Potpourri of Tax Topics

/Potpourri of Tax Topics

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.

Is Quicken Appropriate for Business Bookkeeping?

By | June 24th, 2016|Categories: Potpourri of Tax Topics|Tags: , , , |

As with almost anything I discuss on this blog, the answer to the question posed in the title is: "it depends." Quicken works fine for small businesses with simple recordkeeping needs, but it quickly gets overwhelmed by more-complex situations.

Help! I Just Got a Form 5498

By | June 16th, 2016|Categories: Potpourri of Tax Topics|Tags: |

In the last couple of weeks, I've had multiple clients call in a panic because they received a Form 5498. For some reason, these forms seem to be coming late - one client got one after Memorial Day. The good news is, Form 5498 seldom directly affects the tax return.