When Does the “1099s to Veterinarians” Rule Start?
The IRS says 1099s need issued to veterinarians. When does this rule start?
S-Corporation Compensation Revisted
Further discussion of S-corporation compensation considerations.
Proper Documentation of Business Expenses
How to document business expenses
ROBS Transactions – Be Very Careful of Using Retirement Funds to Start a Business
NOTE: I wrote this post in 2014, so be aware of its age. The advice is still good though – ROBS transactions are a bad idea. I have passed on working with a few clients through the years who were doing ROBS transactions within their business. Clients using ROBS transactions often have a hard time […]
Issuing 1099s to an Incorporated Veterinarian
Does a business need to issue a 1099 to an incorporated veterinarian for veterinarian services? The IRS says yes.
Review Your Small Business Operations as Part of Year-End/Year-Beginning Planning
NOTE: I wrote this post in 2014, so be aware of its age. It’s still useful information. —– The end of one year and the beginning of a new year is a good time to analyze your financials. It’s also a good time to analyze your operations. Here’s an example: one time a business client […]
Small Business Planning: Got Your Financial Statements and Budget Done Yet?
NOTE: I write this post in 2014, so be aware of its age. The content is still useful. —– In an ideal world, small business owners would review financials statements and budgets on an ongoing basis. In the real world, the day-to-day struggle of running a business, paying bills and keeping customers happy causes the […]
Home Office Deduction: IRS Offers a Simplified Calculation Option, But the Qualifying Rules Haven’t Changed
A new wrinkle has been added to the calculation of the home-office deduction, but the rules to qualify for the deduction have not changed.
Beware of Depreciation Recapture on Home Office Deduction
Note: I wrote this post in 2012, so be aware of its age. However, the content in this post is still accurate and applicable all these years later. —– Kay Bell at the Don’t Mess with Taxes blog reminds us that there can be an unexpected, negative tax consequence to taking the home office deduction […]
What Tax Records to Keep
Determining what types of records should be kept for tax purposes can be confusing. Here is what the IRS says: In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax […]