recent blog posts

Factoring

Should You Factor Your Invoices?

24.07.2016 / by Jasmine DiLucci / 0 comments

Definition of Factoring: When a business sells its invoices (accounts receivable) to a third-party at a discount. For example, if you, as a business owner, are owed $1,000 from a customer, you may be able to sell this receivable to…

3 New Business Startup Tips

Top 3 Financial Tips from a CPA for a New Business

21.07.2016 / by Jasmine DiLucci / 0 comments

1)      Choose an entity type You have several options for an entity type, and you want to make sure to pick the one that is best for your business. The following are your options: Sole Proprietorship – This entity-type does not…

Texas Tax

Texas Franchise Tax – For Beginners

14.07.2016 / by Jasmine DiLucci / 0 comments

Texas Franchise Tax for Beginners Although you don’t have to pay personal income tax, you will be taxed for the privilege of doing business in Texas in the form of franchise tax. Franchise tax is imposed on the Margins of…

How to legally write off your clothing and laundry expenses

11.07.2016 / by Jasmine DiLucci / 0 comments

As a business owner or employee (or if you’re both), it’s important to maximize your deductions. An often under-utilized write-off is the amount spent on clothing and laundry. That’s right – if you meet three requirements, your clothing and laundry…

Theft Loss? – Learn how to deduct it on your tax return!

9.07.2016 / by Jasmine DiLucci / 0 comments

What proof do you need? For a theft loss, you should first show all of the following: When you discovered that your property was missing That your property was stolen That you were the owner of the property Whether a…

The Importance of Analytical Procedures in an Audit

8.07.2016 / by Jasmine DiLucci / 0 comments

What are Analytical Procedures? AU-C §520 defines analytical procedures as “evaluations of financial information through analysis of plausible relationships among both financial and nonfinancial data,” which include “such investigation, as is necessary, of identified fluctuations of relationships that are inconsistent…

What are the benefits of an HSA (Health Savings Account)?

7.07.2016 / by Jasmine DiLucci / 0 comments

HSA Benefits Employer contributions to your HSA are NOT included in income Tax-preferred treatment of money used towards qualified medical expenses Individuals beyond the eligible HSA individual can contribute the account, such as family members Interest or earnings on the…

What is a W-9 Form?

5.07.2016 / by Jasmine DiLucci / 0 comments

A W-9 form is for vendors (service providers) to fill-out for you (the individual or business owner) to decide if it is required to issue a Form 1099 to the provider. If you pay that vendor over $600 in the…

What is reasonable S-Corp Owner Compensation?

22.06.2016 / by Jasmine DiLucci / 0 comments

This one is difficult – there are software programs with the sole function of calculating an estimated ‘reasonable compensation.’ However, the general idea is the following: pay yourself the amount that you would need to pay someone else to replace…

What is cost segregation?

20.06.2016 / by Jasmine DiLucci / 0 comments

Cost Segregation is a form of accelerating depreciation for an owner’s real property purchase. When you buy a business real estate property, it is depreciable over 39 years. This requires a substantial amount of time to pass for you to…

The IRS has ‘transcripts’ with a listing of the information filed with them. This usually includes information such as W-2s, 1099s, 1098s, IRA distributions, 1099-DIVs, and 1099-INTs. Since the IRS needs to first receive these documents from your employer or…

Has your amended return been processed?

18.06.2016 / by Jasmine DiLucci / 0 comments

The IRS doesn’t always operate as quickly as we would like. They are required to be manually filed, and this in general takes more time to process than e-filed returns. If you would like to check-in on the status of…

How can you easily keep track of your business receipts?

17.06.2016 / by Jasmine DiLucci / 0 comments

People have all sorts of different methods – we see it all, from boxes of receipts to excel spreadsheets to no receipts at all. As your tax preparer, we do not need to see your receipts if you keep track…

How should you keep track of your mileage?

16.06.2016 / by Jasmine DiLucci / 0 comments

As per the IRS, you should be keeping a mileage log. That being said, we understand that can be difficult for small business owners to keep track of the mileage from each of their business trips. That is why we…

What is the safe harbor rule for estimate taxes?

15.06.2016 / by Jasmine DiLucci / 1 comments

The safe harbor rule provides guidelines for how much you must pay in estimated taxes to avoid penalties and interest. The rule is as follows – you may pay either one of the following: 100% of your prior year tax…