Potpourri of Tax Topics

/Potpourri of Tax Topics

A Little About 1099s: The Why’s of Filing, Part 1

By | July 26th, 2016|Categories: Potpourri of Tax Topics|Tags: , , , |

Why file a Form 1099? It’s the law – and the IRS is increasing enforcement in this area.

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Is a Spreadsheet Appropriate for Corporate Bookkeeping?

By | July 18th, 2016|Categories: Potpourri of Tax Topics|Tags: , , , , |

Can a corporation use a spreadsheet instead of a traditional general ledger to keep the corporate books? There are certainly corporations that think they can. I know many of my tax and accounting brethren are shouting “NO!” In response to this question. My answer is more on the fence. It depends on what your corporation is up to.

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Glossary: Standard Deduction

By | July 14th, 2016|Categories: Potpourri of Tax Topics|Tags: , |

The "standard deduction" is a deduction all taxpayers are entitled to. The deduction reduces taxable income.

From the Archives: Rare Home Office Deduction Win in Tax Court

By | July 4th, 2016|Categories: Potpourri of Tax Topics|

It's a holiday week, so I'm re-posting popular blog posts from the past. This post from 2014 talks about a Tax Court case where a taxpayer took a home-office deduction even though they didn't meet the strict interpretation of the "exclusive use" test ... and the Court sided with the taxpayer. ----- Originally published August 12, [...]

Budgeting Mistakes: Make Sure to Account for Your Own Salary

By | June 28th, 2016|Categories: Potpourri of Tax Topics, Small Business Tax and Accounting|Tags: , |

One mistake I see small businesses make with budgeting is: not accounting for the owner's salary. It seems like an obvious thing to include, but I've seen many small businesses forget that the owner will need to take money out from time to time.