Tax Resources

Part of running a successful business is recognizing which functions to do yourself, and which to hire out for. Taxes are one of the first areas that small business owners tend to look for additional help. You hire a tax accountant for one primary reason: you don’t want to pay more on your taxes than what is absolutely necessary.

Yet, the fact of the matter is that your tax accountant may not be doing the best possible job on your behalf. Most tax professionals don’t work proactively, and that costs you money at tax time. There are three reasons why some tax professionals don’t work proactively:

1. They don’t work on a year-round contract.

If you only meet with your … Read more →

Chances are you run a business because you’re good at something and you like doing it, not because you enjoy filing receipts and entering accounting information. Yet, if you don’t take the time to keep your books current, you’re really hurting yourself. Not only will you have some serious headaches come tax time, but you also won’t really know how well your business is doing.

That said, you don’t want to spend more time working with the numbers than what’s absolutely necessary. Here are a few ways you can cut down on the busywork portion of bookkeeping and get back to doing what you do best:

Use a reliable accounting software package. There is a slight learning curve with implementing… Read more →

A few years back, the rules for deducting business-related entertainment expenses changed. The deduction was cut in half, only allowing you to deduct 50% of the expense. This was a bit of a blow to many small businesses, and since then we’ve all been trying to find ways around the 50% limit.

There are a number of different ways you can max out your entertainment deduction. Some of the most common include:

Entertain in your home, and conduct business. Your home is conducive to business. If there is a business intent to a gathering and business is discussed or conducted, you may be able to deduct the costs. Beyond that, however, if the business is in the form of a… Read more →

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