BUSINESS OWNERS, YOUR BAD DEBTS MAY BE DEDUCTIBLE

By | November 4th, 2019|Accounting and Auditing, Business, Taxation|

If you hold a business-related debt that’s become worthless or uncollectible, a “bad debt” deduction may allow you to cut your losses.  But there are a few hoops to jump through. BUSINESS OR NON-BUSINESS?   Business bad debts generate ordinary losses: non-business bad debts are reported as short-term capital losses.  The latter can be used only [...]

Comments Off on BUSINESS OWNERS, YOUR BAD DEBTS MAY BE DEDUCTIBLE

QuickBooks reports can tell you how much sales tax you owe to each taxing agency, among other things. Find out how to here.

By | November 1st, 2019|Accounting and Auditing, Business, QuickBooks Tips|

Setting Up Sales Tax in QuickBooks, Part 2 Now that you have your sales taxes set up, you’ll be able to use them in transactions and reports. Last month, we talked about the process of setting up sales taxes in QuickBooks. To recap a bit, you first have to go to Edit | Preferences | [...]

Comments Off on QuickBooks reports can tell you how much sales tax you owe to each taxing agency, among other things. Find out how to here.

COST SEGREGATION STUDIES CAN BENEFIT BUSINESS OWNERS

By | October 21st, 2019|Accounting and Auditing, Business|

Any business owner who’s acquired, constructed or substantially improved a building this year – or even in previous years – should read up on the tax benefits of a cost segregation study.  Undertaking one may allow you to accelerate depreciation deductions, which reduce current taxes and boost cash flow. REAL VS. TANGIBLE IRS rules generally [...]

Comments Off on COST SEGREGATION STUDIES CAN BENEFIT BUSINESS OWNERS

STEP CAREFULLY WITH LOANS BETWIXT A BUSINESS AND ITS OWNER

By | October 7th, 2019|Accounting and Auditing, Business, Taxation|

It’s common for owners of closely held businesses to transfer money into and out of the company.  But it’s critical to make such transfers properly.  If you don’t, you might hear from the IRS. WHY LOANS ARE BETTER When an owner withdraws funds from the company, the transfer can be characterized as compensation, a distribution [...]

Comments Off on STEP CAREFULLY WITH LOANS BETWIXT A BUSINESS AND ITS OWNER

Did you know sales taxes are considered Items in QuickBooks? You can see your options and start creating them by going to Edit | Preferences | Sales Tax. Find out more here.

By | October 1st, 2019|Accounting and Auditing, Business, QuickBooks Tips|

Setting Up Sales Taxes in QuickBooks, Part 1 If your business is required to collect and pay sales taxes, you can use QuickBooks’ tools to help you meet those obligations.  Next to payroll, state sales taxes represent probably the most complex element of your accounting tasks. QuickBooks can help with the mechanics, but there’s a [...]

Comments Off on Did you know sales taxes are considered Items in QuickBooks? You can see your options and start creating them by going to Edit | Preferences | Sales Tax. Find out more here.

TAX CALENDAR

By | October 1st, 2019|Accounting and Auditing, Business, Taxation|

October 15 Personal federal income tax returns for 2018 that received an automatic six-month extension must be filed today and any tax, interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR), must be filed by today, if not filed already, for [...]

Comments Off on TAX CALENDAR