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Your Money Matters: Mid-year tax planning tips

Your Money Matters: Mid-year tax planning tips | Tax Strategies for Small Businesses | Scoop.it
Mike Piershale Mid-Year Tax Planning Tips: Declare income when your tax bracket is low. A simple example would be if you were receiving a bonus and your company would allow you to take it this year or next year, you'd ...
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Tax Strategies for Small Businesses
Tax strategies for small businesses and individuals with a holistic approach to protecting your business and your wealth. www.bbcpa.com/blog
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How to Detect When IRS Overlooks Underpayments, Refunds

How to Detect When IRS Overlooks Underpayments, Refunds | Tax Strategies for Small Businesses | Scoop.it
As a result of IRS errors, many companies are unknowingly walking away from overpayments that are rightfully owed to them.
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Small Business Deductions

Businesses can deduct a wide variety of expenses, such advertising and rent. The general rule is that to be deductible, an expense must be both ordinary and
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8 Tips To Make Tax Season Easier For Small Business Owners

8 Tips To Make Tax Season Easier For Small Business Owners | Tax Strategies for Small Businesses | Scoop.it
The key to minimizing tax woes is to treat taxes like any other business practice: as an ongoing process that needs attention throughout the year in order to be successful. When you begin to think this way, preparing for tax time on a continual basis will allow you to focus on what you’re passionate about: growing your business.
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Congress Examines Tax Complexity for Small Businesses

The House Committee on Small Business held a hearing to discuss the biggest tax problems for small businesses.
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The House reviewed the issues of increasing complexity and change in tax laws and how they affect small businesses.

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Sales and Use Tax Audit Triggers

Sales and Use Tax Audit Triggers | Tax Strategies for Small Businesses | Scoop.it
Unlike IRS audits, states have their own unique criteria for selecting businesses for sales and use tax audits.
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10 Biggest Tax Mistakes Small Businesses Make

10 Biggest Tax Mistakes Small Businesses Make | Tax Strategies for Small Businesses | Scoop.it
Afraid of making tax mistakes that could get you in trouble with Uncle Sam? Here are 10 easy missteps to avoid.
Bond Beebe Accountants & Advisors's insight:

Misclassifying workers is a big one - make sure you can back up whatever classification you choose, and keep good records!

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For small businesses, a road without a map

For small businesses, a road without a map | Tax Strategies for Small Businesses | Scoop.it
After a year of higher taxes, small businesses face uncertainty on tax deductions they've come to rely on, The New York Times reports.
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2014 Tax Changes Small Business Owners Should Know About

2014 Tax Changes Small Business Owners Should Know About | Tax Strategies for Small Businesses | Scoop.it
Every year brings changes large and small to your small business taxes. CPA Chris Peden recounts 2014's changes here.
Bond Beebe Accountants & Advisors's insight:

New home office and new depreciation rules will affect your tax returns this year.  

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A Guide To Self-Employment Retirement Plans

How to decide whether a Solo 401(k), SEP or SIMPLE is right for you.
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7 Crippling Mistakes With Form 1099 That Cost Big

7 Crippling Mistakes With Form 1099 That Cost Big | Tax Strategies for Small Businesses | Scoop.it

It’s Form 1099 season, and companies big and small are churning them out. If you’re in business–even as a sole proprietor–you need to pay attention to issuing them or face penalties. The burden on businesses seems to grow each year. Even cost basis is now required on some Forms 1099.

 
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7 Tips To Prevent Fraud On Your Business Credit Card.

7 Tips To Prevent Fraud On Your Business Credit Card. | Tax Strategies for Small Businesses | Scoop.it

"When it comes to running a business Online or at a Brick and Mortar, having a great credit card to use is the very life blood of keeping yourself afloat, until the huge sales start to come in."


Via Acuitytec, John Merchant, CPA
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Filing Your Taxes Early? IRS Will Not Process Returns Before Opening Day

Filing Your Taxes Early? IRS Will Not Process Returns Before Opening Day | Tax Strategies for Small Businesses | Scoop.it
Can you file your taxes now and get your refund early? No, according to IRS. Tax season is just around the corner... and not a day before.
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IRS: 13 Things Every Taxpayer Should Know About Identity Theft - Taxes

Use these tips to avoid becoming the victim of identity theft and learn how to report tax scam e-mails, websites and letters.

