03.12.2013

Online bookkeeping exercises

The holidays are coming soon and the end of 2013 will be here before we can turn around twice.  The magical date of December 31, 2013 marks the difference between tax planning and tax preparation!  Business owners have between now and then to react and plan for end of year deductions for the upcoming tax season or resolve to put their tax receipts together and pay the amount of taxes that are due. Having a solid financial understanding of your profit and loss statement will allow you to react before the year end or realize what your tax liability may be come April 15, 2014.  If you have had a stellar year and your balance sheet is showing a significant profit, congratulations on a job well done! NOW is the time to plan.  Take some time and review your financials to determine if any course of action should be taken to close out 2013.
The Paxton Bookkeeping Tax Tips Newsletter provides subscribers with valuable free information, tips, and resources for maximizing your business. Fileshare *NOTE: This fileshare system only supports Internet Explorer or Firefox browsers. Does keeping track of your mileage have you struggling to log the places you’ve been, and who you were there to meet? As tax season approaches I am always faced with the same question, can’t I just file my taxes on my own?


Have you recently made a job change or perhaps you have been part of a corporate reorganization or downsize?  One of the most important questions you face when changing jobs is what to do with the money in your 401(k). A breach in the IRS last year allowed the thieves to steal names, addresses, Social Security numbers and more from thousands of individuals.
Making the wrong move could cost you thousands of dollars or more in taxes and lower returns. A professional service may trade for such things as a cleaning service, landscaping or plumbing.
The final regulations apply to anyone who pays or incurs amounts to acquire, produce, or improve tangible real or personal property.
The rate falls to 23? a mile for medical travel and moving and remains at 14? for charitable driving. The problem comes when you start to complicate the tax return with company expenses, 1099 forms, employee expenses, write offs, travel, etc.


With the 2015 tax season fast approaching, police warn of tax scams and increased calls from the ‘IRS’ that prey on the elderly and those whose first language is not English. Every day businesses and retailers are being targeted by hackers located in the United States as well as countries such as China and Russia. If you barter, you should be aware that the value of products or services from bartering is taxable income.



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