One of the sections of the new tax law is the elimination of the Entertainment deduction. Anyone familiar with business taxes knows that for years the company could deduct 50% of the category called "Meals & Entertainment".
So are MEALS considered ENTERTAINMENT?
First, it is a given fact Read More..
SEVEN "TO DO" ITEMS THAT CANNOT BE PUT OFF!
**AN IMPORTANT NEW YEAR'S RESOLUTION**
Please do something about these if you have not already.
And NONE of them have to do with accounting or taxes, so I am not selling anything...except peace of mind!
Furthermore, each is one paragraph long, so Read More..
Individual Tax Changes for 2018
Parts that may reduce taxes for Individuals:
-Tax brackets will be 10%, 12%, 22%, 24%, 32%, 35%, and 37%. What each bracket will be income-wise is still unclear.
-Almost doubles the Standard Deduction to $24,000 for Married Filing Jointly, $18,000 for Head of Household, Read More..
FINAL YEAR END TAX TIPS
If you wish to see if you are saving on 2017 taxes, then now is the time to be planning. If you wait until January 2018, it may be too late, so look now.
Here are a few examples of ways to reduce taxes....
Increase Itemized Deductions on Schedule A:
Prepay your Estimated Read More..
CAPITAL GAIN/LOSS BASICS
You always hear about Capital Gain and taxes, but what is it actually, and what are the basics that are involved when you sell capital assets?
A "capital asset" is defined by Investopedia as "significant pieces of property such as homes, cars, investment properties, stocks, Read More..
Most everyone wants to pay the least amount of taxes potentially, but wants to make the most amount of money possible! That goes for you, your family & friends, Warren Buffet, and President Trump! But how do you do that?
One way is to earn less than $6300 if you are single, or $12,600 if married Read More..
IRS Hires Private Debt Collectors
Just when you thought the IRS had finally forgotten about your old tax debt because you had not heard from it in a while... Guess what? It did not forget! The IRS was just too busy! Now the bureaucratic behemoth has help to call, trace, and find where you moved so Read More..
IMPROVING YOUR COMPANY'S SUCCESS
Urban Meyer, Ohio State football coach, is fond of saying after a big win where the Buckeyes' seem to play almost flawless football that "There were a number of things we could have done better". That is no different in business. There are always places to improve, Read More..
Imagine my surprise with the phone call telling me that the IRS is suing me unless I pay past taxes immediately!! As a CPA, I could lose my license for such a violation! So what did I do instantly?
As I hope all of you know, there has been a rash of scam IRS callers all over the USA. Read More..
Pay Increase For 4.2 Million Salary People-Or Switch To Hourly?
The Department of Labor (DOL) has revised, under the guidance of President Obama, the regulations surrounding "Exempt" employees that will be effective December 1, 2016. It had not been looked at since 2004 and an adjustment was deemed Read More..
Things You Should Know about Filing Late and Paying Penalties
April 18 was this year's deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, Read More..
If there are thousands of Social Security possibilities, how can anyone know which one(s) is the best? I guess you start with the basics...Take the quiz and see how you do!
I found this in one of my trade publications. Though I have knowledge on social Security, I am no expert on SS (Social Security). Read More..
Frequently I am asked about what a small company really needs to do to help itself, grow, and remain compliant...but in simple to understand language!! Easier said than done! Being up for the challenge, here I go with my two cents worth...
These are oversimplified generalization that may help many Read More..
In theory, growing too fast is a problem everyone likes. Sales are pouring in, new customers are contacting you, or a potential acquisition presents itself, etc. Business likes those situations. The real problem though is managing the growth and knowing when that point has been reached.
As you experience Read More..
I am not a psychologist or psychiatrist, but this gratification phenomenon always interested me, especially dealing with people and money. Which is better: instant or delayed? What if you could have both? Is it possible?
It seems to me, unscientifically on my part, that both are possible.
Most Read More..
Many people have been there: laid off from work, lost a large customer or the economy takes a downturn, you or your spouse gets sick or injured, and the money you count on is dramatically reduced. It becomes a “soul-searching” time.
Now, after the initial anger, fury, dismay, shock, annoyance, Read More..
Six Tips on Who Should File a 2014 Tax Return
Most people file their tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must file. Here are six tax tips to Read More..
