TaxConnections


 

Archive for Small Business

The Secret Weapon For Small Business Tax Deductions

MileIQ

We’ve talked a lot about can’t-miss tax deductions for the self-employed but I wanted to highlight one that can lead to major savings. That’s right, this is potentially the secret weapon for small business tax deductions.

Read more

AICPA Requests Administrative Guidance By Dept Of Treasury

Peter Scalise

The American Institute of Certified Public Accountants (hereinafter “AICPA”) has requested the Department of the Treasury and the Internal Revenue Service (hereinafter the “Service”) to issue some form of immediate administrative authority governing the enhanced R&D Tax Credit Program (hereinafter “RTCP”) in connection to qualifying Small Businesses and qualifying Start-Up Companies to accurately calculate the R&D Tax Credit from a quantitative perspective effective for tax years beginning on or after January 1, 2016.

Read more

The Truth About Section 179 And Vehicles

John Stancil

I recently received a mailing from an American automobile company regarding the Section 179 deduction. The letter expressed some urgency to purchase a vehicle before the end of the year to get a large Section 179 deduction. While this is true, the letter left me with the impression that I needed to take action before December 31, 2016, or the deduction would be lost. What they stated was true. However, it is what was left unstated that concerns me.

Read more

CEO Denton Farley Speaks About How MileIQ Makes His Job Easier

MileIQ

MileIQ is excited to speak with Denton Farley, CEO of Fly Consulting. His company helps small businesses manage their tech. See how he uses tech to manage his own thriving company and how MileIQ makes the process of tracking miles that much easier.

Read more

A Practical Guide To The Enhanced R&D Tax Credit Program For Eligible Small Businesses And Eligible Start-Ups

Peter Scalise

The Federal-Level Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”) was originally enacted into the Internal Revenue Code (hereinafter “the Code”) through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code at a time when research and development jobs were significantly declining throughout the United States. Notably, the RTCP was introduced into the Code to encourage businesses to invest in significant research and development efforts with the high expectations that such an advantageous tax incentive program would facilitate in stimulating economic growth and investment throughout the United States and prevent further jobs from being outsourced to other countries.

Read more

Exit Planning: Two Baby Steps

Ron Oddo

In previous blogs, we attempted to dismantle the most common objections owners make to undertaking the planning necessary to exit their companies successfully. Those excuses to avoid exit planning are:

Read more

Home Office Tax Deduction And Business Miles Deduction-Plus Free MILEIQ App

Many tax professionals like the ability to transfer their home into their office, since it allows for greater flexibility of time. There are also tax benefits when somebody sets apart a place in their home to create a home office. This post from MileIQ www.mileiq.com/taxpros) gives us the tax benefits and requirements for establishing a home office in order to apply for the tax deduction on business miles from the IRS.

Read more

Why Tax Deductions Are Important For Small Business – Free MileIQ App

MileIQ

Are you a business professional who has to gather all your miles to expense for your job? Do you actually have the time to record all the mileage you traveled with your busy schedule?

MileIQ was created in order to alleviate the problems associated with tracking business travel. 55 million U.S. workers have the ability to expense the miles they drive. Using MileIQ comes with features that make it extreme user friendly. At TaxConnections, we offer this app free of charge to all Tax Professionals.

Read more

Small Business Expense Management, Tracking 101

One of the largest issues small business owners face is keeping track of their expenses. Not only does this make keeping the books difficult, it could potentially have major tax implications. In this post, we’ll dive into some of the key things to be aware of when it comes to small business expense management and tracking.

Read more

Exit Planning Excuses: Part II

Previously, we attempted to take the air out of the most common argument owners make for ignoring the planning necessary to successfully exit their companies: They believe that their businesses aren’t worth enough to meet their financial needs. “When it is,” they claim, “that’s when I’ll think about leaving.”

Read more

How To Create A Balance Sheet

What is the net worth of your business? One way that you, your investors or creditors can tell is by looking at your balance sheet. This financial statement offers a snapshot of the health of your business. It shows your assets versus liabilities and equity. If you’re not sure how to document these financials, read on to learn how to create a balance sheet.

Read more

Exit Planning Excuses: Part I

Ron Oddo

Like every owner, you will one day exit your business—voluntarily or involuntarily. On that day you will want to attain certain business and personal objectives: the first (and usually prerequisite to all others) is financial security.

Read more

TaxConnections