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Bookkeeping

  • Top Accounting Mistakes to Avoid FINANCIAL SOFTWARE / ACCOUNTING SOFTWARE Top Accounting Mistakes to Avoid. Accounting errors happen from time to time, but many common accounting mistakes can be avoided with proper planning and preparation. We all know that it usually takes more time to correct a mistake ... Continue Reading
  • Keeping Good Records Is Key to Deducting Business Expenses Keeping good records can pay off big if you deduct travel, business or transportation expenses. They will help protect you from the IRS if your return is ever examined and provide the proof your employer may require if you are reimbursed for business expenses under an ... Continue Reading

Business Performance

  • Dollar Limitation on Business Gift Expenses As a small business owner during the holiday season, you may find yourself giving gifts to clients and/or customers. Basically, the IRS will let your business deduct up to $25 for business gifts per person during a tax year. There is no limit on how many people you can give ... Continue Reading
  • Avoid Paralysis of Analysis Don’t Overanalyze and Miss an Opportunity Overanalyzing a situation can be as bad as not giving it enough thought. Most decisions are made on some sort of deadline. Even very smart individuals examine the data to the point that coming to a conclusion is put off for too long. ... Continue Reading
  • Employees vs. Independent Contractors It’s crucial to know whether your workers are employees or independent contractors. Big dollars may be at stake in the form of federal and state assessed penalties resulting from misclassification. The validity of your company’s pension plan may also be at risk. A periodic ... Continue Reading

Company Morale

  • Employees vs. Independent Contractors It’s crucial to know whether your workers are employees or independent contractors. Big dollars may be at stake in the form of federal and state assessed penalties resulting from misclassification. The validity of your company’s pension plan may also be at risk. A periodic ... Continue Reading

Employees

  • Help Your Employees Keep Their W-4 Updated If you have employees, here is a good video you could share with them. It’s a great reminder for them to consider checking their withholdings, since their family income may have changed since filling out the initial W-4. Continue Reading
  • Employees vs. Independent Contractors It’s crucial to know whether your workers are employees or independent contractors. Big dollars may be at stake in the form of federal and state assessed penalties resulting from misclassification. The validity of your company’s pension plan may also be at risk. A periodic ... Continue Reading

Finance

  • Top Accounting Mistakes to Avoid FINANCIAL SOFTWARE / ACCOUNTING SOFTWARE Top Accounting Mistakes to Avoid. Accounting errors happen from time to time, but many common accounting mistakes can be avoided with proper planning and preparation. We all know that it usually takes more time to correct a mistake ... Continue Reading
  • Sometimes You Need a Tax “Mulligan” The IRS understands that we taxpayers aren’t perfect. Sometimes a taxpayer may forget a sale of stock from an investment account, or an IRA distribution taken last January. I’ve even had cases where busy parents forget to tell me about their New Years baby who arrived and ... Continue Reading
  • Unreimbursed Business Expenses Partners have a limited ability to deduct out-of-pocket expenses which they have paid on behalf of the partnership. Unreimbursed partner expenses can be deducted on Schedule E of the partner’s individual income return, but only if the partnership has a written policy which ... Continue Reading

Financial Planning

  • May 2018 – The SmallBiz Builder Newsletter Are You Ready for 2018? Now that you've filed your 2017 tax return (or at least filed an extension), it's time to consider what your 2018 return will look like. Many provisions of the Tax Cuts and Jobs Act take effect in 2018 and could impact your return. Many taxpayers have ... Continue Reading
  • Atlanta, GA : How to Start Your Own Business Start Your Business in 10 Steps! Step 1: Write a Business Plan Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully. Sourced through Scoop.it from: www.atlantaga.gov Continue Reading
  • Keeping Good Records Is Key to Deducting Business Expenses Keeping good records can pay off big if you deduct travel, business or transportation expenses. They will help protect you from the IRS if your return is ever examined and provide the proof your employer may require if you are reimbursed for business expenses under an ... Continue Reading
  • Get More from Your Tax Preparer Do you find yourself needing advice, a plan for the future, or a trusted resource to help you set goals and stay focused on achieving them? Padgett Business Services ® offers more than just tax preparation and monthly accounting services. We also provide strategic planning ... Continue Reading

Small Business

  • March 2018 – The SmallBiz Builder Newsletter Tips for Paying Estimated Taxes Estimated tax is a method used to pay tax on income that isn't subject to withholding.You may need to pay estimated taxes during the year depending on your sources of income. For example, income from self-employment, interest, dividends, ... Continue Reading
  • February 2018 – The SmallBiz Builder Newsletter Tax Cuts and Jobs Act - How Does It Impact You? What can you expect in 2018 as a result of the Tax Cuts and Jobs Act? For starters, you may see a change in your paycheck as early as February since the IRS just released the revised 2018 federal tax withholding tables. Most of ... Continue Reading
  • January 2018 – The SmallBiz Builder Newsletter Tax Cuts and Jobs Act Are you ready for a change? NOW is the time to prepare for tax reform, as every taxpayer will be affected by the new legislation beginning in 2018. Will you see an increase or decrease in your taxes? Will your tax return become simplified or more ... Continue Reading
  • Delegation Is Crucial for Small Business Owners – Part 2 Last month we focused on the concept of delegation, why it is so important to delegate, and why it can be so difficult to delegate. This article continues the discussion of this important management tactic. What should you delegate? You should delegate tasks that: Are ... Continue Reading

