Tax Tip

Accounting General Tax Tip August 29, 2017

How do I know if I need to file a tax return in more than one state?

During tax season, many clients who moved to another state or have income coming from different states ask if they need to file taxes in more than one state. You may be thinking that this is not something you need to worry about since it isn’t tax season; but it is important to understand what […]

Benefits of Good Bookkeeping

Now that tax season is complete, you may be wondering how to better prepare and organize your business’ finances. If you are managing a growing business’ finances yourself, you have most likely noticed the importance of organization and updated reports – especially when you are trying to provide an accountant with accurate numbers. Read below […]

Tax Tip April 4, 2017

State Tax Returns

A question I get a lot is, “In which state(s) do I have to file a tax return?” That’s a great question, with a sometimes confusing answer. Basically, the answer is: Your home state Wherever you have a “physical presence.” Simply put: Where did you physically earn money during the tax year? You always have […]

Accounting General Tax Tip March 15, 2017

Tax Deductions for Small Businesses

As a small business owner, you’re swamped with responsibilities and paperwork. Now that tax season is here, you’re thinking, “What exactly can small business owners deduct from their business’ taxes?”. Good news! You can deduct anything and everything that has a legitimate business purpose. If a payment is made to strengthen, promote, or further a […]

Accounting Tax Tip February 28, 2017

Reasons for Filing Your Tax Returns Early

Take a look at our top six reasons why filing your tax returns early can benefit you! 1) Faster tax refunds Simply put: the faster you file, the faster your refunds come in! 2) Extra time to plan for the taxes you owe Have an estimated idea of how much you owe so you can […]

Tax Tip February 1, 2017

My spouse can deduct business expenses, why can’t I?

“My spouse is self-employed and I have an employer. Why can my spouse deduct business expenses on our tax return and I cannot?” We hear this question a lot. Simply put, the tax deductions that a business (or self-employed individual) can take are generous. Any expenditure that has a legitimate business purpose used to strengthen […]

Tax Tip September 29, 2015

Have you gotten a suspicious call or email from the IRS?

I recently got a voice mail from an “Agent Smith from the IRS” stating to IMMEDIATELY call his number as several IRS agents were en-route to arrest me for not paying my taxes. Since I’m up to date on my tax payments, I certainly wasn’t worried about agents coming by for a visit (and thankfully […]

Tax Tip September 24, 2015

Tips for Taxpayers Who Receive an IRS Notice

Receiving a notice from the Internal Revenue Service is usually no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In the event one shows up in the mailbox, here are ten things you should know. Don’t panic. Many of these letters can be dealt with very simply. Don’t […]

Tax Tip July 14, 2015

Cash vs. Accrual Basis Accounting

What is the difference between Accrual Basis and Cash Basis Accounting? ACCRUAL BASIS The accrual basis method takes into account all revenue and expenses at the moment they are earned or incurred. However, this method works independently of the function of time and whether the money for either revenue or expense has actually been paid […]

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