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Documentation of Expenses
02/21/2013It is important to have documentation for expenses via credit card statements and bank cards. You don’t need to...
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Classification of employees vs. independent contractors
02/21/2013This is something that the IRS takes seriously and can be caught if you end a business relationship with...
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Hiring family members as employees
02/21/2013Save on your profits by paying them as wages to your children for helping out with your business. Under...
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S Corporation elections
02/21/2013For tax years beginning after 2012, the Relief Act increased the top rate for qualified dividends from 15% to...
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Office equipment vs. supplies
02/21/2013Equipment can be “expensed” directly via a 179 deduction, but it is important to classify the difference between just...
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Business tax credits extended
02/21/2013“The Relief Act extended the availability of several business tax credits that had expired. Most notably, it extended the...
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Reimbursed Business Expenses
02/21/2013For small business owners, particularly if they operate flow through entities such as S corporations or Limited Liability Companies,...
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Section 179 Rules
02/21/2013The Relief Act authorized a much higher Section 179 deduction limit for tax years beginning in 2012. Now, businesses...
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Mileage Deductions
02/21/2013Take the mileage deduction instead of gas bill receipts! The IRS gives two options for gas bills — getting...
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Retirement Plans
02/21/2013Even though the year is over, employers can still contribute to their employees’ SEP IRA or other retirement plan...
