Time to review 2020

Spend A Little Time Each Week To Prepare For The April 15, 2021 Filing Deadline Most of the needed tax records to prepare your tax return will show up in the mail or online in January 2021. Collecting all your tax related documents is important so that we report a complete and accurate return. The […]

Home Office Deduction Rules

During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig […]

Adjusted Gross Income and Gross Income

Question: How does “adjusted gross income” differ from “gross income”? Answer: For income tax purposes, there are three levels of income: gross income, adjusted gross income, and taxable income. Adjusted Gross Income.  Firstly, to arrive at adjusted gross income (AGI), you are allowed a long list of deductions from gross income. For example, business expenses, certain […]

What records should your business keep

Record keeping requirements for businesses. What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider […]

Business Financing— Don’t Intermingle Funds

Intermingling Funds A common problem with single-owner and other closely-held corporations is intermingling of funds. This occurs when a corporate shareholder uses his or her personal checking account for corporate deposits or payment of corporate expenses. Separation of funds can be a key in preserving the liability protection of the corporate veil. Courts can pierce […]