TIPS IF YOUR BUSINESS IS IN TROUBLE
It happens to many businesses. You have been around a number of years, and then the checking account seems to always be hovering around $0 like it never has before. It is hard to pay your employees (or yourself), vendors keep asking about the payment that was due Read More..
Two months left this year (or a month and a half if you ignore the last part of December with all the holidays and vacations), so you need to do some self-help tax planning now to try to reduce your April 15th tax bite! But you say -I do not make a lot of money and have only a small amount of savings. Read More..
ObamaCare Individual Shared Responsibility Payment
Contrary to the stated mantra, health care costs have risen, not decreased. Granted that some have received a subsidy to bring it down somewhat, but what about those who either: A) still cannot afford it, or B) do not want it? You will be taxed (or Read More..
College is amazingly expensive!!! It is a fact. Just ask any parent or child who is paying for his or her post-secondary education. Not to mention all the 'gotcha' fees like mandatory college health care cost, technology fees, orientation fees, reloading the incidental/food card fees, etc. What do you Read More..
What to do if You Get a Notice from the IRS
Many millions of people have received the dreaded IRS letter. The moment you see it, you get that pit in your stomach, dread, fear, or even anger. Many have the urge to quickly throw it away as if they did not see it and possibly believe the problem will Read More..
The kids are out of school working on their first million dollars, or just trying to pay for school or car insurance! Do they really need to have income tax withheld from their paycheck? What if they are doing mowing around the neighborhood? What about tip money? What if they just work in Dad and Read More..
OHIO SALES/USE TAX BASICS
Often business people ask me about sales or use tax situations, and to be perfectly honest, it can be perplexing. If you ask the Ohio Department of Taxation, the usual answer is “If it is not on the exempted list, it is taxable”. The problem is that there are over 850,000 Read More..
When you sell a ’capital asset,’ the sale usually results in a capital gain or loss. A ‘capital asset’ includes most property you own and use for personal or investment purposes. Here are 10 facts from the IRS on capital gains and losses:
1. Capital assets include property such as your home Read More..
Knew a guy, call him Bill, who received a call from the IRS Criminal Division stating that Bill had to call him back to pay back taxes immediately, or a warrant would be put out on him! He was extremely concerned, knew of absolutely no past tax problems, so he called me. I offered to call the IRS gentleman Read More..
Are your kids sitting around playing video games when they can be helping your business and saving your tax dollars! It is something you may want to consider, especially those in a higher tax bracket (and maybe put away some retirement savings for them too!!).
First, realize that your children must Read More..
WHAT TO DO BEFORE DECEMBER 31ST 2013
If you want, or need, tax deductions for 2013, be aware that some of the more common ones are set to expire at the end of the year. If these apply to your situation, you may want to do what it takes to take advantage.
Of course, no one knows what Congress Read More..
NEW RX FOR SMALL BIZ HEALTH CREDIT
The most onerous rules for employers and employees included in the massive 2010 health care law, the Patient Protection and Affordable Care Act (PPACA), have yet to take effect. But qualified small business owners may already benefit from a
generous tax credit Read More..
WAYS TO SAVE MONEY WITH NO - OR LITTLE - PAIN
Most of us never seem to have enough money to live within our means. There is always the inevitable car repair, refrigerator problem, or other unexpected cost that makes us have that “hand-to-mouth” sustenance that causes the savings account to dwindle. Read More..
OHIO BUDGET CHANGES FOR 2013-14
The Ohio Department of Taxation has released a summary of the main changes in Ohio’s Income tax rules. There are significant changes with additions, subtractions, and some remaining unchanged. Following is a list of changes from the Ohio Department of Taxation information Read More..
HOW TO PREDICT FRAUD
Every business that has been around a while has experienced theft by people inside your business or outside. The outside ones are in a class by themselves, but what about your employees or teammates? How do you tell if fraud is happening, or signs that it COULD happen?
Though Read More..
Showdown over tax cuts:
Average family will pay $1,600 more in taxes next year
No one in Congress is budging on the January expiration of tax cuts and the result means 114 million families will see average tax increases of $1,600 next year. And the blame should be on:
The Read More..
Tired of tracking all those household expenses to take your Home-Office Business deduction on your taxes? Finding the electric, gas, trash, water, and insurance bills at the end of the year takes time and is a pain! Beginning January 1, 2013, it may be MUCH simpler…and may give you a better deduction!!!
