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New Tax Law Extenders for Businesses
As usual Congress has waited until the 9th hour to announce tax provisions that were extended into 2015 or made permanent. This is basically par for the course and is done every single year. Take a...
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New Tax Law Extenders for Individuals
As usual Congress has waited until the 9th hour to announce tax provisions that were extended into 2015 or made permanent. This is basically par for the course and is done every single year. Take a...
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How to Hire a Super Awesome CPA?
Hiring a CPA is a big step in a company growth plan and should be taken pretty seriously. Just like you interview employees or check out other potential vendors, a CPA should be vetted to match your...
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Household Help: Employee or Contractor?
Frequently taxpayers will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of...
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IRS Announces 2016 Standard Mileage Rates
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile...
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Self-Employed Taxes: The Silent Tax Costing You Money
The wonderful life of self-employment includes many things including autonomy, ability to earn as much money as you want, self-sufficiency and the feeling of accomplishment that comes with creating...
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GMLCPA TAX FAQ: Better To Sell Or Trade A Business Vehicle
From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it...
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March 2016 Individual Due Dates March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your...
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Don’t Have a Retirement Plan? Maybe a SEP Is the Answer.
Article Highlights: What Is a SEP? Contribution Limits Employee Coverage Requirements How to Establish a SEP SEP Distributions What Is a SEP? If you are like many small business owners, you probably...
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Penalty for Not Having Health Insurance Surprises Many
Article Highlights: Penalty Being Phased in Over Three Years Larger of Two Amounts Flat Dollar Amount Percentage-of-Income Amount Penalty Applied by Month Many taxpayers are surprised by the size of...
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Top 5 Ways to Upgrade Your Accounting Systems
5 Ways to Upgrade Your Accounting for 2016 to Save Time and Money! Upgrade to New Software Several great options are available for small business owners to take control of their accounting through...
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5 Ways You May Not Realize Your Company is Losing Money (and Time!)
We all get in our day-to-day routines. Waking up, getting a shower, eating breakfast, going to work, settling in at your desk, going home — we can get so into our routines that we never really stop...
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Tax Filing Deadline Rapidly Approaching
Tax Filing Deadline Rapidly Approaching Just a reminder to those who have not yet filed their 2015 tax return that April 18, 2016 is the due date to either file your return and pay any taxes owed, or...
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First 2016 Estimated Tax Payment Due Soon
First 2016 Estimated Tax Payment Due Soon The government wants its tax revenue up front and has a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for...
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Deducting Startup Costs for Your New Business at Tax Time
Deducting Startup Costs for Your New Business at Tax Time Before you earn your first dollar, before you are even open for business, your startup can incur considerable expenses. The money you spend...
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To Enable Data-Driven Decision Management, Upgrade Your Accounting
Data-driven decision management is the state of the art in business management. The most efficient businesses are run by owners and managers who make decisions based on the data that their businesses...
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Time to Hire a New Employee? 5 Questions You Need to Ask Yourself
Nowadays, there can be a lot of turnover in any organization. It’s hard to find employees who will stay with you for the long term. So when it’s time to hire a new employee, you might need to know the...
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Hiring a Financial Team When You First Start a Business: It’s Not Just...
When you first start a business, there are going to be many things to take care of. Are you making a product? In that case, you’ll have to buy raw materials, set up a production facility, transport...
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5 Possible Reasons Your Company is Losing Money
Your company is there to earn money—not lose it. Even if you’re not in the negative, it’s possible that cash is slipping through your fingers without you realizing it. You don’t notice the money leak...
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What Does a New Business Owner Need to Do in the First 90 Days? Planning and...
So you’ve finally managed to get up the courage to leave your job and start a small business. Congratulations. You’ve already done what so many people dream of doing. You’ve taken a leap of faith....
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