Any donations of your time, whether it’s to a 501(c)3 charitable organization or not, is not deductible as a business expense or personal tax deduction.
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Since self-employment taxes start when you’ve earned $400 or more of self-employment income (doesn’t include W-2 wages), the IRS wants you to report that income as soon as the gross income is at or above $400.
If your clothing purchase satisfies the requirements found in the IRS Publication 17, then they can be deducted as a business expense. Your clothing must be specifically required by your employer and must not be suitable for taking the place of your regular clothing. If your clothing does not satisfy these requirements, consider them a personal purchase.
Raise your hand if you’re behind on your bookkeeping. (me!!) Want to know a secret? It happens, even to accountants. But please don’t beat yourself up about it. I’ve got three things you can do right now to get caught…
Thanks to CPA mobility, your Certified Public Accountant is not required to operate in the same state you’re living in. CPA mobility is a national effort to adopt a uniform system that allows licensed CPAs to provide services across state lines without being subject to unnecessary burdens that do not protect the public interest.
You can only deduct gifts up to $25 per person. Need an easy way to keep track of your client gifts? I’ve got you covered, just download my free client gift tracking spreadsheet.
Yes, since a gift certificate is essentially a promise to do work or produce a product in the future, it’s considered a liability (similar to a debt owed) on your financial statements. Once you perform the service or hand over the merchandise they purchased with the gift certificate, you take that amount out of the liability bucket, and move it into your revenue bucket.
Do you have an area on your desk or in your office where you just toss receipts and any business-related documents? I know, I’m guilty of it occasionally. Today, I’m going to share with you the method I’ve found success…
As a small business owner, I know first hand that tax season can be exhausting. If you don’t have an accountant responsible for your bookkeeping and taxes – you’re that person. On top of everything else you’re doing to keep…
Let’s meet for coffee and talk about your taxes! Could I deduct the latte and scone I got? Absolutely, as long as our meeting passes one of these tests from the IRS. Test 1: Directly-Related Test -The main purpose of…