To Be Deductible Expenses Must Be Ordinary AND Necessary to Running the Business The IRS defines allowable business expenses as those expenses that are the ordinary and necessary expenses for carrying on a trade or business. Business owners and tradespeople…
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Use KPIs to Review Your Mid-Year Financial Performance
How to use Key Performance Indicators (KPIs) to review your company’s mid-year financial performance July is a great time to take stock of how well your company is performing. With six months to go until year’s end, you have time…
Posted in Small Business Accounting Tips
How to Take Income from Your Small Business
Do you know the best way to take income from your small business? When many folks talk about a business owner’s income, they mention the word “salary”. Not every business owner takes a salary. Many factors influence how business owners…
Posted in General Tax Tips & News, QuickBooks tips
Is Summer Camp Tax Deductible in 2019?
Do you know if your child’s summer camp is tax deductible? The short answer is it could provide you with a tax credit, which is more useful than a summer camp tax deduction. A tax deduction allows you to reduce…
IRS Reduces Penalties for Taxpayers Under-withholding taxes
The IRS lowers under-withholdi penalty to 80% In March, taxpayers who under-withheld their federal tax in their paychecks got a reprieve from the IRS. The agency recognized that many taxpayers were confused about the amount they needed to withhold. Last…
Posted in General Tax Tips & News
Gift Tax Basics 2019 | Who Owes Tax
Gift Tax Overview for Filing 2018 taxes Congrats, you got a large gift check last year. If you’re like many folks, you may wonder if you need to report that money or owe a gift tax. Givers May Owe a…
Posted in QuickBooks tips
Deduction Changes for 2018 Personal Taxes
Recent Tax Reform Alters Personal Deductions for 2018 The IRS made major changes to personal deductions for 2018 taxes. The new regulations eliminate or reduce several popular deductions. As an offset to these changes, the rules also increase standard deductions.…
Posted in General Tax Tips & News
2019 Business Tax Deadlines for VA, MD, and DC
January is a good time to record the due dates for important business taxes in the coming year. We list below important due dates for Virginia, Maryland, and the District of Columbia. If you need additional information, we also…
Improve the Profitability of Your Business in 2019
10 Tips for Improving Your Company’s Profitability If you want to improve the profitability of your business next year, you are not alone. Accounting Today recently surveyed 1,000 small business owners and leaders. The survey asked respondents to list their top…
Posted in Small Business Accounting Tips
2018 Year-End Tax Strategies for Small Businesses
4 Year-End Tax Strategies for Small Businesses November is a great time to take stock of your company’s year-end tax situation. You still have time to make some adjustments to minimize taxes. The Tax Cuts and Jobs Act (TCJA) included…