Time is money in business, and many small businesses really need more of both! Accounting is a necessary requirement for any size business, However, if it is improperly managed, it can easily spell disaster for your business. There are certain processes, that when put together, can form the foundation on which you can build a successful … Read More
What you should have in your Shoe Box! Use this handy checklist to help ensure your tax preparer will have all the documents needed to complete your tax return accurately and quickly. Personal Data Social Security Numbers (including spouse and children) Child care provider tax I.D. or Social Security Number and Address Income Data W-2 … Read More
According to a recent survey, the owners of startup businesses are more likely than the owners of established businesses to enlist mentors or coaches. On the other hand, established business owners were more likely to rely on the services of accountants, bankers, and lawyers as opposed to their younger counterparts. Considering the number of new … Read More
The IRS has implemented a ruling for automatic gratuities, or service charges that are automatically added on the bill as “regular wages” rather than “tips. see links http://www.irs.gov/irb/2012-26_IRB/ar07.html http://www.irs.gov/irb/2012-52_IRB/ar20.html http://www.dol.gov/whd/regs/compliance/whdfs15.htm
Small Business Expensing: Sec. 179 Expense Sec. 179 allows businesses to write off some or all of the acquisition costs of qualifying properties, as opposed to depreciating them over the life of the asset. The annual limitation was $500,000 in 2011 but dropped to $125,000 in 2012. It was expected to drop to $25,000 in … Read More
Accounting methods can be complex and burdensome for many small business taxpayers. Check out this link for help in simplifying yours. http://www.aicpa.org/publications/taxadviser/2013/june/pages/clinic-story-11.html.aspx
Owning a small business can be confusing when it comes to taxes. Check out this article with tax tips from the American Institute of CPA’s. http://www.aicpa.org/press/pressreleases/2012/pages/tax-tips-for-small-business-owners.aspx
This is a question many people ask of their business accounting firms. There are both advantages and drawbacks in incorporating your business. Before deciding to incorporate, you should seek legal and tax advice.