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Heavy Vehicle + Deductible Home Office = Major Tax Savings

You can reap major tax deductions with the heavy vehicle and home-office combo. The heavy vehicle produces quick tax savings. The home office that qualifies as a principal office eliminates commuting miles, and such an elimination can dramatically increase your business-use percentage of vehicles. Tax Deductions For example, say you bought a $50,000 vehicle that you use 60 percent for business. Your depreciation and expensing elections apply to $30,000. But if you can increase your business Read more [...]
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Tax Tip: Five Facts about Charitable Contributions

With the holidays around the corner, many people will be making donations to benefit charitable organizations. However, come tax time, the person who made the donation might also benefit. That’s because taxpayers who donate to a charity may be able to claim a deduction for the donation on their federal tax return. Here are five facts about charitable donations: Qualified Charities A taxpayer must donate to a qualified charity to deduct their contributions. Gifts to individuals, political Read more [...]
Patricia Anderson No Comments

The Perfect Chart of Accounts for Your Business

Your "Chart of Accounts" is the list of accounts in your accounting software.  The accounts are listed in your reports, and the totals allow you to determine how much you’ve spent, made, own, or owe depending on the type of account. It’s essential to create a list of accounts that you need in order to make better business decisions.  Your chart of accounts needs to be designed intentionally.  If it hasn’t been, it’s never too late. Two Types of Accounts There are two major types of Read more [...]
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5 Ways to Streamline Your Payroll Process

For business owners with employers, payroll is a necessary task that can slow your day and tie you down if you let it.  Here are five ideas to make payroll less time-consuming: Employee Onboarding If you hire a lot, empower your new hires by letting them do their paperwork for you.  A good payroll system allows employees to “onboard” themselves, completing the I-9, W-4, and direct deposit authorizations electronically. You’ll still need to ask for ID on their first working day, but at least Read more [...]
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Do You Have Past Due Accounts?

If you perform a service or ship a product before you get paid, then you likely have a balance in your Accounts Receivable account. If customers pay when their invoice is due, all is right with the world. If they don’t, then your cash flow slows down and your bank balance is not as high as it should be. Here are some tips, preventive and supportive, to help you keep your accounts receivable current. Granting Credit When you deliver your service or product before your client pays you, you are Read more [...]