Vehicle Write offs When it comes to business vehicle expenses, you have two options. 1. Mileage or 2. Depreciation of the vehicle and actual expenses Option #1 you need to keep an accurate log of your business mileage throughout the year. If you are going to take option #2, it is important to save receipts…Details
3 Common Missed Business Tax Deductions Getting the biggest bang for your dollar is how many small businesses keep in business. Here are a few common missed tax deductions for those self-employed. Self-Employed Health Insurance Deduction (instead of Medical Expenses on Itemized Deductions) Meals/Entertainment Expenses (Additionally knowing Difference between 50% vs 100% deductible meals/entertainment) Personal…Details
Top Tips to get paid faster When you’re a small business, getting paid is key to running a healthy business. It’s not always easy…. here are a few tips to getting paid faster. Set payment terms before you get started Keep accurate records of your time The invoice should be clear and easy to understand…Details
Automate your Invoicing If you’re still using Excel or Word Documents to send out invoices, your competition might already have the edge over business using cloud-based invoicing. There are programs that now automate this process. Not only do these programs send out invoices now some of them also collect payments. Using these accounting programs will: …Details
New IRS Filing Deadline For Government Copies Of W2’S And 1099’S Typically W2’s and 1099’s are due out to the recipients by January 31st and the government copies are due by February 28th. However, starting this upcoming tax season the IRS/government copies will also be due on January 31st. What does this mean for…Details
The IRS announced on Thursday (2-18-16) that email phishing scams have surged 400% so far this tax season. Tax scams happen all year, but become even more of a problem during tax season. Please be aware of any suspicious calls or emails as we have heard of both from clients recently. Never click on the…Details
2016 Standard Mileage Rates
The IRS announced the 2016 Standard Mileage Rates:
- Business Mileage: 54 cents per mile
- Medical or Moving Mileage: 19 cents per mile
- Charitable Mileage: 14 cents per mile
Make sure you keep with your mileage for all areas as they could add up to save you on your taxes.
Business Mileage Tip Here we are at the beginning of a New Year! Here are a few tips to keep record of your business mileage. 1) Go immediately and write down your beginning of the year odometer reading. 2) Log your business trips on your calendar a) Who meeting with b) Business purpose c) Date d)…Details
REMINDER: Two weeks until the deadline for extended 2014 tax returns.
Did you file for a Tax Extension in 2014? Your taxes are due Oct. 15th.
If you need help with your taxes, we offer free consultations. Call us today or contact us on the web.
Moving Expense Deductions & Taxes When moving it’s important to keep in mind there are some deductions that you could earn if you meet the requirements. Here are 3 of the requirements that you should consider during the moving process. Distance Requirement The distance between your new job and your previous home must be at least…Details