What to do with all these pesky 1099s directed toward your business
I received an email from a dental client of mine yesterday – he unwittingly inspired this post. His question was, “What do I do with this mountain of 1099s that I have received in the business?” This is a short question with a long answer. First, the rules The may be a refresher for most…
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Cents-per-mile rate for business miles decreases slightly for 2020
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019.
2016 – 2017 Key Payroll Facts and Figures
Our “Key Payroll Facts and Figures” booklet has a quick reference guide, a few forms you might need, and a list of helpful links. You can find the guide by clicking the link above or by heading to the Resources tab on our website. If we can answer any questions regarding the information in the…
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New Per Diem Rates Effective October 1, 2016
There will be an update to per diem rates effective beginning October 1st. First, let me offer some background. If you have employees that incur frequent business travel, it can often be cumbersome for those employees (and perhaps for the chief accountant) to accumulate receipts for reimbursable expenses paid by the employee. As an alternative, tax…
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Use Tax Compliance for Business Owners
Business owners pay many different kinds of taxes every year. Of those taxes, sales tax is probably the easiest to understand. If a business owner buys $100 in dental supplies and the tax rate is 10%, then the business owner pays an extra $10 to cover the tax. The vendor collects and pays the sales…
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Billing and Collections | Law Firms
Take Charge of Billing and Collections Almost every professional services firm has issues with collections at some time or another. At the very least, most firms would benefit from making improvements to their collections processes. So let’s take a look at some different approaches and ideas to see what might pay off best for your…
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What to Consider when Purchasing a Company Vehicle
Clients often ask if there is an advantage to having a company vehicle, and unfortunately, it is not a simple answer. There are several variables to consider, and several pros and cons that go along with each variable. The first thing you must consider are the possible benefits having a company vehicle could bring to…
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Meals and Entertainment Expenses: Are You Getting Your Full Share of Tax Deductions?
Taking a prospect to lunch is one of the most common business-development activities. Another regular business practice is to provide lunches for employees during meetings, training sessions and social gatherings. One of these activities is 100% deductible on your tax return. The other situation is only 50% deductible. Do you know which is which? The…
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Second Quarter Estimated Tax Payments Due June 15
Second quarter estimated tax payments for individuals, estates and trusts, and C corporations are due on Monday, June 15, 2015. If your payments are not paid or postmarked by this date, penalty and interest charges will incur. Remember you can make your payments online. Electronic payments should be initiated on or before Friday, June 12…
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Identity Theft: 3 Steps to Take if Your Identity is Stolen
I recently read a news article that reported more than 70 million Americans have had their data compromised in one form or another. The Identity Theft Resource Center reported the number of tracked data breaches hit 783 in 2014. Of the total, the highest percentage (42.5%) of breaches were reported in the medical and healthcare…
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