Last week’s tax reform proposal from the Trump administration would cut the tax rate for “Pass-Through” businesses to 15% which will create opportunity for savings, and for abuse. Proponents of the plan claim that the reduction in business tax expenses will be followed by those businesses building, growing, and hiring […]
IRS Serious About Collecting Payroll Taxes The IRS is serious about collecting all taxes but is especially aggressive when it comes to collecting payroll taxes. Not only are the penalties for payroll tax noncompliance steeper than they are for other types of taxes, but the range of accountability is much […]
Section 179 in a Nutshell The Section 179 Deduction is a $25,000 tax deduction that applies to both new and used business equipment and off-the-shelf computer software that is purchased and put into service during 2015. Up to this cap amount, it allows business owners to write off the full […]
Bookkeeping not a Favorite Task of Small Business Owners A recent survey of more than 500 small business owners showed that bookkeeping services was one of their least favorite tasks. The survey, conducted by TD Ameritrade, showed that 68 percent of small business owners liked interacting with their clients and […]
Bookkeeping for the Self-Employed Bookkeeping for the Self-Employed: The bookkeeping concerns of the self-employed are numerous and complex. Independent contractors, sole proprietors and other self-employed individuals are allowed to take certain tax deductions that are specific to their entity structure. These deductions include such items as home office expenses, car expenses, […]
Know Your Bookkeeper’s Qualifications Know Your Bookkeeper’s Qualifications – Although a bookkeeper is not required to be licensed, many bookkeepers do have some type of official certification. Each bookkeeping certificate verifies the certificate holder’s knowledge and expertise in one or more specific areas of bookkeeping as well as identifying the […]
Bookkeeping Essentials 101 – The Importance of Good Bookkeeping – A precise and expeditious bookkeeping system is one of the most important operating components of any small business. Accurate and current financial records make it possible for a business to assess its profitability and develop long range financial goals. They […]
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