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Documenting Business Expenses
Most ordinary and necessary business expenses are deductible as long as you have the proper documentation. If your return is audited, the IRS may require that you show the type of item purchased and...
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FIFA World Cup & Taxes
There is no doubt that World Cup fever has started to spread with Team USA advancing to Round 16 of the 2014 FIFA World Cup. So many have wondered….what is FIFA and who gets the money from all of these...
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Employee Vacations
When it comes to employee benefits, paid vacation time is a favorite. Although not legally required in the U.S. (as it is in most other economically advanced countries), most employers — about 77% of...
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E-Commerce & Income Taxes
While we have not yet evolved into a completely cashless society that some foresaw, more and more commerce (and leisure activity) is taking place using digital currency, credits, or simple direct...
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Inventory Valuation Made Simple
On July 15, the Financial Accounting Standards Board proposed an Accounting Standards Update inventory valuation methods. The purpose of the update is to cut back on both the cost and complexity of...
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Financial Statement Relief is in Sight
It seems like each year, new accounting rules are issued that make financial statements more complicated and less relevant for privately-held companies, especially those that are small and medium-sized...
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Don’t Let Taxes Trip You Up
The last thing you need as a small business owner is to have to spend time unraveling tax problems you could have avoided. There are many tax issues that can trip up small business owners — here are a...
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IRS Scams & Phishing
What to do if you get a call or email from someone claiming to be the IRS? The IRS has seen a recent increase in local phone scams and phishing across the country. (Phishing is a scam typically carried...
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Deducting Business Website Costs
Businesses often set up websites to sell their products and attract new customers. The proper method for deducting website development costs depends on several factors, including how the website was...
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Retire Without the Worry
More than half (54%) of near-retirees say they’re concerned about having enough money to last through retirement. Forty-five percent say they’ll need to work at some point during retirement.* But this...
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Vacation Home Rentals & Taxes
If you rent a home to others, you usually have to report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as...
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Creating a Winning Succession Plan
Few business owners plan their exits from their businesses with as much care as they planned their entries. Just as every owner starting out needs a business plan, every owner looking to retire needs a...
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Employee Dishonesty Coverage
Most businesses have insurance policies that cover their employees, but is it enough? Does your business have employee dishonesty insurance? This insurance protects the employer from financial loss due...
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Special Per Diem Rates for 2014-2015 Travel Expenses Issued
The IRS has released its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2014 and 2015. IRS Notice 2014-57...
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179D and Its Benefits for the Construction Industry
You probably have encountered section 179 and the accelerated depreciation benefits it provides. However, we have found the familiarity with section 179D to be greatly limited. This is discouraging...
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Don’t Leave Health Care Dollars on the Table
Don’t make the mistake of waiting until the end of December to review your finances. You might not have enough time to take full advantage of some money-saving strategies before the ball drops. Here...
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Year-end Retirement Planning Tips
There are only a few weeks left to make 401(k) and some other retirement plan contributions that will get you a tax deduction on your 2014 tax return. Retirees also need to be aware of deadline dates...
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House Approves the Renewal of Tax Breaks
Last Wednesday, the U.S. House of Representatives voted to renew more than 50 expired tax breaks for individuals and businesses through the end of 2014. With an overwhelming pass of 378-46 for the...
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2015 Inflation-Adjusted Items and Tax Tables Released
The annual inflation adjustments for 2015 for more than 40 tax provisions along with the 2015 tax rate tables for individuals and estates and trusts have recently been released by the IRS. Personal...
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2014 Year-end Payroll tax information and 2015 updates
Social Security and Medicare withholding The employee’s and employer’s portion of social security taxes withheld has remained unchanged (6.2%). The wage base for 2014 is $117,000. In 2015 the wage base...
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