Category Archives: Small Business

The Home Office Deduction Explained

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The home office deduction is available … Continue reading

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Compiled Financial Statements

The most frequent use of a compiled financial statement by a small business is to obtain bank financing or comply with loan covenants. But what is a compiled financial statement and how is it different than an audit? Difference Between … Continue reading

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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 | Comments Off on What the health care law means to your small business

Why to keep good records… the IRS’s answer

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

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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

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Travel Expense Tracking Made Easy

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

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eFiling Popularity Ends IRS Business Mailings

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

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How Smartphones Affect Your Business

A new report from eMarketer is predicting that the majority of mobile users will have a smartphone by 2013. In addition, eMarketer predicts that smartphone usage will increase to 192.4 million by 2016, when 58.5% of the total US population … Continue reading

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Health Insurance Rebates

After a long run of continually rising premiums, there may finally there may be some good news for small businesses and individuals who purchase their own health insurance. According to a new report from the Kaiser Family Foundation, businesses and … Continue reading

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