Recently, I found a really neat product for accumulating your tax documents and receipts throughout the year, so you can always be ready for tax time. It's called FreedomFiler: You can have one folder for all of your income statements, or numerous folders for "Income/W2," "Business Income," "Rental Income," and so on. You can have a single folder for "Itemized Deductions," or one for … [Read more...]
Home office deduction simplified?
Thanks to Senator Olympia Snowe of Maine, there is a movement in Congress to establish an optional home office deduction for small business owners. According to the SBA, even though 53% of small businesses are home-based, few owners take the home office deduction due to its complexity and strict requirements. The Home Office Tax Deduction Simplification and Improvement Act of 2009 would … [Read more...]
Six Tips to Prevent Fraud in Your Biz
It would be a perfect world if everyone we worked with could be trusted 100 percent, but being too trusting can lead to employee theft or fraud. There are some simple steps you can take to protect your business: Use a password! Your QuickBooks or other accounting software should have an Administrator password at a minimum. Even better, set up a separate user account for each person accessing … [Read more...]
Top Seven Tips for New Business from IRS
The IRS posted a new "Summertime Tax Tip" for entrepreneurs: the Top Seven Tips for Starting a New Business. The full article can be found at: http://www.irs.gov/newsroom/article/0,,id=172970,00.html I love the fact that three out of the seven concern bookkeeping and taxes. So many new business owners get wrapped up in their new enterprise and lining up new clients, they forget that Uncle Sam … [Read more...]