Question: If you’re a single member LLC, how do you record paying yourself? Answer: You can record this an owners’ draw from your business. This is not an expense. You can write yourself a check, or just make a transfer…
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It’s human nature to put off things that don’t fire you up. I usually put off cleaning my house until we have guests over and if you’re reading this, you probably put off doing your taxes until the last minute….
As I sit in the airport on my way to Round 9 of the amazing Creative at Heart Conference, I thought it would be fun to chat about how to expense all the things that go along with attending a…
As a business owner, receipts, copies of invoices, bills, and other paperwork can pile up quickly making our desks cluttered and offices messy. When you have a plan in place to organize all those papers, you can clear out quite a…
There’s so much to do when starting a new business and it can get overwhelming fast. Let’s focus on three important things you should do right now before business picks up. Already in business? No problem. These can be implemented…
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.
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.