Home office expenses can be an overlooked source of valuable business deductions. Many business owners don’t claim them because they fear (incorrectly) that home offices are an audit “red flag,” or because the recordkeeping is a pain. But under the IRS “Safe Harbor” method, that may make home office deductions more accessible. IRS Revenue Procedure 2013-13 […]
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5 Tips to Make Tax Time Less Taxing
Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on making Tax Time it just a bit less taxing. Have patience. Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that for tax […]
The Perfect Chart of Accounts for Your Business
Your “Chart of Accounts” is the list of accounts in your accounting system. The accounts, or categories, are listed on your reports, and the totals tell the story of how much your company spent, made, own, or owe depending on the type of account. It’s essential to create a list of accounts that you need […]