If you run a small business, you already have a full plate. The last thing you need is for the IRS to question any of your business expense deductions. But it could happen. And that’s why having records that prove your expenses is so important. Even deductions for routine business expenses could be disallowed if you don’t have […]
Taking Family Members on a Business Trip
Anyone who spends a significant amount of time traveling for business purposes will tell you that living out of a suitcase is no fun. Despite routinely traveling to destinations many people only hope to visit, many business travelers dislike having to leave home on an extended business trip. Taking a spouse or the whole family […]
Federal Tax Breaks Restored
Individual and business taxpayers can benefit from a variety of federal tax breaks that were extended or made permanent by the Protecting America from Tax Hikes (PATH) Act and the Consolidated Appropriations Act, 2016. Here are selected highlights. State and local sales tax deduction. The law gives individuals who itemize their deductions the option of […]
All About the Earned Income Tax Credit
Individuals who are working and who have low-to-moderate taxable income may qualify for this income tax credit. When you think about ways to offset your income as you’re preparing for income tax time, do you primarily consider the deductions you can take? Things like home mortgage interest, charitable donations, and taxes you paid that can […]
Are You Applying Finance Charges? Should You Be?
Assessing finance charges is a complicated process. But if you have a lot of late payments coming in, you may want to consider it. There are many reasons why your customers send in payments past their due dates. Maybe they missed or misplaced your invoice, or they’re disputing the charges. They might not be very […]
Drug Testing for New Hires is Important for Your Company
If you have been considering putting a drug testing program into place, you’re not alone. Up to 60% of new hires are now required to pass a drug test before beginning a new job. This isn’t surprising as drug use costs employers $81 billion dollars annually. Pre-employment drug testing can save your company money and […]