Archives for July 2017
Four Tips For Building An Emergency Fund
Planning for business emergencies is like buying insurance: you pay into an account and hope you’ll never have to use it. But life happens. Equipment breaks down. Electrical problems occur. Employees leave. Having money in the bank to cover those unexpected expenses can reduce stress and keep you from relying on credit cards and loans […]
Don’t Assume It’s Correct, Just Because It’s The IRS
Quotes from actual IRS correspondence received by clients: “Our records show we received a 1040X…for the tax year listed above. We’re sorry but we cannot find it.” “Our records show you owe a balance due of $0.00. If we do not receive it within 30 days, appropriate collection steps will be taken.” “Payment is due […]
Five Home Office Deduction Mistakes
If you operate a business out of your home, you may be able to deduct a wide variety of expenses. These may include part of your rent or mortgage costs, insurance, utilities, repairs, maintenance, and cleaning costs related to the space you use. It can be a tricky area of the tax code that’s full […]
Reap The Benefits Of Hiring Your Child For The Summer
Hiring your children to work in your business can be a win-win situation for everyone. Your kids will earn money, gain real-life experience in the workplace, and learn what you do every day. And, you will reap a few tax benefits in the process. Before you decide if hiring your child is the right thing […]
Get to Know These Tax-Saving Terms
As you begin to think about scheduling your midyear tax planning appointment, refresh your memory on the meanings of terms that can save you money. Here are three. Exclusion. Exclusions are items that would generally be included on your return, but are specifically excluded by a tax law provision. For example, gifts and inheritances you receive […]