Don't worry folks, The new Tax Reform is not that bad. Most people I have talked with about it--are having meltdowns about the possibilities! Well , don't worry, it's going to be alright. More to come soon! Happy MLK Day!
If your federal refund doesn’t arrive in your account on the anticipated date, you will need to contact the IRS to find out what happened. If you filed your return eletronically, your should expect your refund in 10-21 days and you must wait at least 72 hours to contact the IRS for information. If you mailed your return, it takes [...]
Not Paying Yourself is the biggest Mistake Business Owners Make. When you run a business, you must deposit ALL business income into your business bank account. (Please don’t stuff it under your mattress!) You should use this money to pay your business expenses. You should not take money out of the business account to use it as you please. You [...]
What are the tax changes for 2013? As the new year rolls around, it’s always a sure bet that there will be changes to the current tax law and 2013 is no different. From health savings accounts to retirement contributions here’s a checklist of tax changes to help you plan the year ahead. INDIVIDUALS For 2013, the big news is [...]
Obamacare (aka The Patient Protection and Affordable Care Act(PPACA)and The Affordable Care Act(ACA)) This is not a comprehensive guide. This is meant to be a snapshot of the provisions that will affect you directly. There is still more to learn about Obamacare and more that will be revealed with time. So we’ll keep you abreast about the provisions that will [...]
Protecting Your Mileage Deduction If you are going to claim a deduction for mileage, you must keep track of the number of miles you drive for business. Most people don’t do this and try to figure it out at the end of the year. This is not a good idea. It’s inaccurate and ineffective. Please keep track of your mileage [...]
The following information is based on IRS guidelines. Your business must have its own bank account. The IRS requires proof of payment so Pay All Business Expenses using Business Accounts (Check, Credit or Debit card, Bill pay, Auto Draft, ACH) Don’t Pay for business expenses with cash, cashier’s checks or money orders (These are almost impossible trace!) Do not use [...]