Archive for Business

Better to Sell or Trade a Business Vehicle?

May 10th, 2016

From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer’s return as an above-the-line gain or […]

Affordable Care Act Reporting Relief for Employers

February 9th, 2016

Article Highlights: Applicable Large Employer Form 1095-C and Form 1094-C IRS Filing Due Date Copy to Employee Due date Effect on Filing Individual Returns Beginning for the 2015 tax year, Applicable Large Employers (ALEs) are required to file Forms 1095-C and 1094-C with the IRS and provide a copy of the 1095-C to each of […]

6 Steps to Get Your Business Startup on Track For Long Term Success

November 10th, 2015

It’s easy to think about startup businesses and consider the success or horror stories, but what about the average startups? The hard and bleak reality is that the majority of small business startups fail. So, to avoid being like the average startup, you need to create a plan for success. Choose the Right Entity One of […]

Show Me the Money – Six Best Practices in Billings and Collections

July 28th, 2015

One area where most small-business owners can improve their cash flow is in billings and collections. A thorough credit check before you offer payment terms is not enough. Here are six best practices that can make a real difference in your cash balance at the end of every month. 1. Get it right. One legitimate […]

Sole Proprietorship – Is The Risk Worth It?

June 30th, 2015

Article Highlights: Reporting Sole Proprietorships On Your 1040 Business Checking Account Local Business Licenses Resale Permits & Payroll Reporting Personal Liability If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on the individual’s […]

Don’t Overlook the Credit for Small Employer Health Insurance Premiums

March 11th, 2014

This Article Highlights: Small employers get a tax credit for providing a health insurance plan. Credit can be as much as 35% of the premiums paid. A small employer is one with no more than 25 full-time equivalent employees (FTE) with average wages less than $50,000. Self-employed individuals, including partners and sole proprietors, 2% shareholders […]

Audit-Proofing Your Meal & Entertainment Expenses

December 15th, 2012

When looking for deductions to add to your taxes, don’t overlook your meal and entertainment expenses. These types of expenses must be “ordinary” and “necessary” to your business or trade and must be “directly related to” or “associated with” the active conduct of business. In order for the IRS to allow these deductions, documentation is […]

Are You Required to File 1099s?

December 3rd, 2012

If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2012 must be […]

Recently Enacted Tax Breaks for Small Businesses

March 13th, 2012

Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to keep you up date. Cell Phones No Longer Listed Property – This means that cell […]

2012 Standard Mileage Rates Announced

January 10th, 2012

The Internal Revenue Service has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 55.5 cents per […]

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January 25, 2010
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October 17, 2008
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