We offer complete bookkeeping services for small businesses.
Monthly, quarterly and year-end Balance Sheets and Profit & Loss Statements are prepared accurately and timely for a broad range of small business clients.
Work Opportunity Tax Credit saves employers tax dollars
The Work Opportunity Tax Credit (WOTC) is available to employers who hire individuals from one of eleven targeted groups. Recent legislation extended the credit through December 31, 2013. To take the credit, the employee(s) you hire must be from one of the following targeted groups:
|Truck drivers and other employees who are subject to the Department of Transportation's "hours of service" rules are allowed to deduct 80 percent of their meals in 2016. In lieu of using actual expenses for meals and incidental expenses, you can deduct the federal rate of $63 per day.|
You may not have to include it in income
When you are liable for a loan but can't repay it, some lenders will forgive the debt. What many borrowers don't realize is that this cancellation of debt results in taxable income in the year of forgiveness. The lender usually will issue a 1099-C to report the cancelled debt. If you receive one, don't ignore it. Be sure to give it to your tax preparer and discuss the circumstances surrounding the loan.Read more ...
|Go to your tax appointment well organized. Have all your income statements such as W-2s and 1099s separate from your expenses. Make sure you have all the proper social security numbers for dependents, as well as their names as they appear on their social security card. Careful organization will save you time come tax season.|