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 […]
Expenses
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 […]
Children and Tax Benefits
With the upcoming birth of our son or daughter, I thought it would be appropriate to write about the tax benefits of raising children. The rules can get tricky, and your children must meet certain criteria to become your qualifying children for tax purposes. Here are a few highlights: Dependency Exemption: For each qualifying dependent […]
But It’s Tax Deductible!
Paying mortgage interest, property taxes, equity loan interest, and business expenses are all generally tax deductible. But does it make sense to incur excessive expenses just to produce a tax benefit? For example, if you are looking to move to a bigger house, you will save a lot of money in taxes, right? Yes, you […]
Are You Overwhelmed By Debt?
Why or how do so many people get into trouble with debt? When does it become a problem? There are so many reasons, such as job loss or, health problems, but overall it is a disconnect between income and spending, and not enough focus on financial management. I’d like to share a few simple ways […]
A Primer on QuickBooks
What exactly is QuickBooks? QuickBooks is an accounting program that is used primarily by small businesses. It is very user-friendly, which makes it ideal if you are not an accountant. QuickBooks will enable you to take control of your business finances to help you to make better decisions. Business owners can keep track of receivables […]
Thinking of Starting a New Business?
Starting a new business can be an exciting endeavor. You get to be your own boss, create your own hours, and possibly achieve a greater sense of satisfaction. But what should you do to make sure your business is successful? Proper planning goes a long way, and a business plan is an excellent starting point. […]
Buy or Lease?
When thinking of buying vs. leasing we usually think of cars, but did you know that you can lease just about anything? Personal computers, apartments and houses, business equipment, and even employees can all be leased. Which is the best way? First, there is no best way because each decision should be made on an […]