Look Read More..
Six Tips on Making Estimated Tax Payments
Some taxpayers may need to make estimated tax payments during the year. The type of income you receive determines whether you must pay estimated taxes. If your tax preparer gave you the Estimated Tax Vouchers, you are fine UNLESS you make substantially more Read More..
Resources for Small Business Owners
Education is that which discloses to the wise and disguises from the foolish their lack of understanding. – Ambrose Bierce
The only person who is educated is the one who has learned how to learn and change. – Carl Rogers
Education makes people easy to Read More..
90% Will Pay More Taxes in 2013! How Can That Be?!
What taxes are going up? How does this affect me? What can I do to save myself? What will happen to the country, which will in turn affect me, if we go over the “Fiscal Cliff”?
The “Fiscal Cliff” that we have heard so much about is a coined Read More..
You are in the process of divorce and it is nasty. At tax preparation time, who gets to claim your child(ren)? Not decided? Or maybe you know your ex-spouse never files the 1040 tax return until the last minute. Should you do your taxes quickly and claim the kids for the exemption? Should you still Read More..
IS THERE MISUSE OF THE USE TAX?!
The Ohio Department of Taxation says “Yes!” In 800 Use Tax audits, they found 96% of the company in violation and they have a list of 800,000 businesses to check. Chances are you are on that list. So the question is: What is Use Tax and if I am in violation, what Read More..
How To Find Mistakes In Your Accounting Records
We all make mistakes when it comes to accounting numbers (and in everyday life too!), but how can you find those mistakes? There are some simple rules to help you potentially save some time finding those mistakes. If you know them, it may help keep you Read More..
THE SIMPLIFIED VERSION OF OBAMACARE OR OBAMATAX
Now that the Supreme Court has ruled that ObamaCare is a tax, what does this mean…without reading 2700 pages of law? First, there is the law and secondly, there is the practical and rational outcome. This is based on human nature and has nothing to Read More..
Start Planning Now for Next Year's Tax Return
The tax deadline may have just passed but planning for next
year can start now. Being organized and planning ahead can save time, money and
headaches in 2013. Here are eight things you can do now to make next April 15
1. Adjust your withholding
Why Read More..
It is time for your New Year’s Resolution, so make it a good and realistic one!! Why not choose one that will help you and your business be successful? Or is it just a waste of time (like the yearly promise to lose weight, spend more time with the kids, read more, etc. that many of us fail at)?
Budgeting Read More..
Who does the IRS tend to audit often?
Answer: the Self-Employed who file a Schedule C.
Why the Self-Employed?
The IRS believes you are hiding income and adding non-deductible expenses.
What can you do to protect yourself?
The IRS will “judge” you based on past experience with other Read More..
DO I REALLY NEED TO BACKUP MY DATA?
If you do not believe the answer to this question is “YES”, then I suggest you keep reading to learn why your reason(s) for not doing it is wrong and learn why any negative answer needs to be debunked!
First, realize you may not be alone. Symantec did a survey Read More..
Ohio Tax Savings By Investing in Ohio Businesses
If you are looking for a possible Ohio tax break, this may be an area to further investigate. InvestOhio is a new program that is just now being rolled out by the Kasich Administration that will help many Ohio businesses. To get yourself Read More..
Increase Your Profits
6 Tips for Enjoying a More Lucrative Business
As a small business owner, you should always be on the lookout for ways to increase profits. Though there are many ways to accomplish this, sometimes you have to “revisit” some of the basics. What are some simple things you Read More..
My EX-Husband (or Wife) Had a Tax Problem and Now the IRS Wants Me to Pay For His/Her Mistake!!!
Can they do that?.......YES!
Can I stop them?.....Maybe!
The IRS will go to great lengths to collect money, even going back to a previous marriage partner. Can you stop them? In certain situations, Read More..
IRS Puts a Lien on My House By Email?!!
What Should I Do???
You just checked email and there is the dreaded email from the IRS telling you they will put a lien on your property unless you send them the $500 you owe now…Credit Cards accepted!! Or give the IRS your bank account number and routing Read More..
Too often business owners are so preoccupied with select parts of the accounting process that they don’t realize just how valuable all that financial information can be. Some business owners focus on preparing the yearly tax statement. Others may worry about that and their cash flow. And others still Read More..