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First Quarter Business Check-Up

In a recent April 2015 report published in the CPA Insider, Blake Christian, a partner with the CPA Firm HCVT, LLP created an outstanding list of questions that every business owner should be looking at.  We will be asking these questions throughout the summer:   1. Are you tracking revenue and expense trends for the past three years? How do you benchmark yourself? Do you have resources that show you industry statistics? Are you using up-to-date computerized software? 2. What is your debt-to-equity ratio? During the economic downturn, many of our clients relied on debt to finance their business activity, however, [...]

2016-10-27T16:54:56-07:00May 1st, 2015|Accounting, Business Tax|Comments Off on First Quarter Business Check-Up

What kind of expenses are deductible when travelling for business?

The actual costs of travel (e.g., plane fare, cab to airport, etc.) are deductible for out-of-town business trips. You are also allowed to deduct the cost of meals and lodging. Your meals are deductible even if they are “personal,” i.e., not connected with business, although, as with all deductible meals, only 50% of the cost is allowed (80% for long-haul truckers, certain airline, train and bus employees, and certain merchant mariners). Additionally, no deduction is allowed for meal or lodging expenses that are “lavish or extravagant,” a term that has been interpreted to mean “unreasonable.” Personal entertainment costs on the [...]

2016-10-27T16:54:56-07:00March 30th, 2015|Business Tax|Comments Off on What kind of expenses are deductible when travelling for business?

Can I deduct my home computer?

The deductibility of the cost of buying and operating a home computer, including related equipment such as printers, drives, scanners, modems, etc., depends on how you use the computer. Strictly personal use. As you might guess, you get no tax deduction where you use the computer for entertainment, education, avocation, hobbies, and other personal purposes. For your employer's work. You can take an expense deduction under a special Code election the year you place in service a home computer you pay for, plus deduct accelerated depreciation over 5 tax years, plus deduct the operating expenses, if the computer: (a) is [...]

2016-10-27T16:54:57-07:00January 30th, 2015|Business Tax, Personal Tax|Comments Off on Can I deduct my home computer?

Is a Like-Kind Exchange a Good Option for Your Business?

Normally, when companies sell properties, they must pay taxes on any gain they receive. Like-kind exchanges, transactions in which companies trade properties, may be carried out without any immediate tax consequences. They must satisfy IRS rules, however, which include: The properties must have the same “nature or character,” as set forth in IRS guidance. The exchanges can be business or investment properties put to a productive use. The exchanges can’t involve inventory, most securities and some other assets. Taxes must be paid on any cash or non-similar property that is part of the deal. Keep in mind that like-kind exchanges [...]

2014-07-11T12:36:01-07:00January 20th, 2015|Business Tax|Comments Off on Is a Like-Kind Exchange a Good Option for Your Business?

“Every Business Needs an Accountant”

Published via YouTube on Mar 26, 2014 Arizona business attorney Ruth Carter explains why every business, even those that are operating on a shoestring budget, needs an accountant, and she shares her experience working with hers. A good accountant is worth their weight in gold. They will save you time and headaches in the long run. They are a critical partner for your business' success. You can see all the ways to contact and connect with Ruth on the Carter Law Firm website: Disclaimer: This video does not constitute legal advice. Watching this video does not create an attorney-client [...]

2016-10-27T16:54:57-07:00December 22nd, 2014|Accounting, Business Tax|Comments Off on “Every Business Needs an Accountant”

Your Financial Plan: What role does your business play?

Assess the value of your business and how it contributes to your overall net worth If you’re like most small business owners, you’re focused on day-to-day operations and have little time to think about long-term plans. But there may come a day when you realize you won’t be able to continue working forever, and that’s often a little late to start planning where your income will come from and how your business can fit into your overall financial plan. […]

2018-02-27T10:26:24-07:00November 30th, 2014|Business Tax, General Consulting|Comments Off on Your Financial Plan: What role does your business play?

A Simplified Home Office Deduction

Do you work at home or have a home-based business? If so, you should be aware that the IRS has created a simpler option for calculating the deduction for the business use of your home. The new option makes recordkeeping easier because, instead of maintaining records of specific home office expenses, you can use a standard rate per square foot.  The rate is $5 per square foot (up to a maximum of 300 sq. feet or $1,500) for qualifying business use space in place of taking a pro rata percentage of items such as mortgage interest, taxes and repairs. Keep [...]

2016-10-27T16:54:57-07:00November 20th, 2014|Business Tax|Comments Off on A Simplified Home Office Deduction

Bartering and Trading? Each transaction is taxable to both parties!

Sometimes, when the right opportunity presents itself, people are able to “pay” for goods and services that they need or want by trading goods that they own, or providing a service that they can perform in return. For example, a person who owns a lawn maintenance company may receive legal services from an attorney and “pay” for those services by providing an agreed upon amount of mowing and maintenance services at the attorney’s home or place of business. In this scenario, the fair market value of the legal services that are being provided is taxable to the lawn maintenance company owner. At the same time, the fair [...]

2020-04-14T22:16:00-07:00October 30th, 2014|Business Tax|Comments Off on Bartering and Trading? Each transaction is taxable to both parties!

Smart Disaster Planning Steps

Too often natural disasters strike and serve as reminders that it’s important for both individuals and businesses to protect themselves against the potential financial consequences of such events. A few smart steps we recommend include making electronic backups of important records, including your insurance policies, tax returns, bank and credit card account information, and vital records.  It is critical that you store this backup in a separate location that will be easy to access if your area suffers damage.  You should also take the time to take pictures or videos of your home or business and store them separately in [...]

2016-10-27T16:54:57-07:00October 20th, 2014|Accounting, Business Tax|Comments Off on Smart Disaster Planning Steps
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