Blog Archives

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

Tagged with:
Posted in General Tax Tips & News

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

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

Tagged with:
Posted in General Tax Tips & News, 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

Posted in General Tax Tips & News, Small Business Accounting Tips

SEP Retirement Account Can Lower Business Owners Taxes

SEP: A Terrific Tool to Increase Retirement Savings and Minimize Taxes Self-employed business owners can reduce their taxes and greatly increase retirement savings with a Simplified Employee Pension (SEP) IRA. These plans are one of the best retirement plans available

Posted in General Tax Tips & News, Small Business Accounting Tips

Home Office Tax Breaks Lost Under New Rules

New tax laws slash tax deductions for home offices The media gave lots of attention to how the Tax Cuts and Job Act (TCJA) changed corporate and personal tax rates. Few headlines focused on the significant changes TCJA made to

Tagged with: ,
Posted in General Tax Tips & News

Is your company ready for the new rule on leases?

Accounting Rules Changing for Business Leases The Financial Accounting Standards Board (FASB) has announced new rules for how companies must account for their corporate leases. Under Old Rules, FASB Treated Some Leases Differently Under FASB’s old standard, the rules only

Posted in General Tax Tips & News, Small Business Accounting Tips

New IRS Calculator Helps You Set Correct 2018 Tax Withholding

Use the IRS Calculator To See If You Need to Update Your W-4 The IRS has recently updated its online calculator, which helps taxpayers gage the right amount for their payroll tax withholding. Use this tool to make sure you

Posted in General Tax Tips & News

Posts per Category

Business Startup Accounting Tips

General Tax Tips & News

QuickBooks tips

Small Business Accounting Tips

Contact Us