ACCOUNTING BLOG

Archive of: September, 2016

  • Last Deadline for Filing 2015 Individual Tax Returns

    Taxes

    October 15th* is the last day for timely-filing your individual income tax return for 2015…and it’s right around the corner in 3 short weeks.

  • QuickBooks Online September 2016 Update

    Bookkeeping

    QBO is constantly rolling out improvements for users like you and me to keep up with. I thought the new invoicing capabilities was worth a second look.

  • Seasonal Reminders: Charitable Deductions

    Taxes

    With temperatures dropping and summer coming to a close, the start of fall means at least one thing to many of us: it’s back-to-school season. Many of you may have found yourselves buying school supplies or new school clothes in the last couple of weeks (for yourself or for your kids!). Or maybe you bought yourself a new fall or winter jacket because last year’s coat simply won’t do. So what do you do with those lightly used items that clutter your closet? Donate.

  • What's the Deal With Inventory?

    Business Management, Taxes

    Managing cash is one of the most important things a business owner must do. I generally see 4 main buckets that owners can get into trouble (i.e.owing more taxes without sufficient cash to pay those taxes). They are: paying themselves draws/distributions, buying inventory, purchasing certain property (real estate) and paying off debt. Let’s explore why purchasing inventory can cause problems at tax time.

  • Deduction Substantiation

    Business Management, Taxes

    Let’s hope your tax return is never chosen for a random audit…but if it is, the IRS will require substantiation of the deductions on your return. From the IRS perspective, there’s no “standard amount” or “use what I took last year” approach for items like mileage, meals and entertainment, and charitable donations. All of these deductions require some form of documentation.