2020 Standard Mileage Rates Announced
The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the…
The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?
If your business engages the services of an individual (independent contractor), other than one who meets the definition of an employee, and you pay him or her $600 or more…
Holiday Gifting with a Tax Twist
Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples: Employee Gifts – It is common practice this…
Don’t Overlook These Essential Small Business Tax Credits
At their core, tax credits are a very particular type of benefit designed to offset the actual tax liability associated with SMBs around the country. This isn’t the same thing…
3 Common Personal Income Tax Problems & How to Respond
Tax problems aren’t just a worry that hang over people’s heads from January through April every year. Many of them go far beyond the numbers that you report, and they…
Are You Subject to Self-Employment Tax?
Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during…
9 Signs You Need an Accountant
As a small-business owner, up until this point, you may have managed your money successfully. Software programs like QuickBooks make it possible, even if you don’t have much financial knowledge…
70-1/2 or Older? Avoid an IRS Penalty by Taking the Correct Retirement Plan Distribution
If you are age 70-1/2 or older and have a traditional IRA, a 401(k), or a SEP IRA, the tax law requires you to take at least a minimum amount…
The 20% Pass-Through Tax Deduction for Business Owners
The Tax Cuts and Jobs Act (HR 1, “TCJA”) established a brand new tax deduction for owners of pass-through businesses. Pass-through owners who qualify can deduct up to 20% of…
The Auto Deduction in 2018 – Mileage or Actual?
First and foremost, remember the auto deduction isn’t travel, but expenses for your car, truck or SUV. Also, remember this includes ALL your vehicles as long as they have some sort of business…