In an effort to make health flexible spending arrangements (FSAs) more consumer-friendly and flexible, the U.S. Department of Treasury and the IRS have issued a change to the “use-or-lose” rule. Until now, health FSAs with account balances remaining at the end of the year are forfeited. The rule change will permit employers to allow employees […]
IRS Phone Scam Warning
The IRS is currently warning taxpayers regarding a phone scam occurring nationwide. In this scam, a taxpayer is informed of the amount of money he or she owes to the government and is then given a couple of choices to pay off the debt immediately to avoid jail time or loss of a driver’s license […]
1099 Contractor vs. Employee
Determining whether or not an individual is an independent contractor or an employee is very important in terms of taxes required to be paid and forms to be filed for the individual as well as the company doing the hiring. In fact, if a company incorrectly identifies an employee as an individual contractor it could […]
The Correct Time for Hiring a Bookkeeper or an Accountant
There are slight differences between a bookkeeper and an accountant. An accountant can help assess the overall financial picture of a company, offer strategic advice, and complete the company’s taxes. On the other hand, a bookkeeper assists with the day-to-day activities such as: entering and paying invoices in a timely fashion, cash receipts, and payroll […]
A Small Business Guide to Tax Deductions
It is always a good idea to track business deductions throughout the year, so they are not missed when tax time comes around. However, determining what can and cannot be claimed can be challenging. Here is a list to help: Travel and Meal Expenses Travel Expenses are 100% deductible Meal Expenses are 50% deductible, except […]
Geenen & Kolean is here to help you!
You have a business to run, let us help with the numbers. Starting a business is tough work and if the accounting records are not solid from the beginning it could lead to problems immediately or in the long run. Here are some tips to consider when starting or running a business: Review Accounting Records […]
Avoiding a Tax Surprise
You can avoid a surprise tax bill next April by taking some time now to review your withholdings and estimated tax payments. This is increasingly important if you’ve recently experienced a major change in your life – new job, birth of a child, or purchased a home. These events materially change the amount of taxes […]
Home Office Deduction
The IRS has announced a new option for claiming the home office deduction beginning in 2013 with a less detailed form. This option places a $1,500 cap ($5 per square foot with a 300 square foot maximum) on the deduction and does not allow depreciation for the portion of the home used for business purposes. However, […]
Affordable Care Act
The Affordable Care Act set requirements for employers to offer health insurance to full-time employees if the business had fifty or more full-time or full-time equivalent employees. These requirements were initially going to be put into effect in 2014; however, the government has recently decided to postpone the start of the requirement for one year […]
American Taxpayer Relief Act of 2012
AMERICAN TAXPAYER RELIEF ACT OF 2012 Congress passed this legislation, and President Obama signed it on January 2, 2013. The legislation allows tax rates to rise on the nation’s highest earners while also extending dozens of tax cuts for individuals and businesses. Specifically, the bill: Raises the top tax rate to 39.6% for married couples […]