Series 3: Here is our third message in a series designed to help you handle the basics of sound business record keeping. Our previous messages addressed checking accounts & logs and receipts You may hate the ‘records keeping’ part of the tax system, but it’s critical to your tax health. It’s also important the health of your business. [...]
Series 2: Here is our Second Message in a series designed to help you handle the basics of sound business record keeping. Our prior message addressed Checking Accounts . You may hate the ‘records keeping’ part of the tax system, but it’s critical to your tax health. It’s also important the health of your business. Good records help [...]
You may hate the ‘record keeping’ part of the tax system, but it’s critical to your tax health. It’s also important the health of your business. Good records help you monitor and improve your business (says your humble CPA). Do not depend on the IRS for mercy when it comes to your tax records. You [...]
A "close to retirement" IRA question Q: I retired from my full time job in 2013 but I plan to keep working part-time for at least a three or four more years. How much can I deduct in an IRA contribution? A: A tax accountant’s favorite answer: it depends! Generally, for 2013 and 2014 you [...]
Year-end Section 179 Deduction Trap: The current $500,000 Section 179 deduction limit applies to tax years beginning in 2013. Under current law, the limit will be a much lower $25,000 for tax years beginning in 2014. This presents a tax trap for fiscal year pass-through entities (e.g., partnerships and S corporations) with calendar tax year owners. Assets acquired and placed in [...]
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