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Bookkeeping

  • Accounting Capitalization Policy Technically the IRS requires businesses to capitalize (depreciate) all assets that have a life of longer than a year. Which might not sound that bad, but it would create a lot of headaches for smaller businesses trying to keep track of everything. Imagine maintaining a ... Continue Reading
  • Inventory If you have items you sell at retail or wholesale, you probably will not have bare shelves at the end of the year, so you have to count your inventory. I recommend that you make a list of all your items and their unit cost. Then just count the number you have in stock and ... Continue Reading
  • S-Corp Owner Salaries I keep hearing that the IRS is continuing to crack down on S-Corp owners that take too low of salaries. For a brief background, as the owner of an S-Corp, you can (should) take a salary for your services. However, one of the benefits of having your small business taxed as an ... Continue Reading
  • Small Business Tax & Accounting Services We offer a full range of tax & accounting services to help keep your business running smoothly. Our accounting services include monthly profit and loss statements, bank reconciliations, payroll, balance sheets, tax planning, and more. We realize that most small businesses ... Continue Reading

Business Tips

  • Foreign Bank Accounts This won’t apply to too many individuals, but there are extremely high potential penalties involved, so it’s worth a quick read. If you don’t already know this, the IRS requires individuals and businesses with foreign assets above certain thresholds to report them every ... Continue Reading

Cash Flow

  • Foreign Bank Accounts This won’t apply to too many individuals, but there are extremely high potential penalties involved, so it’s worth a quick read. If you don’t already know this, the IRS requires individuals and businesses with foreign assets above certain thresholds to report them every ... Continue Reading
  • Business Personal Property Tax Every year I like to remind business clients that they should soon be receiving a blank business personal property rendition form in the mail. See this previous post for details. Continue Reading
  • Inventory I hope that 2017 is off to a good start for everyone. Of course with the new year comes thoughts of taxes. To hopefully make tax time just a little easier, I wanted to give a quick reminder for those of you who keep inventory. If you have items you sell at retail or ... Continue Reading
  • Open Enrollment Just a quick reminder that anyone without health insurance during 2017 can get stuck with a pretty heft penalty. This year it’s 2.5% of your household income (or $695 per adult, whichever is higher). In order to avoid next year’s penalty, make sure that you have a health ... Continue Reading

Finance

  • Business Personal Property Tax Every year I like to remind business clients that they should soon be receiving a blank business personal property rendition form in the mail. See this previous post for details. Continue Reading

IRS Problems

  • Individual Mandate Penalty / Open Enrollment Anyone without health insurance during 2014 is probably already familiar with the 1% of income penalty assessed for not having insurance. What you might not know is that the penalty increases in 2015 and 2016, when it becomes 2% and 2.5%, respectively. In order to avoid next ... Continue Reading

Payroll Services

  • Sick Time (Austin) It’s not too often that we talk about local/state taxes. With a state income tax, those of us in Texas tend to have it pretty easy. But for those of you keeping up with the news, you may have heard about a new sick leave ordinance that was originally scheduled to go into ... Continue Reading
  • Reasonable Compensation C-Corporations . If you pay yourself too much payroll, the IRS may claim that part of the payments should have been dividends. If the auditor reclassifies, it will lead to double taxation. S-Corporations . If you pay yourself too little payroll, the IRS may claim that part ... Continue Reading

Tax Strategies

  • Year-End Tax Tips As year-end is fast approaching, I wanted to give you a few tips to lower your 2016 tax bill. Avoid underpayment penalties Make or adjust your quarterly estimated payments to the IRS by using Form 1040-ES or, if an employee, adjusting your W-4 withholding. Ask your employer ... Continue Reading
  • Unreimbursed Partnership Expenses For those of you with partnerships, there’s a subtle but important rule that I wanted to bring to your attention. If you’re a partner and you’re used to claiming expenses related to the partnership on your personal return (business mileage and home office expenses are ... Continue Reading

Tax Tips

  • Foreign Bank Accounts This won’t apply to too many individuals, but there are extremely high potential penalties involved, so it’s worth a quick read. If you don’t already know this, the IRS requires individuals and businesses with foreign assets above certain thresholds to report them every ... Continue Reading
  • Business Personal Property Tax Every year I like to remind business clients that they should soon be receiving a blank business personal property rendition form in the mail. See this previous post for details. Continue Reading
  • Inventory I hope that 2017 is off to a good start for everyone. Of course with the new year comes thoughts of taxes. To hopefully make tax time just a little easier, I wanted to give a quick reminder for those of you who keep inventory. If you have items you sell at retail or ... Continue Reading
  • Year-End Tax Tips As year-end is fast approaching, I wanted to give you a few tips to lower your 2016 tax bill. Avoid underpayment penalties Make or adjust your quarterly estimated payments to the IRS by using Form 1040-ES or, if an employee, adjusting your W-4 withholding. Ask your employer ... Continue Reading

Taxes

  • Business Personal Property Tax Every year I like to remind business clients that they should soon be receiving a blank business personal property rendition form in the mail. See this previous post for details. Continue Reading
  • Inventory I hope that 2017 is off to a good start for everyone. Of course with the new year comes thoughts of taxes. To hopefully make tax time just a little easier, I wanted to give a quick reminder for those of you who keep inventory. If you have items you sell at retail or ... Continue Reading
  • Form 2290, Heavy Highway Vehicle Use Tax Return For those of you in the Austin area needing to file Form 2290, we can help. This form is generally due on August 31, or later if you purchase the vehicle mid-year. Continue Reading
  • Year-End Tax Tips As year-end is fast approaching, I wanted to give you a few tips to lower your 2016 tax bill. Avoid underpayment penalties Make or adjust your quarterly estimated payments to the IRS by using Form 1040-ES or, if an employee, adjusting your W-4 withholding. Ask your employer ... Continue Reading

Tips

  • Foreign Bank Accounts This won’t apply to too many individuals, but there are extremely high potential penalties involved, so it’s worth a quick read. If you don’t already know this, the IRS requires individuals and businesses with foreign assets above certain thresholds to report them every ... Continue Reading
  • Open Enrollment Just a quick reminder that anyone without health insurance during 2017 can get stuck with a pretty heft penalty. This year it’s 2.5% of your household income (or $695 per adult, whichever is higher). In order to avoid next year’s penalty, make sure that you have a health ... Continue Reading