Via John Merchant, CPA
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John Merchant, CPA's curator insight, December 5, 2013 5:16 AM

Remember, the IRS does not initiate cnotact with taxpayers via e-mail.

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House Passes Pair of Business Tax Break Bills

House Passes Pair of Business Tax Break Bills | Tax Strategies for Small Businesses | Scoop.it
The House passed a pair of bills Thursday to provide tax breaks to businesses.
Bond Beebe Accountants & Advisors's insight:

Some good news on the tax front!

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Cheat Sheet: Use Your Schedule C To Plan Your Year Ahead

You don't have to update your business plan every year, but you DO have to file a Schedule C. Here's how to use this necessary document to make your business leaner and meaner.
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Small-business owners lose more than a week every year to tax preparation, paperwork

Small-business owners lose more than a week every year to tax preparation, paperwork | Tax Strategies for Small Businesses | Scoop.it
Owners now say the administrative burdens of tax season pose a bigger burden than their actual tax bill.
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6 Strategies for Your 2013 Tax Filing

6 Strategies for Your 2013 Tax Filing | Tax Strategies for Small Businesses | Scoop.it

A lot has changed for 2013 – there are a number of new taxes and tax increases. If you are just sitting down to review your forms and filing your taxes has you scratching your head this year, here are 6 important strategies that will help you make the most of your tax situation:

Bond Beebe Accountants & Advisors's insight:

Ensure that you make the best use of your deductions.  To mitigate phase-outs, look to see if those same deductions can benefit other areas of your tax return.

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Protecting Yourself from Tax-Related Identity Theft | Other | Blog

Protecting Yourself from Tax-Related Identity Theft | Other | Blog | Tax Strategies for Small Businesses | Scoop.it
Tax-related identity theft continues to grow – last year 1.6 million Americans were victims within the first half of the year. It is essential to be on the lookout for scams and take the necessary precautions with your social security number and other personal information.
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The Ultimate Small-Business Tax Season Survival Guide

The Ultimate Small-Business Tax Season Survival Guide | Tax Strategies for Small Businesses | Scoop.it
Avoid the minefield of small-business taxes by using these 7 smart strategies to get organized, get your tax returns done and get prepared for the future.
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5 Things You Can Do Now to Prepare for April 15th

5 Things You Can Do Now to Prepare for April 15th | Tax Strategies for Small Businesses | Scoop.it
Make tax season less stressful by using our top 5 ways to quickly and easily prepare your small business for April 15th - tax day! - this year.
Bond Beebe Accountants & Advisors's insight:

Getting your receipts and back-up in order will help the process go quickly - and save you fees!

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5 Things People Do On Tax Returns That Can Lead To IRS Audits

5 Things People Do On Tax Returns That Can Lead To IRS Audits | Tax Strategies for Small Businesses | Scoop.it
Can you smell it in the air? That's the distinct scent of Tax Season approaching. So in these days leading up to everyone's favorite time of year, here are some reminders about the red flags the IR...
Bond Beebe Accountants & Advisors's insight:

The home office deduction is often a red flag.  Make sure you take your deductions carefully and have the proper back-up.  

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5 Tax Preparation Tips Every Entrepreneur Should Know

5 Tax Preparation Tips Every Entrepreneur Should Know | Tax Strategies for Small Businesses | Scoop.it

While you’re juggling startup tasks, you’ll also want to think about how taxes will impact your business. 

Bond Beebe Accountants & Advisors's insight:

Issues like independent contractors vs. employees and payroll are complicated areas that require significant attention and nuance.  

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New Market-Based Income Tax Poses Challenges

New Market-Based Income Tax Poses Challenges | Tax Strategies for Small Businesses | Scoop.it
States are changing the way they calculate business income taxes, with some adopting a market-based approach.
Bond Beebe Accountants & Advisors's insight:

There is a rapid shift in this area - it is becoming inceasingly important to pay attention to the location of your business's customers, as well as the state rules in effect in those locations.

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Deducting Travel And Entertainment Expenses

Deducting Travel And Entertainment Expenses | Tax Strategies for Small Businesses | Scoop.it
Think you can just “write off/deduct" all your business travel and entertainment expenses? Well, the answer is you can, but here's what you should know.
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IRS Tax Audits of Individuals Hit Lowest Rate Since 2005

The Internal Revenue Service audited 0.96 percent of individual tax returns in fiscal 2013, declining for the second straight year and reaching the lowest rate since 2005.
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