Small Business Deductions

  • Keeping Good Records Is Key to Deducting Business Expenses Keeping good records can pay off big if you deduct travel, business or transportation expenses. They will help protect you from the IRS if your return is ever examined and provide the proof your employer may require if you are reimbursed for business expenses under an ... Continue Reading
  • Tax Deductible Vacations Are Good Although technology has revolutionized the way we do business, there are still situations where it’s necessary for a face-to-face meeting with staff, management, or customers. With a little planning for the current vacation season, you can mix some leisure time in with your ... Continue Reading

Small Business Expenses

  • Keeping Good Records Is Key to Deducting Business Expenses Keeping good records can pay off big if you deduct travel, business or transportation expenses. They will help protect you from the IRS if your return is ever examined and provide the proof your employer may require if you are reimbursed for business expenses under an ... Continue Reading
  • Tax Deductible Vacations Are Good Although technology has revolutionized the way we do business, there are still situations where it’s necessary for a face-to-face meeting with staff, management, or customers. With a little planning for the current vacation season, you can mix some leisure time in with your ... Continue Reading
  • Unreimbursed Business Expenses Partners have a limited ability to deduct out-of-pocket expenses which they have paid on behalf of the partnership. Unreimbursed partner expenses can be deducted on Schedule E of the partner’s individual income return, but only if the partnership has a written policy which ... Continue Reading
  • Dollar Limitation on Business Gift Expenses As a small business owner during the holiday season, you may find yourself giving gifts to clients and/or customers. Basically, the IRS will let your business deduct up to $25 for business gifts per person during a tax year. There is no limit on how many people you can give ... Continue Reading

Small Business Finance

  • Gain from Sale of Small Business Stock May Be Excluded from Income Small businesses have been the growth engine of the U.S. economy. Congress has provided a variety of incentives to encourage taxpayers to invest in small business, one of these being the exclusion of gain earned from the sale of qualified small business stock (QSBS). Small ... Continue Reading
  • Time Is Running out for $100/Day/Employee Penalty Relief! The market reform section of the Affordable Care Act (ACA) imposes a $100 penalty per day per employee on any employer, regardless of its size, that offers a group health plan that fails to comply with certain coverage requirements and restrictions. For example, a small ... Continue Reading
  • Dollar Limitation on Business Gift Expenses As a small business owner during the holiday season, you may find yourself giving gifts to clients and/or customers. Basically, the IRS will let your business deduct up to $25 for business gifts per person during a tax year. There is no limit on how many people you can give ... Continue Reading
  • Plan Now, 3.8% Surtax Begins in 2013 One tax element of the Affordable Care Act begins January 1, 2013 and may affect your 2012 year-end tax planning. The new 3.8% Medicare contribution surtax will apply to either your “investment income” or the amount of your modified adjusted gross income (MAGI) in excess of ... Continue Reading

Small Business News

  • Georgia Tax Breaks Under Scrutiny in State Senate – Saportareport Georgia tax breaks under scrutiny in state Senate by Maggie Lee for SaportaReport here. Read the full article at: saportareport.com Continue Reading

Small Business Payroll

  • Jun 2018 – The SmallBiz Builder Newsletter Employing Youth Each June, millions of youth begin their search for a summer job. Before hiring any summertime help, it's a good idea to be aware of the Federal and State laws governing youth in the workplace. The Fair Labor Standards Act (FLSA) youth employment provisions ... Continue Reading

Small Business Practices

  • Delegation Is Crucial for Small Business Owners – Part 2 Last month we focused on the concept of delegation, why it is so important to delegate, and why it can be so difficult to delegate. This article continues the discussion of this important management tactic. What should you delegate? You should delegate tasks that: Are ... Continue Reading
  • Delegation Is Crucial for Small Business Owners – Part 1 Many small business owners start out their business doing everything themselves. However, as a company grows, it becomes vitally important to delegate tasks in order to keep it growing, while also allowing you to have a life outside of your business. What is delegation? ... Continue Reading
  • Keeping Good Records Is Key to Deducting Business Expenses Keeping good records can pay off big if you deduct travel, business or transportation expenses. They will help protect you from the IRS if your return is ever examined and provide the proof your employer may require if you are reimbursed for business expenses under an ... Continue Reading
  • Get More from Your Tax Preparer Do you find yourself needing advice, a plan for the future, or a trusted resource to help you set goals and stay focused on achieving them? Padgett Business Services ® offers more than just tax preparation and monthly accounting services. We also provide strategic planning ... Continue Reading

