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Accounting

Check Your Withholding Before it’s Too Late!

We are in the final stretch of 2019 and now is a good time to check your withholding estimator.  Grab your paystubs and other income documents from all income sources.  Grab your most recent documents on pensions, annuities, Social Security benefits and self-employment income, as well as 2018 tax return.  Go to irs.gov and check…

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Tax Tip Tuesday

December 2019 TAX TIP: It’s international Giving Tuesday!  If it matters to you, today is a great day to make your charitable donations to the causes you support.  You can save on your taxes and maximize your donation if you find a donation match.  Giving Tuesday is the day the people flex their generosity muscles,…

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Gift and Estate Exclusion Amounts

If you have been concerned about what happens to your tax benefits of the increased gift and estate tax exclusion amounts after the effective period of 2018 to 2015 lapses, relax…a little. On the twenty second of November 2019, the treasury department and the internal revenue service issued a news release confirming that …”individuals who…

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IRS Travel Guidance

The IRS just released guidance on the new business travel per diems that went into effect in October.  The guidance is issued to help clarify the definition of incidental expenses as: fees and tips given to porters, baggage carriers, hotel staff and staff on ships.  NOT included are Transportation between places of lodging, business and…

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Check Before Cheque

This time of the year is big for charitable contributions. PersonalTaxPrep.com just wants to remind you check before cheque. Before you contribute to that charity hoping for charitable contribution by the end of 2019, check the IRS’ list of tax exempt organizations.  IF you just want to give, fine, but if you were hoping for…

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Good RecordKeeping = Good Business

Small business owners do everything from product design to janitorial work.  No wonder they sometimes struggle to keep up with recordkeeping.  Good records are vital to help business owners in the following: Monitor the progress of their business.  The decisions made daily in business can be instinctual or based on actual sales.  Those based on…

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Small Business Owner: Learn if You Can Claim this Deduction

In a gig economy, there is an important deduction for small business entrepreneurs:  Your home office deduction.  In general, if you work out of the home, you may use this deduction… When the following applies: As your main place of business. As a place of business where you meet patients, clients or customers in the…

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Tax Tip for a Happier New Year in 2020

For a Happier New Year, Gather and Organize your business tax documents now. Waiting until taxes are due will only create added stress and delays. The IRS in a series of reminders wants small business owners to gather their business tax documents early and organize them now. Need help? come see us at BusinessTaxPrep.org for…

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