Credit Card Transactions Could Pose Audit Risk

Posted on 11. Dec, 2017 by in Bookkeeping Articles, Small Business Tips

What small businesses need to know Small business owners beware: the IRS may more closely scrutinize reporting of credit card transactions after it was criticized for lax enforcement. The IRS’ overseer, the Treasury Inspector General for Tax Administration (TIGTA), recently said the IRS had been missing opportunities to audit tax returns that had large discrepancies […]

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Retirement Contribution and Social Security Limits on the Rise

Posted on 06. Dec, 2017 by in Bookkeeping Articles, Small Business Tips

Save More in 2018! The maximum contribution to 401(k) accounts rises by $500 in 2018, the first increase in three years. If you have not already done so, now is the time to plan for contributions into your retirement accounts in 2018. Questions? We can help. Contact us today!

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Five Great Banking Tips

Posted on 04. Dec, 2017 by in Bookkeeping Articles, Small Business Tips

Banks are a necessary tool to navigate our daily financial lives. Unfortunately, there are aggravating practices at many banks that drive us crazy or cost us money. Here are five tips to get more out of your bank and pay less. Remove cash from the right place. Never use an ATM machine that is not […]

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Holiday Shopping Survival Guide

Posted on 20. Nov, 2017 by in Bookkeeping Articles, My Favorite Things, Small Business Tips

The two biggest shopping days of the year are just around the corner. Black Friday, on Nov. 24, is the day after Thanksgiving when brick-and-mortar retailers entice shoppers with special deals. And online retailers provide a second round of shopping madness on Nov. 27, Cyber Monday. As you start to get bombarded with ads and […]

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6 Must Do’s When You Donate to Charity

Posted on 13. Nov, 2017 by in Bookkeeping Articles, Small Business Tips, Tax Updates

Donations are a great way to give to a deserving charity, and they also give back in the form of a tax deduction. Unfortunately, charitable donations are under scrutiny by the IRS, and many donations without adequate documentation are being rejected. Here are six things you need to do to ensure your charitable donation will […]

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Ace the FAFSA

Posted on 06. Nov, 2017 by in Bookkeeping Articles, Services, Tax Updates

The Free Application for Federal Student Aid (FAFSA) is a tool students use to apply for more than $120 billion in federal funds. Unfortunately, each year many students miss out. A report from NerdWallet estimates that $1,861 per eligible high school graduate of free federal grant money went unused during 2014 because they did not […]

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Fix Your Overfunded Accounts

Posted on 30. Oct, 2017 by in Bookkeeping Articles, Small Business Tips

Is socking away large sums in a tax-deferred retirement account ever a bad idea? It is when you exceed the annual IRS limits. Whether intentional or not, the penalties can be painful. Here’s how overfunding occurs and what steps to take to fix the problem. How overfunding happens Overfunding retirement accounts happens more than you […]

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The Do’s and Don’ts of Business Expensing

Posted on 23. Oct, 2017 by in Bookkeeping Articles, QuickBooks, Small Business Tips

Knowing whether you can or can’t expense a purchase for business purposes can be complicated. However, there are a few hard-and-fast rules to help you. Business Expenses.¬†According to the IRS, business expenses must be ordinary and necessary to be deductible. That means they are common and accepted in your business, as well as helpful and […]

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Renew Your ITIN Now

Posted on 16. Oct, 2017 by in Bookkeeping Articles, QuickBooks, Small Business Tips, Tax Updates

If you have an Individual Taxpayer Identification Number (ITIN) rather than a Social Security number (SSN), you may need to take action now or you’ll be unable to file a tax return for 2017. Here is what you need to know. What to know about ITINs ITINs are identification numbers issued by the U.S. government […]

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Ten Tips for Managing Your Bookkeeping Records

Posted on 09. Oct, 2017 by in Bookkeeping Articles, QuickBooks, Small Business Tips

One area that all businesses have in common is bookkeeping. No matter what products you sell or service you offer it’s important to know your financial status at all times.¬† Here are ten tips to help you better organize your bookkeeping records. Never commingle personal and business expenses. Enter vendor invoices into your Accounting File […]

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