Everyone loves to receive a much larger than anticipated tax refund, but what if you unexpectedly had to pay when you filed this year? There could be several reasons why, but it’s not too late to fix it for 2015, including: Your filing status or dependents may have changed, perhaps from married to single, which […]
Penny Wise, Pound Foolish
What do I mean by penny wise, pound foolish? Saving a penny, but it costs you a dollar. Here are a few examples: Extreme Couponing: I watched an episode of extreme couponing years ago and the first thought that came to my mind, aside from obsessive, is that the coupon clippers spend way too much […]
Should Both Parents Work?
The birth of a child is one of the most amazing, memorable times of a person’s life. I remember the birth of our first daughter, Alana, and how I truly understood the expression, “walking on air.” The births of each of our other children were equally as amazing. With the birth of a child, or […]
My Customer/Tenant Didn’t Pay Me. Can I Deduct This on My Tax Return?
I get asked this question a lot, mostly from business owners. The answer to this question is that it depends. First a quick accounting lesson of cash vs. accrual. I promise not to keep it too technical! If you are a cash basis taxpayer, then you record income or sales once you get paid, either […]
What’s In Your Credit Report?
When we apply for loans, search for a job, or even take out an insurance policy, our credit report is used in the process. Your credit report shows all of your outstanding debts and lines of credit, including credit cards, mortgages, auto loans, and personal loans. Even accounts that have been closed or debts that […]
Keep It Separate
What should you keep separate? Business and personal expenses, of course! When you operate a business, including a sole-proprietorship, an LLC, corporation, or even as a realtor, your business activities need to be kept separate from your personal expenses. This is especially important in the case of an audit by the IRS. Here are some […]
Do You Want to Audit-Proof Your Return?
While certain taxpayers have a higher chance of being audited, such as small business owners with a schedule C, how can you audit-proof your return? Actually, there is no way of insuring that you never get audited, but just in case you do, to make sure that you come out unscathed, there is one secret […]
Do You Keep Track of Your Business Mileage?
Most business owners, sales people, and some employees should keep track of their business miles for tax purposes. In my experience, most do not keep very good records, and scramble to come up with an amount to prepare their taxes. The best practice is to keep a vehicle mileage log. It doesn’t have to be […]
Do You Use QuickBooks? You Should Be Doing This!
QuickBooks is a very popular accounting software program for small businesses, and I use it personally for my practice as well. But, if you are using QuickBooks, there is one key step you should be taking – reconcile your bank and credit card accounts! Why? When you reconcile your accounts, it helps to make sure […]
How Healthy Are Your Sales?
There are many ways of measuring risk, but did you know that your sales concentration may be placing an unnecessary risk to your business? This also applies to sales professionals as well. I have seen it over and over again, whereas a small business relies heavily on one or several large customers, and then the […]