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Business owners, do you really need to keep all those receipts? The short answer is YES. As a small business owner, you make tons of purchases for your business. If you are like me, you make them all with a debit or credit card because, after all, who uses cash in 2024? Do they even print that stuff anymore? So that means that all of your transactions are on either, your credit card or bank statements, right? Correct. But this is not enough to prove that an expense is a qualified... Read more

Here are some important dates you need to get on your calendar: **By January 31, 2019** - Form 940 due – Employer’s Annual Federal Unemployment Tax Return - Form 941 Quarterly Reports due - Form 943 due – Employer’s Annual Federal Tax Return for Agricultural Employees - Form 944 due – Employer’s Annual Federal Tax Return (replaces form 941) - Form 945 due – Annual Return of Withheld Federal Income Tax (for all non-payroll income tax withheld) - Must distribut... Read more

Corporate budgets, as well as household ones, are arguably one of the most important tools you can use. Creating a budget for your business will provide a guideline for expected income and expenses and enable you to compare your anticipated financial goals with the actual numbers. In essence, it will serve as a barometer for how your business is performing.” (Entrepreneur Magazine, 2009) Small businesses should go through an annual budget preparation/modification session to ensure that th... Read more

Have you received a phone call from the IRS informing you that you have an outstanding tax debt or balance due? Well, watch out. It could be a scammer trying to get your confidential information. Here is how you know you are possibly being scammed… The IRS will not: 1. Demand that you pay taxes without the ability for you to question the amount due, ask for documentation, or appeal the amount due. DO NOT offer ANY personal information. Instead, ask for proof to be mailed t... Read more