How to effectively use your bad debt allowance When your business extends credit to customers who don’t settle accounts, their debt becomes bad debt. For businesses using the accrual basis method of accounting, establishing the…

With the proliferation of cell phones, and the corresponding accessibility of you to your employer, invariably most employees are receiving and making business calls on their cell phones. This could mean a tax deduction in…

The heat is definitely on, but there are plenty of ways to chill out, both personally and to put your 2019 tax bill on ice. As we reach the half-way point of 2019, you should…

When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this…

Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here…

Beware of this Fraud Attempt Scammers are back at it this summer, trying to lure confidential information from unsuspecting individual and taxpayers. The IRS has recently issued a consumer alert due to the most recent…

The short answer is “very complicated.”  In an effort to depict the various processes and decisions that a taxpayer may face while filing and paying taxes, the IRS Taxpayer Advocate Service published a roadmap that resembles…

Lending to friends and relatives is a tricky business, and not only because of the stress it can place on your relationships. There are tax issues involved as well. If you have to lend money…