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S-Corp Home Office Deduction | Accounting Blog
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S-Corp Home Office Deduction. January 14, 2014. The pro rata portion of these expenses should then be submitted as an expense reimbursement by the shareholder to the S corporation, and a check should be drawn payable to the shareholder in reimbursement. In QuickBooks, the memo section of the check should clearly indicate the nature of the expense, and the reimbursement request should contain the support for the amount and be filed similar to all other check support. Leave a Reply Cancel reply. A CPA̵...
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IRS Penalties: What You Need to Know | Accounting Blog
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IRS Penalties: What You Need to Know. January 14, 2014. Time and time again, I see taxpayers incur needless costs in the form of IRS penalties. With just a little bit of knowledge regarding penalties, significant dollars can be saved. These are the most common areas of wasted dollars that I see:. The first one is that if it is the first time the S corporation or partnership has filed a late return, the IRS will generally waive the penalty, upon request. Leave a Reply Cancel reply. You may use these.
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Accounting Blog | by ElevationCPA | Page 3
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High Risk Tax Areas for Small Businesses. It’s scary keeping an eye on Washington and tax-related legislation that has been introduced in Congress these days. Because of large and growing annual federal budget deficits, it seems bill after bill has been introduced this year to attack what are perceived to be major tax gap components. And many of these bills are directed at subject areas that are of particular interest to smaller businesses. Execute a written independent contractor agreement with all cont...
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3 Simple Checks to Save on Business Property Taxes | Accounting Blog
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3 Simple Checks to Save on Business Property Taxes. January 14, 2014. The following are three areas where mistakes or oversights by preparers are fairly common, and which a business owner should check to ensure that the business personal property tax is not being overpaid:. 5 Worst Start-up Mistakes. S-Corp Home Office Deduction. Leave a Reply Cancel reply. Your email address will not be published. Required fields are marked *. You may use these. IRS Penalties: What You Need to Know.
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A CPA’s Perspective on Market Focus | Accounting Blog
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A CPA’s Perspective on Market Focus. January 14, 2014. For small business owners, every dollar and every hour of effort counts. Small business owners do not have the luxury of throwing dollars and hours of effort in various marketing directions in the hope that some of it yields results. So, as a small business owner, ask yourself the following questions:. Over the last year, who are the clients, projects, etc. we’ve served who have really fit us, and what characteristics do they have in common?
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Small Business Accounting | Accounting Blog
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Category Archives: Small Business Accounting. IRS Penalties: What You Need to Know. January 14, 2014. Time and time again, I see taxpayers incur needless costs in the form of IRS penalties. With just a little bit of knowledge regarding penalties, significant dollars can be saved. These are the most common areas of wasted dollars that I see:. The first one is that if it is the first time the S corporation or partnership has filed a late return, the IRS will generally waive the penalty, upon request. Very ...
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Pricing for Profit | Accounting Blog
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January 14, 2014. Several years ago, we acquired a new client, who had only been in business for approximately six months, but who was giddy with excitement over the success the company was having in acquiring new business. One of the first things we did for the client was to determine where he should be pricing his product, based on his cost structure and projected sales volume. A CPA’s Perspective on Market Focus. IRS Penalties: What You Need to Know. Leave a Reply Cancel reply. You may use these.
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Construction Accounting | Accounting Blog
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Category Archives: Construction Accounting. Small Contractors – Don’t Miss This Deduction. January 13, 2014. When we are fortunate to obtain a new construction industry client, the tax deduction which we find has been missed most often by their prior tax preparer is the Domestic Production Activities Deduction (DPAD). The DPAD began in 2005, as a deduction equal to 3% of qualifying income. It increased to 6% for years 2007 through 2009, and will increase to 9% in 2010. IRS Penalties: What You Need to Know.
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Accounting Blog | by ElevationCPA | Page 2
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S-Corp Home Office Deduction. As an accountable expense reimbursement, the shareholder must keep track of the actual expenses of maintaining the office. First of all, the percentage of the square footage that the office represents to the entire square footage of the home must be determined. Then, the various office expenses must be calculated or tracked. These expenses will generally include depreciation, homeowner’s insurance, utilities, mortgage interest, real estate taxes, and maintenance. Vehicles an...