Tax Strategies

  • Jun 2018 – The SmallBiz Builder Newsletter Employing Youth Each June, millions of youth begin their search for a summer job. Before hiring any summertime help, it's a good idea to be aware of the Federal and State laws governing youth in the workplace. The Fair Labor Standards Act (FLSA) youth employment provisions ... Continue Reading
  • April 2018 – The SmallBiz Builder Newsletter 2nd Quarter 2018 Due Dates April 17: Individuals: 2017 Form 1040 due, or file Form 4868 for a 6-month automatic extension. 2017 FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), due. Automatic 6-month extension will be granted for filers who fail to meet ... Continue Reading
  • Tax Tips for Uber Drivers Ridesharing has become a popular way to make some extra money, but before you commit to driving for a ride-share company like Uber, Lift or Sidecar, you need to know the tax implications of this type of work! Generally, you’re treated as an independent contractor, not as an ... Continue Reading
  • Understanding Tax Return Preparer Credentials and Qualifications Understanding Tax Return Preparer Credentials and Qualifications Any tax professional with an IRS Preparer Tax Identification Number (PTIN) is authorized to prepare federal tax returns. However, tax professionals have differing levels of skills, education and expertise. Continue Reading

Tax Tips

  • Freelance Taxes 101 Here is a great little article on Taxes for Freelancers. The full article can be found here. Items covered include : Tax Basics for Freelancers: What Is the Self-Employment Tax? Full-Time Versus Part-Time Freelancing: Calculating Estimated Taxes Keeping Track of Your ... Continue Reading
  • May 2018 – The SmallBiz Builder Newsletter Are You Ready for 2018? Now that you've filed your 2017 tax return (or at least filed an extension), it's time to consider what your 2018 return will look like. Many provisions of the Tax Cuts and Jobs Act take effect in 2018 and could impact your return. Many taxpayers have ... Continue Reading
  • February 2018 – The SmallBiz Builder Newsletter Tax Cuts and Jobs Act - How Does It Impact You? What can you expect in 2018 as a result of the Tax Cuts and Jobs Act? For starters, you may see a change in your paycheck as early as February since the IRS just released the revised 2018 federal tax withholding tables. Most of ... Continue Reading
  • Tax Tips for Uber Drivers Ridesharing has become a popular way to make some extra money, but before you commit to driving for a ride-share company like Uber, Lift or Sidecar, you need to know the tax implications of this type of work! Generally, you’re treated as an independent contractor, not as an ... Continue Reading

Taxes

  • Tax Organizer For New Clients Click the link BELOW to download your copy of “Tax Organizer For New Clients” TAX ORGANIZER FOR NEW CLIENTS Continue Reading
  • Freelance Taxes 101 Here is a great little article on Taxes for Freelancers. The full article can be found here. Items covered include : Tax Basics for Freelancers: What Is the Self-Employment Tax? Full-Time Versus Part-Time Freelancing: Calculating Estimated Taxes Keeping Track of Your ... Continue Reading
  • May 2018 – The SmallBiz Builder Newsletter Are You Ready for 2018? Now that you've filed your 2017 tax return (or at least filed an extension), it's time to consider what your 2018 return will look like. Many provisions of the Tax Cuts and Jobs Act take effect in 2018 and could impact your return. Many taxpayers have ... Continue Reading
  • Georgia enacts corporate and individual income tax changes Georgia enacts corporate and individual income tax changes and conformity to the federal Internal Revenue Code with some exceptions On March 2, 2018, Georgia Governor signed into law HB 918, a tax bill containing corporate and individual income tax changes (hereafter, the ... Continue Reading

Tips

  • Top Accounting Mistakes to Avoid FINANCIAL SOFTWARE / ACCOUNTING SOFTWARE Top Accounting Mistakes to Avoid. Accounting errors happen from time to time, but many common accounting mistakes can be avoided with proper planning and preparation. We all know that it usually takes more time to correct a mistake ... Continue Reading
  • Delegation Is Crucial for Small Business Owners – Part 2 Last month we focused on the concept of delegation, why it is so important to delegate, and why it can be so difficult to delegate. This article continues the discussion of this important management tactic. What should you delegate? You should delegate tasks that: Are ... Continue Reading
  • Delegation Is Crucial for Small Business Owners – Part 1 Many small business owners start out their business doing everything themselves. However, as a company grows, it becomes vitally important to delegate tasks in order to keep it growing, while also allowing you to have a life outside of your business. What is delegation? ... Continue Reading
  • Get More from Your Tax Preparer Do you find yourself needing advice, a plan for the future, or a trusted resource to help you set goals and stay focused on achieving them? Padgett Business Services ® offers more than just tax preparation and monthly accounting services. We also provide strategic planning ... Continue Reading