Category Archives: Business taxes

IRS Eases New Reporting Requirements for Small Businesses

I am a happy guy right now. And all of you small business owners should be as well. For much of the last three days, I have been pouring over new regulations the IRS finalized in 2014 and late 2015 … Continue reading

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Posted in Business taxes, Personal Taxes | 3 Comments

TurboTax in the News Again for Potential Fraud Concerns

Once again, TurboTax has found itself in potential trouble with the Minnesota Department of Revenue for potential fraudulent activity. On February 6, 2015, it posted this notice on their website: Some Minnesota taxpayers have recently found that when they log … Continue reading

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Independent Contractors – How to Classify Workers

NOTE:  This issue has been receiving increased IRS scrutiny in recent years and we expect the trend to accelerate. One of the steps we recommend to clients who use independent contractors and who therefore face a heightened risk of a … Continue reading

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Reporting Payments Made to Vendors

Interested in small business topics, tips and assistance?  We have a new website for small business owners, www.thesmallbizhq.com. Would love for you to check it out and post questions as to what you’d like to see! Now, on to the … Continue reading

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Health Insurance Premium Reimbursements to Employees

There have been some significant changes to what can be done by employers in reimbursing insurance premiums for their employees. In prior years, employers were allowed to either pay for, or reimburse, the cost of employees’ individual healthcare premiums on a tax-free … Continue reading

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Posted in Business taxes | 4 Comments

Personal Use of Auto

When providing an employee (including shareholder/employees in corporations) the use of a company-provided vehicle, a value representing the personal portion of usage of the vehicle must be included in the employee’s W-2 income. The value computed must be included in the employee’s … Continue reading

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Closing the Books for Year-End

The year-end closing is a critical part of your annual accounting process. If you are handling your own bookkeeping, here are some things that you can do to help ensure your books are accurate. Perform a bank reconciliation of all your … Continue reading

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Year-End Bonuses

Any additional compensation to your employees over and above their standard salary or hourly rates is considered to be taxable compensation. The bonus is considered wages and must be reported as payroll on the employee’s W-2 and is subject to all … Continue reading

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Standard mileage rates for 2015 announced

The IRS announced that standard mileage rates for use of a vehicle will increase slightly. With gas prices dropping considerably in the last few months, this is great news for business owners. For business use of a car, van, pickup … Continue reading

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Don’t Overlook the Credit for Small Employer Health Insurance Premiums

Article Highlights Small employers get a tax credit for providing a health insurance plan. Credit can be as much as 35% of the premiums paid. A small employer is one with no more than 25 full-time equivalent employees (FTE) with … Continue reading

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16 Tax Issues Facing Small Business Owners in 2014

2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year. Small Business Health Insurance Credit – The tax credit to … Continue reading

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Posted in Business taxes, Tax Planning | 2 Comments

Did You Collect the Needed W-9s?

Highlights: The IRS Form W-9 is used to obtain independent contractors’ tax ID numbers. Tax ID numbers are required when filing 1099s. 1099-MISCs must be issued to independent contractors that are paid $600 or more during the year for performing … Continue reading

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8 Important Steps to Closing Your Books for 2013

The year-end closing is a critical part of your annual accounting process.  If you are handling your own bookkeeping, here are some things that can do to help ensure your books are accurate. 1.    Perform a bank reconciliation of all … Continue reading

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Posted in Bookkeeping, Business taxes | 2 Comments

Something to do before it’s too late

Do you use mileage to calculate business usage of your vehicle? It’s always a good idea to document your odometer at the end of each year. This will help you determine the total number of miles driven during the year … Continue reading

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Posted in Business taxes, Personal Taxes | 2 Comments

IRS Releases 2014 Mileage Rates

The IRS announced that 2014 mileage rates for use of a vehicle for business, medical and moving purposes will decrease by one-half cent beginning in January. The new rates beginning January 1, 2014 will be: 56 cents per mile for … Continue reading

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Posted in Business taxes, Personal Taxes | 1 Comment