February 11, 2022

Accountable Plan Basics for S Corporations

Accounting & Bookkeeping, Business, S-Corp

CLICK HERE to get your Accountable Plan Basics Google Sheets workbook. The S Corporation Accountable Plan – A Reimbursement Plan for the Business Use of your Personal Assets & Services Please note that if you do not have an S Corporation election this article does NOT pertain to you. As a business owner, it’s inevitable…

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January 10, 2022

Do I Really Need To Save Receipts?

Accounting & Bookkeeping, Business

When it comes to business and taxes, saving your receipts is one way to protect yourself and your business from the IRS. Does this mean you need to create space in your office for all the different folders, and eventually boxes, that will be filled with your receipts from the tax year? No. You may…

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November 22, 2021

Business Meals Bonus Deduction for 2021 & 2022!

Business

Many business owners don’t realize that business meals are not 100% deductible. Yep, that’s right, they have only been able to take 50% of business related meals according to the tax laws. Taking clients, prospects or employees out, has only been a partial deduction for some time now. The other 50% is truly “on them”….

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October 11, 2021

How to Pay Taxes as an Independent Contractor

Business, Start-Ups/New Businesses, Taxes, Uncategorized

Did you know as an Independent Contractor, You are now a business!? Whether it’s a side hustle or your new career path, things change with taxes when you agree to work as an independent contractor. The IRS requires businesses and individuals to report any payments made to any individual in excess of $600 to be…

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