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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Tax Extenders Law Passes…Finally!

After a long wait, Congress has finally passed a law that extends many popular tax provisions into 2014. These provisions, commonly known as “extenders”, have been hanging in limbo since they expired at the end of last year. The President still needs to sign the bill, but we expect that to happen any day now….
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Tax Extenders – What You Need to Know

In addition to being unnecessarily complex, another frustrating aspect of tax compliance is that the rules change every year. 2014 is no exception. Each year, Congress and the President review the tax rules slated for expiration in the upcoming year and, for the most part, enact legislation to extend those rules for the next year….
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A Few Thoughts on the Affordable Care Act

We have been talking about the Affordable Care Act for more than four years now. Since 2010, we’ve spent countless hours trying to grasp all of the implications and fine print of the law so we can fully understand its impacts on our clients. Although some of the important provisions have been delayed, most small…
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How Much Cash Should be in Your Practice?

As a practice owner, you get paid last. If you have any cash left over after meeting the payroll and paying your bills, only then can you consider taking a paycheck yourself. But how much should you pay yourself and how much cash should be in your practice? I typically suggest that a practice keep…
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Hiring the Right Financial Professional: Be Vigilant

Part One: The Bookkeeper Part Two: The Controller Part Three: The CFO Regardless of the degree of financial oversight your company requires—whether you need a bookkeeper, a controller or a CFO—vigilance is vital when it comes to finding the right person for your job. I advise following prudent, proven practices when placing someone in the…
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Hiring the Right Financial Professional: The CFO

Part three of four in a SmartMoney series by Mike Baker Read Part One: The Bookkeeper and Part Two: The Controller. The larger the company, the more complicated the financial decisions and the more responsibilities required of those people minding the money. Earlier in this series, I talked about bookkeepers and controllers, professionals who are…
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