With cyber security being increasingly important, we have listed a few tips to safeguard your financial information and online accounts. Here is a link to our record retention guide: Regularly download any pertinent financial information such as bank statements, credit cards, financial statements of your business, and your tax returns. Make sure after you…
Organizing and Reviewing Your Records The tax deadline of April 18th is now behind us, summer is just around the corner. Now is the opportune time to “Spring Clean” by organizing your recordkeeping, audit trail process, and record retention procedure. Below are a few items to help you be prepared: Having an audit trail is…
The Importance of a Sound Financial Reporting System Receiving an accurate and timely financial statement each month is based on the reliability of your financial reporting system. A sound financial reporting system ensures proper checks and balances, an audit trail, and the financial statements needed to make better business and tax decisions. The following questions…
At the end of 2020 the stimulus legislation passed a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 making those meals fully deductible. Food and Beverage Expense In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the deduction is…
Drive more savings to your business with the: Heavy SUV Tax Break Are you considering replacing a car that you’re using in your business? There are several tax implications you should keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other…
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your…
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine business travel with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might…
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in…
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs. No more…
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage…
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