednesday March 4th, 2015, the U.S. Supreme Court heard oral arguments in King vs. Burwell, a case challenging the validity of the tax subsidies in the Affordable Care Act in the 37 states that did not set up their own health care exchanges. Because the subsidies affect an estimated 8 million taxpayers in these
Supreme Court Hears Oral Arguments in Challenge to Affordable Care Act Read More »
Although we are in the middle of the 2014 tax filing season, it is never too early for businesses to plan their tax strategies for the coming year. Overall, most of the same business tax deductions will still be available; including home office (if you qualify), advertising and promotion, auto expenses, travel, equipment and many
Important Small Business Tax Changes Read More »
Taxpayers who missed the February 15, 2015 deadline to enroll in a healthcare plan through the public exchange or face a penalty received some good news; a special enrollment period will be added, extending the deadline to April 30, 2015 in 37 states. The government also announced that some 800,000 taxpayers received incorrect forms from
ACA Filing Deadline Extended through 2015 Tax Filing Season Read More »
There are always taxpayer phone and email scams going around throughout the year. However, they tend to intensify during the tax filing season. Scammers prey upon those that are most vulnerable such as the elderly, recent immigrants, and those whose first language is not English. IRS Telephone Scam: Persons claiming to be from the IRS
Beware of IRS Scams during Tax Season Read More »
Tax season is in full swing, and for individuals, the critical date is April 15; tax returns for 2014 must be in by this date or taxpayers are subject to penalties on taxes owed. For businesses and self-employed individuals, however, there are several other tax filing deadlines to be aware of before we reach the
Important Tax Filing Deadlines for Businesses in First Quarter 2015 Read More »
It is always a good idea to start preparing for tax day at the beginning of the year. You should have most of your W2s from employers, bank statements, and other documents needed to complete your 2014 return. Now it is just a matter of putting everything together and getting your return filed. Toward that
10 Tax Deductions You Probably Never Heard Of Read More »
