If your new year’s resolution is to get things organized and make your accounting functions easier, you may be ready to give QuickBooks a shot. We have many qualified individuals that are here to help you get things set up and running smoothly for a new year and make things easier for yourself and your […]
Am I Required To Send Form 1099’s?
You may be required to send Form 1099’s to businesses and individuals you made payments to during the year. Here’s a partial list of payments that require a Form 1099: Payments for services performed by independent contractors Rent paid Interest paid on a business debt Dividends paid to a company shareholder For more information on whether […]
December Tax Developments
Protecting Americans From Tax Hikes Act of 2015 (PATH) This bill was signed by President Obama on December 18, 2015, and made permanent various tax provisions. A sample of items made permanent by this act: The American Opportunity Tax Credit (education expenses) The $250 “above-the-line” deduction for teachers for expenses paid for books, supplies and […]
Happy Holidays From Geenen & Kolean!
Year-End Tax Planning Strategies For Businesses
Whether it is your first or tenth year running a business, now is a good time to begin thinking about your 2015 tax return. Familiarizing yourself with some basic year-end tax planning strategies will build confidence with 2016 nearing. One common tax planning strategy used by individual and business taxpayers alike is an Installment Sale. […]
Year-End Tax Planning Strategies For Individuals
With year-end quickly approaching and tax season just around the corner, we thought it’s a good opportunity to brush up on a few basic tax-planning strategies. For any taxpayer, an important strategy is deduction planning. Deduction planning is extremely complex, but some things to remember if you are a cash basis tax payer are: Expenses […]
Is This A Business Or A Hobby?
Here are four tax tips you should know regarding hobby versus business activity: A key feature of a business is that you do the activity to make a profit. This differs from a hobby that you may do for sport or recreation. There are nine factors to consider when you determine if you do the […]
Think About Year-End NOW
As we approach the end of the year, it’s a good time to reflect on how your business has performed thus far. A good first step would be to determine how profitable your business has been. Then ask yourself the following questions: How does the profitability meet with my expectations for the year? Should I […]
Regulation Change For White Collar Workers
On July 1, 2015, the Obama Administration, along with the United States Department of Labor, issued a proposed rule change estimated to affect 5 million salaried workers and their employers. The proposed change directly affects workers whose positions can be classified as administrative, executive or professional. The Department of Labor is proposing to update which […]
Health Savings Accounts
Despite being less popular than investments such as 401(k) plans, individual retirement accounts, and 529 college savings plans, Health Savings Accounts provide tax benefits to its’ beneficiaries. The first advantage of an HSA is that contributions made are tax-deductible. Second, any interest or other earnings on the account are tax free. Lastly, owners of the […]