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Category Archives: 1065 Partnership Income Taxes
Deducting business expenses… what is deductible?
Deducting Business Expenses Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. What Can I Deduct? To be deductible, a business expense must … Continue reading →
Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Accounting, IRS
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What the health care law means to your small business
A great article in the Wall Street Journal explains it.
Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, IRS, Small Business
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Business Vehicle Deduction Reminders
From time to time, it’s nice to recap IRS requirements and ensure our record keeping methods are up to date in the event of IRS review. One of the areas often looked at by the IRS is the deduction of … Continue reading →
Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, Accounting, IRS, Personal Finance, Small Business
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Tax penalties. When they may apply to you.
I’m frequently asked “what causes tax penalties?” or “why do I owe a tax penalty?”. Here’s an article I found in Forbes that does a great job of explaining tax penalties.
Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 S Corporation Taxes, IRS, Tax filing due dates
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Year End Checklist for Closing Your Books
As a business owner, it’s imperative to maintain accurate accounting records in order to substantiate all the items of income and expense on your tax return. A vital piece of the accounting process is the year end (or month end) … Continue reading →
Posted in 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Accounting, QuickBooks
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Mid Year Tax Planning Ideas for Businesses
How midyear tax planning can put businesses at a strategic advantage from SmartBusiness.com
Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes
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Tax Reform Bill Signed in Michigan
Governor Snyder signed a bill today that transforms Michigan’s tax code. See the article from the
Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Michigan Taxes
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Small Business Tools
Accounting Today talks about some small business tools available from the IRS that may be helpful: IRS Showcases Small Business Tools
Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Accounting, IRS, QuickBooks, Tax filing due dates
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The Importance of Good Record Keeping
Everyone in business must keep records, especially those that will come in handy when it’s time to think about taxes on the business. Continue reading →
Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, Accounting, IRS, QuickBooks
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How long should you keep your tax records
Personally, I recommend keeping your tax records and tax returns forever… if you don’t have that much storage space, this article from the USA Today provides a good guide on what to keep and when to throw it away. Tax … Continue reading →
Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, 1120 C Corporation Income Taxes, 1120 S Corporation Taxes, IRS
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