Startups: Accounting Best Practices You worked day and night to get your small business off the ground. As the sales and expenses grow, you have finally got the hang of bookkeeping, in addition to your main business tasks. While keeping your company’s books correct is a great start, there are
Charitable Contributions
Tax Deductible Charitable Contributions Another chapter in our Self-Employed Tax Guide. As a Self-Employed Small Business owner, this is one of the best marketing tools out there as well as a great tax deduction if prepared and carried out correctly. What better way to get your small business's
Payment Installment Plans
Requesting an Installment Agreement after IRS Rejection of Offer In Compromise (or OIC) getting a rejection from the Internal Revenue Service on an Offer in compromise application you've submitted might posture you with a little uneasiness, but don’t agonize -- you've still got the option of
Tax Deductions for Cats and Dogs
At the end of July 2009, Representative Thaddeus McCotter introduced the HAPPY Act (Humanity and Pets Partnered Through the Years) bill. The bill aimed at allowing for a tax deduction up to 3,500 per year for pet-related expenses. The status of the bill as of the date of this publication: “Referred
Depreciation Overview
Property acquired for business use, rental use, or any other income producing use that is expected to last more than one year cannot be deducted as a business expense all in the year it was aquired. This is where depreciation comes into play. You must deduct the expense over the usual life of the
Summer Day Camp and the Dependent Care Credit
For all you working parents out there - here is what you need to know about the Dependent Care Credit when it comes to Summer Day Camps. If your child is under 13 and you need to arrange for additional care for them during the summer months then summer day camps are one way to accomplish this while
Still waiting to receive your refund or stimulus check?
If you filed your tax return months ago and still have not received your refund or economic stimulus check then you need to check with the IRS. If the IRS has your incorrect address, then all it takes is an address update with them and all your missing checks will be mailed to you. If you are
Need to amend a past years tax return?
Have you recently realized that you made a mistake on a prior years tax return? No need to worry, you can go ahead and file an amended return. Usually the IRS will catch mistakes such as math errors or missing forms like W-2's or 1099's, but you should go ahead and file an amended return in the