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.
Are you getting the credit you deserve?
If you are an employer in the food and beverage industry, you may be entitled to a tax credit for the social security and Medicare taxes you pay on your employees' tip income. You must meet both of the following requirements to qualify for the credit:
|Instead of deducting the actual expenses for the business use of your vehicle, opt for the standard mileage rate. In 2016, you can deduct 54 cents for each business mile you drive.|
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 ...
|Are you planning on making any substantial gifts? Talk to your tax preparer first. Gifts with values exceeding $14,000 must be reported to the IRS.|