Category: Taxes

When An Expense Isn’t An Expense

  As business owners and freelancers, we pay a lot of different vendors for a lot of different things.  Most of these payments wind up on our Profit & Loss / Income Statement as expenses.  But there are a few that do not.  And these are usually the ones I get asked about.  “Why isn’t… Read More »

Stop Wasting Time on 1099s

It is that time of year…Small business owners all over the country are spending time gathering information from their vendors and independent contractors, confirming paid amounts, and starting the process of sending 1099-MISC forms. Did you know that you can avoid filing 1099-MISC forms by simply changing how you pay your vendors and independent contractors?… Read More »

Holiday Related Business Deductions

Accounting guidelines for holiday parties, gifts, and bonuses ‘Tis the season for giving. During the holidays, many businesses reward their employees’ efforts with holiday parties, gifts, or bonuses. Are you correctly accounting for these expenses? If not, you may be missing out on considerable business deductions. By properly managing your books during this season of… Read More »

Are You Ready for the New Overtime Rules?

On December 1, 2016 new overtime rules go into effect for salaried employees. Wait, salaried employees don’t get overtime, right? Not exactly, the previous rule stated that a salaried employee making more than $23,660 per year was exempt from overtime. However, the majority of salaried employees are hired at a higher annual salary than that… Read More »