Cash vs Accrual Accounting

Cash vs Accrual Accounting You have finally taken the leap and started the business you have always dreamt about. However, now you must make one more tough decision: what accounting method should your business follow? Accounting methods are rules and…

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End of the Year Accounting Checklist

End of the Year Accounting Checklist updated from our previous blog posted on December 31, 2015 One of the things that you will need to do for your business at the end of the year is to close the books….

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Can a Business Fully Deduct a “Luxury” Vehicle?

Can a Business Fully Deduct a “Luxury” Vehicle? The Internal Revenue Service provides criterion and regularly updated tables as guides for business vehicle deductions. The deductibility of a vehicle used for business purposes is subject to various limitations and rules.  The examples…

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Entertainment gifts meals

Entertainment, Meals, and Gift Expenses – Tax Deductible This can be a confusing area for business owners and is often misunderstood.  In an effort to help business owners to plan ahead for the 2014 tax year, the focus will be…

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IRS Final Regs on Expensing Property

Final changes which will be effective January 1, 2014, have been made to the IRS’ temporary 2011 de minis expensing (cap policy). Now is the time to begin reading up on how these changes will affect your company (here on…

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Taxable Compensation in Disguise

Many small businesses treat their employees like family (for many, that’s because they are indeed family!) So, sometimes the owners forget to withhold income taxes on compensation that the IRS deems taxable. Since taxes were not withheld, many employees would…

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