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.
Make interest payments work for you, not against you
You can deduct business-related interest on your business return if you used the borrowed funds to purchase business supplies, equipment, services, etc. Co-mingling business and personal expenses makes it difficult to determine what amount of the interest is business versus personal. If this happens, the IRS may consider the entire amount as nondeductible personal interest and disallow the deduction. Therefore, keep all business purchases made with loans and credit cards clearly separate from your personal expenses. Use a separate credit card for your business to make it easier.Read more ...
|If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale.|
New rules require diligent recordkeeping
Keeping the receipts from your charitable contributions just became more of a priority. Starting January 2007, you will not be allowed to deduct charitable contributions of any amount unless you have the proof. What does this mean for you? Starting in 2007,
|If you are a teacher who spent your own money for classroom supplies, you can take a deduction for up to $250 of those costs.|