Category Archives: IRS

Deducting business expenses… what is deductible?

Posted on July 10, 2012 by William A Olson, CPA

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 | Comments Off

What the health care law means to your small business

Posted on July 3, 2012 by William A Olson, CPA

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 | Comments Off

How much is the “tax” for failing to buy health insurance?

Posted on June 28, 2012 by William A Olson, CPA

Click here to find out.

Posted in 1040 Personal Income Taxes, IRS, Personal Finance | Comments Off

Taxes included in health care reform

Posted on June 27, 2012 by William A Olson, CPA

Click here for a link to a CNN Money article.

Posted in 1040 Personal Income Taxes, IRS, Personal Finance | Comments Off

Why to keep good records… the IRS’s answer

Posted on June 13, 2012 by William A Olson, CPA

Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following: Monitor the progress of your business Prepare your financial statements Identify source of receipts Keep track of … Continue reading →

Posted in Accounting, IRS, QuickBooks, Small Business | Comments Off

11 Tax Audit Red Flags

Posted on June 11, 2012 by William A Olson, CPA

According to CNN Money, the following are 11 tax audit red flags to avoid: You have a sketchy tax preparer. Regardless of what your preparer may tell you, the taxpayer is legally responsible for for all the information on their … Continue reading →

Posted in 1040 Personal Income Taxes, Accounting, IRS, Personal Finance, Tax Preparer | Comments Off

Business Vehicle Deduction Reminders

Posted on June 4, 2012 by William A Olson, CPA

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 | Comments Off

Travel Expense Tracking Made Easy

Posted on May 29, 2012 by William A Olson, CPA

According to the IRS, deductible travel expenses while away from home include, but are not limited to, the costs of: Travel by airplane, train, bus, or car between your home and your business destination. (If you are provided with a … Continue reading →

Posted in IRS, Personal Finance, Small Business, Technology | Comments Off

eFiling Popularity Ends IRS Business Mailings

Posted on May 21, 2012 by William A Olson, CPA

With the popularity of eFiling, the IRS continues to expand on the list of forms which are no longer mailed to businesses and only available via PDF from the IRS website. Perhaps the most notable form no longer being mailed … Continue reading →

Posted in IRS, Small Business, Tax Preparer | Comments Off

Start Getting Your 2013 Tax Return in Shape

Posted on April 30, 2012 by William A Olson, CPA

“Procrastination is like a credit card: it’s a lot of fun until you get the bill.” ~ Christopher Parker We may have barely made it past the 2011 filing deadline, but taxpayers should already be doing a few quick checks … Continue reading →