Imagine trying to build a piece of furniture from rotted wood or trying to run a race the morning after consuming nothing but Oreos and Mountain Dew… When garbage is the foundation of your end product, then you end up with a horrible result. Inaccurate, incomplete, or biased information will adversely affect your business decisions, …
Garbage In, Garbage Out (GIGO) vs. Useful Advice For Success Read More »
If you use your personal vehicle for business purposes, you may be eligible to claim a mileage reimbursement on your tax return. The mileage rate is determined by the IRS and can vary from year to year. The standard mileage rate for 2022 is 58.5 cents per mile for business use, and the IRS has …
Don’t Miss Out on Tax Deductions for Business Miles Read More »
Do you own a business and have your kids help out when they’re not in school? If you file a Schedule C, you could be saving money by hiring your own children. If your business is a sole proprietorship, an LLC filing taxes as a sole proprietorship, or a partnership with the other parent of …
Originally created to allow residents of Augusta, GA to rent their residences tax-free during the annual Masters Tournament, the Augusta Rule (IRS Section 280A) allows you to rent out your home for 14 days or less per year without having to report the revenue as income. A few caveats to qualify for this tax exemption: …
Can the Augusta Rule Help You Keep More of Your 2022 Income? Read More »
How do you determine if you’re eligible to claim a home office deduction? If you’re self-employed and use part of your home exclusively for business use, you may qualify for the IRS Home Office Tax Deduction for 2022. You must meet these requirements to qualify: There are two methods to choose from when calculating your …
Are You Qualified to Claim a Home Office Deduction? Read More »
Thinking about making donations to a charity or nonprofit before the end of the year? There are a few things to keep in mind in terms of eligible deductions and documentation you should have in the event of an audit.
The perfect time to switch is to begin the new year with a new payroll service. Any other time of year requires an extensive amount of work on your part to make the transition. Let us help you start off 2023 with an excellent payroll system that works for you! For businesses who are concerned …
Does Your Current Payroll Platform Cause Headaches? Read More »
We’ve shared info and links to the bookkeeping resources and apps we use and recommend on our new Preferred Partners page.
Did you know that the Three Martini Lunch Rule ends on January 1, 2023? 🍸🍸🍸 A benefit from the The Consolidated Appropriations Act, 100% of restaurant meals have been temporarily deductible since 2021, ending in 2023 when we’ll return to having both 50% and 100% deductible meals. What’s the difference between the two for your …
“I don’t want to make an extra $2,000 because that will put me into the next tax bracket and cost me more.” We hear this same refrain every year around tax time. It seems just as many people believe this tax bracket myth as do people who believe in the Loch Ness Monster (which is …
