Category: Tax
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Why Xero?
WE ARE FANS OF XERO Xero Is A Cloud-Based Accounting Software For Your Virtual Business Needs.
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How Business Structure Affects Taxes
One question that I often hear is what type of business organization should I choose and how business structure affects tax. While reading Accounting Today, which I am sure that all of you do, I saw this infographic (How Business Structure Affects Taxes) recently and thought it was a great reference for a small business…
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Three Awesome Reasons to Choose the S Corporation
I don’t know about you guys but has anyone else searched the internet endlessly for how to choose to between an LLC, C Corporation, or an S Corporation? I know that I have typed in LLC vs. C Corporation vs. S Corporation many times into google or youtube but always come away conflicted. If you…
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Inherited Annuity Tax Implications
Inherited an annuity and now trying to figure out the inherited annuity tax implications? First of all I am sorry for your loss as my family has just experienced this very scenario. The first thing to understand is the common feature of all annuities. A portion of the annuity income is considered a return…
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Home Health Caregiver Hiring and Taxes
What if you loved one does not want to go to a nursing home? In order to stay at home and avoid a nursing home, the client may have to hire a Home Health Caregiver. When considering Home Health Caregiver Hiring and Taxes there are three options to take into account.
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Standard Business Mileage Rate
The standard business mileage rate can result in one of the biggest deduction that a small business owner can realize. Usually, the standard mileage rate will create a larger deduction than the actual costs of operating a car. The problem is that we are all to lazy to keep the required mileage log. To help…
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Gift Tax Annual Exclusion Demystified…..Maybe ?
Gift Tax Annual Exclusion The gift tax annual exclusion are one of the most misunderstood and complicated concepts of taxes. The most common confusion surrounds who pays the gift tax. With that said I want to define gift taxes from the donee (receiver) and the donor (giver) in order to further your understanding. The donee (receiver)…
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Does a partnership or corporation have to file a tax return even though it had no income for the year?
Say you start a new partnership or corporation in October or November but don’t actually start business operations until the next calendar year. Or how about you have a business in a transition period where the is no income for the current year. Do you have to file a tax return even though it had no…
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Charities Protect Your Donors With The “Magic Blurb”
Bottom Line: Non-Profit organizations (i.e. Churches and Charities) must ensure that they protect their donors by including the “magic blurb” stating that no goods or services were provided in exchange for the donor’s contributions no later than January 31 of the year following the donation. What does It Mean: In a recent tax court case a Texas couple,…
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How to Use Per Diem Rates for Small Business
Small business owners are always trying to make their lives easier and efficient. Who could blame them. This article aims to explore the entrepreneurs option to use per diem rates while traveling. Basically there are two ways one can deduct travel expenses. The actual cost of meals, incidental expenses, and lodging can be deducted provided…