Business

Mileage Logs

When compiling your tax documents remember that…….yes….the IRS wants you to keep track of the mileage for business, rental, etc use. Here’s what they want (in written form) for your records.  If you get audited they may ask to see it. Which vehicle and for each Date: the address and mileage from place to place […]

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Are You Considering Starting A Business?

Starting a business can be exciting and daunting at the same time.  The IRS offers tips to and things to consider: Business Structure.  An early choice to make is to decide on the type of structure for the business. The most common types are sole proprietor, partnership and corporation. The type of business chosen will determine which […]

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Deducting clothing on your tax return

The answer is almost always NO unfortunately. If the clothing is required to be worn by your employer, your employer won’t reimburse you and the clothing is not something you COULD wear outside of work, then maybe. Suits are a  no no….even if you don’t want to wear them outside work….you COULD….so not deductible. Jean, […]

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Deducting mileage

There are lots of ways you can deduct mileage.  To do so though, you need to be able to substantiate that deduction. How do you do it? A mileage log for each vehicle including the Date, Destination, Business Purpose, Starting & Stopping Odometer Readings and Miles for that trip. Also keep track of business vs. […]

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New Overtime Rule Postposed

December 1 was to be the day millions of salaried workers would start being eligible for overtime pay based on change made by the Obama administration.  A federal judge blocked this rule to extend mandatory overtime from taking effect.   21 states and a coalition of business groups, including the U.S. Chamber of Commerce, were […]

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Subcontractor or employee?? Decisions, decisions…

The IRS and the Department of  Labor closely watch how businesses classify workers.  There are various penalties for paying someone as a subcontractor when they should be paid as an employee.  A 1099-Misc should be used for a subcontractor,  not for an employee.  An employee should be paid in wages which means the employer must […]

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She sells sea shells by the seashore

Is it a business or a hobby?  Well, the answer to that makes a big difference when it comes to tax ramifications. So….you are in Florida all winter, basking in the glow of the sun.  You buy yourself a handy dandy metal detector and you spend 2 hours a day scouring that beach looking for […]

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The NEW Ohio flat tax. Wait…. What?

Yep! You heard me correctly.  Ohio has a new flat tax.  Doesn’t affect everyone but it does affect people with Ohio Business income that is over the amount that can be deducted with that handy dandy Ohio Business Credit. What’s the Ohio Business Credit you ask? Well…..let me tell you.  If you have business income […]

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Tax Extenders – Saving You Tax $

As is par for the course, Congress waited until the last minute to approve the tax extenders for 2015 with the “Protecting Americans from Tax Hikes Act of 2015.”  President Obama signed it into law. This law extends various tax breaks for individuals and businesses.  Below is a list of some of these extensions:   The […]

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Intentional disregard! $250 penalty PER 1099.

There is now a $250 penalty, PER 1099, for not providing a correct 1099 when one should have been issued. This is considered an intentional disregard.  There is no maximum penalty for the year. There are also penalties for filing them late. The tax return has 2 direct questions regarding 1099s that make it easy […]

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