Have you ever heard of the term “basis” as it relates to S Corporation stock ownership?  If you’re not familiar with the term, you should be, especially as it relates to potentially deducting your share of losses allocated to you…

Having timely, accurate accounting information is essential to running a healthy business.  As I progress through my business career and interact with lots of “business” people, I’m noticing a scary trend.  Many business owners do not see the need to…

If you’re considering taking a 401(k) withdrawal before you’ve reached 59 ½ years old, I would think twice.  In most cases (excluding those where you’ve left your employer in/after the year you turned 55), taking a 401(K) withdrawal before you…

Clients are always asking me for tax saving measures to take before the end of the year.  While most suggestions involve spending money to get a dollar for dollar deduction (cash donations to charity, increased retirement plan contributions, etc.), the…

Most taxpayers are aware of the benefits of making charitable donations.  It’s pretty simple in most cases.  You give to a charity and you get a charitable donation deduction that saves Federal income tax at your marginal tax rate. For…

Speaking with entrepreneurs recently (especially those w/businesses that buy/sell inventory) I’ve noticed a lack of understanding of the difference between cash flow and net income, profitability. Let me give you an example: Business selling inventory Start business by purchasing 10,000 units…

Form 1099 Filing Requirements If you made a payment during the calendar year **as part of your trade or business**, you are likely required to file a 1099 or Information Return with the IRS. Form 1099-MISC would be issued for…

We’ve been working hard researching and implementing cloud-based accounting and financial tools to help our clients organize their data and cut down on data entry while increasing accuracy.  From an accounting perspective, our focus has centered on Xero (www.xero.com) and…

A Roth IRA can be a great vehicle for retirement savings.  Taxpayers make after-tax (non-deductible) contributions to a Roth IRA.  Contributions accumulate along with earnings in the Roth IRA and can be withdrawn TAX FREE once the taxpayer reaches 59…

  Are you ready for the new due dates for 2016 tax returns due in 2017?  Recently enacted legislation has changed some due dates in order to facilitate a more logical flow of information, allowing taxpayers and preparers more ability…