Tax Resources

Just because you’re hiring someone to do your taxes doesn’t mean you want to pay them more than what’s necessary. If you show up at your tax professional’s office with shoeboxes full of receipts, she can absolutely turn that into a tax return; however, it’s going to take much longer than it would if you simply brought her a tax preparation checklist.

Preparation will save your tax professional time and will save you money. Here is a tax preparation checklist to help you streamline the tax process for your business:

Tax Preparation Checklist

1.Organize your expenses and your income.

This is a bit more complex when you’re running a business than when you work for someone else, but the principle … Read more →

Tax Strategies for Hiring Family Members

A History

Hiring family members is nothing new. For generations, small businesses have been passed down through the family line. Family farms, for example, might move from one generation to the next, with the new generation starting to work on that farm before they even turn 16.

It’s not just farming, either; many small businesses are really “family” businesses. Each member of the family participates in helping to make the business a success. For many families, this will not only help to grow the business, but may have a number of tax advantages, as well. Given the current tax code, there are some real advantages to hiring family members.

All of that said, there … Read more →

Why are Business Travel Expenses Deductible?

Travel expenses are deductible for business because they cut into profits! Over the past decade, technology has provided businesses with a number of ways to minimize travel requirements. Virtual meetings, web conferencing, and other technologies offer new ways to do things that used to require a plane ticket and a hotel stay. Still, there are times when your employees are going to need to travel, and when they do you want to make sure you’re getting the best possible rates.

Here are some ways your business can maximize its employee travel savings and keep business travel expenses deductible through careful planning:

•Carefully restrict the amount of travel necessary for your business. Let’s face it: … Read more →

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