S-Corporations provide several tax advantages to small businesses. But did you know there are a couple other reasons you should consider becoming an S-Corp? Let’s start with everyone’s favorite… Read more
I often hear from clients that they had to buy special clothes – could be a business suit for interviewing, or nice pants/shirts/shoes, etc., that they only wear at work. They want to deduct these costs as business expenses; taking advantage of whatever clothing tax deduction that is allowable by the IRS. Most of the time, these deductions are not Read more
This time of year, I get calls from potential clients looking for somebody to prepare their tax returns. I really love this time of year because I love getting new clients. However, I know that it doesn’t do any good to bring in a lot of new clients if we are not right for each other. So I do my best to tell them about myself and answer Read more
Tis the season for 2015 tax estimates and figuring out how much this year’s quarterly payments need to be. When you’re self-employed, or you get a significant amount of income from investments, it can be difficult to figure out the right amount to pay in. Who knows what lies ahead for your business, your investments, and the Read more
Last year at around this time I provided some tips on how to save money on your taxes after December 31st. This article is also about saving you money and quite possibly a bit of time.
Perhaps you have just received your 47-page tax organizer in the mail Read more
When you read that the New York Stock Exchange (NYSE) might not be around in the next year or two, it gets your attention. I mean, the NYSE, the icon of American business and capitalism for the world. How could this have happened? Stocks are still being traded and the stock market is alive and kicking. Read more
I have read posts by really smart people that are pretty negative on budgets. Why? Usually for two reasons: 1) Businesses spend too much time developing their budgets and analyzing variances between actual results and the budget, time that would be better spent on actions that will help the business going forward, and 2) Budgets are quickly Read more
Many entrepreneurs and small businesses are not aware of the tax implications of gifts given to employees, customers and business associates or awards given to employees. There are some specific limits and rules around gifts and awards that you should understand. First, you can deduct gifts to customers, clients and business associates, but you are limited to $25 Read more
The 70thanniversary of the D-Day invasion, a huge military operation which changed the course of World War II, was being discussed on the radio the other day, and I heard this great quote by Dwight D. Eisenhower : Plans are worthless, but planning is essential.
I wondered how Eisenhower Read more
Company picnics, parties and other events can be tax deductible, provided you have good documentation and understanding of the rules for tax deductible expenses.
Companies throw parties for different reasons. Sometimes it is primarily as a morale booster for employees Read more