Is that the IRS Calling, or is it a Scam?
Most of us have heard stories about innocent people receiving scam calls from someone posing as an IRS agent threatening immediate legal action and arrest if they don’t immediately make a payment. Perhaps even you have received one of these calls....
What Can I Deduct from My Taxes When I’m Self-Employed?
If you’re newly self-employed, figuring out what you can deduct from your taxes can be confusing. The good news is that you can deduct the same kinds of expenses as the big companies, which are described in IRS Code Section 162 as...
Is Your S-Corporation Paying Reasonable Compensation?
No one likes to pay more in taxes than they have to. The desire to minimize taxes makes S-corporations a great choice for many small businesses. Like all pass-through entities, net income of an S-corp is passed through to the owners to be taxed on...
Should You Offer a 401k Plan?
Offering a 401K plan can be a great benefit for both the owner of a business and its employees. But a 401K requires time, money and some human resource acumen to set up and maintain. In addition, offering a 401K plan is a serious...
Business vs. Personal Use of Your Car: How to Tell the Difference
In today’s always-on world, it’s often hard to tell where your work ends and your personal life begins. With that blurring of lines, it can be difficult to determine when you’re driving your car for business and when it’s personal use. Using your...
Business Valuation or Calculation Engagement: What’s the Difference and Which Do You Need?
For small business owners, your business is likely your most valuable asset. But unlike an investment portfolio, you can’t determine its value by just looking up a few numbers online. Most of the time this uncertainty is just fine, as long as your...