Plan Ahead..Tax Time is Just Around the Corner!

Business Owners…As we are nearing the close of this tax season, make sure you are taking advantage of every opportunity to cut your tax bill. Business owners can deduct business expenses from the amount of income they earn throughout the year. For an expense to qualify as a “business expense” it must be directly related…
Often overlooked, receipt keeping is a necessary component of good bookkeeping. Receipts are the primary and easiest way for a business to support all entries recorded on the books and on tax returns. Should the IRS audit your business’ tax return, they will require supporting documentation showing not only the amount paid but a detail…
Corporate budgets, as well as household ones, are arguably one of the most important tools you can use. Creating a budget for your business will provide a guideline for expected income and expenses and enable you to compare your anticipated financial goals with the actual numbers. In essence, it will serve as a barometer for…
In my now 17 years in business, I have learned so many lessons. I have learned what I am good at. What I struggle with. What I love and what I would rather not do. I have learned how to subdivide undeveloped land, file payroll taxes, dispute with the IRS, file UCC liens, and how…
Tax Credits and Tax Deductions are great! Both reduce the amount of taxes you will have to pay at tax time but there is a big difference. Tax DEDUCTIONS reduce your taxable income while tax CREDITS reduce the amount of tax you pay. Why is this important? Well let’s say you want to buy a…
Business owners, do you really need to keep all those receipts? The short answer is YES. The long answer is… As a small business owner, you make tons of purchases for your business. If you are like me, you make them all with a debit or credit card because, after all, who uses cash in…