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You may have a great CPA, but if you wait to talk to him until your tax year is over, there's little he can do to lower your tax bill. To reduce your taxes, take these steps before the end of the year. Pay All Outstanding Payables If you use the cash-basis accounting method and …
Continue reading 8 Tax Reduction Steps to Take Before the End of the Year
The phrase "keeping the books" refers to maintaining the general ledger, the main accounting record for your business if you use double-entry bookkeeping. It's the primary tool that allows you to keep track of all transactions and sort them into subcategories so you—and your accountant—can find a comprehensive, interlocking record of your business finances all …
Continue reading Constructing the General Ledger for Your Small Business
Although taxes are a fact of life, especially for a small business owner, there are ways to maximize your deductions so that more of your hard-earned money winds up in your pocket, and not with the IRS. The good news is that figuring out business tax deductions is pretty straightforward. However, because of important changes …
Continue reading Save money with a small business tax deductions checklist
It’s that time of year again: Tax Time. Preparing your taxes may seem like an annoying task that distracts you from running your business, but filing an accurate return can reduce the risk of paying fees and penalties down the road. What you need to complete this task is a checklist, which you’ll find below. …
Continue reading Small Business Tax Preparation Checklist 2019
Filing an income tax return after the annual April deadline usually isn’t the end of the world, but there’s a right way and a wrong way to do it. Here are some common mistakes to avoid if you’re filing taxes late. 1. Doing nothing in April If you plan to file your tax return late, …
Continue reading 6 Late-Filing Tax Mistakes You Need to Avoid
The IRS on Wednesday provided a safe-harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100% additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles under Sec. 280F (Rev. Proc. 2019-13). The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, permits …
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The IRS on Friday posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A. Taxpayers who have QBI, qualified real estate investment trust (REIT) dividends, or qualified income from a publicly traded partnership (PTP) will use …
Continue reading Taxpayers will file QBI deduction computation with IRS next year
It's time to visit your books to make sure your business is adhering to newly implemented laws and regulations. The new year is a time for resolutions and fresh starts. It also represents the beginning of a new fiscal and tax year, meaning it’s time to visit your books to make sure you and any …
Continue reading 3 Crucial Small Business Payroll and HR Updates for 2019
Too many people downplay the threat of identity theft because it hasn’t been witnessed or experienced firsthand. This false sense of security can leave you exposed, especially during tax season. Here are some tips to keep your identity safe from scammers: Be naturally suspicious. Understand that there are people out there trying to get your …
For small business, filing taxes can be a big undertaking. Here are tips for staying ahead of deadlines with a proactive approach. As most of the country slogs through short days and cold snaps, it can be difficult to feel motivated enough to be proactive. And while the April 15 tax deadline still looms off …
Continue reading Accounting Tasks Every Small Business Should Do in January
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