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Section 179 in a Nutshell The Section 179 Deduction is a $25,000 tax deduction that applies to both new and used business equipment and off-the-shelf computer software that is purchased and put into service during 2015. Up to this cap amount, it allows business owners to write off the full purchase price of such items
Bookkeeping not a Favorite Task of Small Business Owners A recent survey of more than 500 small business owners showed that bookkeeping services was one of their least favorite tasks. The survey, conducted by TD Ameritrade, showed that 68 percent of small business owners liked interacting with their clients and customers, while only 15 percent
Open Enrollment Allows Avoidance of Healthcare Mandate Penalty The Centers for Medicare and Medicaid Services recently announced a special enrollment period for anyone who did not meet the requirements of the Affordable Care Act’s 2014 individual health insurance mandate. The mandate states that non-excluded individuals who did not obtain health insurance in 2014 must pay
The Benefits of Outsourcing Payroll Services Payroll services is one of the most important bookkeeping functions of any business, regardless of size or structure. In addition to being time-consuming and often tedious, payroll functions require a high level of knowledge and expertise in order to administer them well. Moreover, they require a thorough knowledge of
2015 Tax Scams Each tax season, the IRS cautions the public to be wary of becoming the victim of a tax scam. They do this by publishing a list, appropriately named the “Dirty Dozen,” which identifies the most common practices used by criminals to confiscate the tax refunds of innocent taxpayers. Because these thieves are
Bookkeepers Adjust for Tax Extenders Although the tax extenders bill, officially named the Tax Increase Prevention Act of 2014 or HR 5771, was passed just weeks before the end of the year, the Internal Revenue Service recently announced that the 2015 tax season would open without delay. In his recent remarks, Tax Commissioner John
End of the Year Bookkeeping Tasks Although current and accurate financial records are important all year long, they are even more important as the end of the year approaches. A precise year end accounting of a company’s financial situation is essential to tax planning, tax preparation, assessing profitability and developing long range financial goals. This
Wage Garnishments Create Problem for Payroll Services Wage Garnishments Create Problem for Payroll Services – It turns out that seizing an employee’s pay to execute a wage garnishment can be a very complicated task. Unfortunately, the government sets the amount of the garnishment but places the burden of collecting the garnished amount with the
Bookkeeping for the Self-Employed Bookkeeping for the Self-Employed: The bookkeeping concerns of the self-employed are numerous and complex. Independent contractors, sole proprietors and other self-employed individuals are allowed to take certain tax deductions that are specific to their entity structure. These deductions include such items as home office expenses, car expenses, health insurance premiums and self-employment
Tips for Your Small Business Bookkeeping System Tips for Your Small Business Bookkeeping System These Helpful Tips will Enhance Your Small Business Bookkeeping System Tips for Small Business Bookkeeping – A company’s bookkeeping services arm is one of its most important components. It is a key element of its profitability and long term success. All of