A few years ago, a client, who, incidentally, is a doctor, plead with me for tax deductions (like there was something magical that I could do). The simple truth is that to get a “tax deduction, you have to spend money”. So, if that is the case, doesn’t it make sense to spend it on […]
09
Jun
Jun
Two Big Issues with Recordkeeping for Tax Purposes The records you keep provide the documentation to support the deductions and expenses claimed on your tax return. There are two big issues. Big Issue One. The first issue is that you need to prove that the expense is deductible. To do this, you must always keep […]
30
May
May
Here is a list of the information that you will need to give to your professional so that they can prepare SBA Form 3508 (Paycheck Protection Program Loan Forgiveness Application) and its required schedules for your company. General Info Loan Number Loan Amount Lender PPP Loan Number PPP Loan Disbursement Date Number of employees at […]
27
May
May
My newest client is this small online boutique called “The Jean Junky”. This is a small two-owner LLC (Limited Liability Company) owned by my wife and daughter. They are having so much fun that it really isn’t fair. A two-owner LLC is taxed like a partnership. Small partnerships are not required to provide a balance […]
10
Oct
Oct
We would like to welcome Donell as the newest accountant to our Firm. I had an interesting experience as we were interviewing accountants for the position. Many of the candidates claimed that they were bookkeepers and accountants. What I discovered is that many think that they are accountants because they can input data into QuickBooks. […]
12
Jul
Jul
The question came up today as I was meeting with a new client about automobile expenses. The business owner has the option of either deducting the actual automobile expenses used for the business or using a standard mileage rate. Because automobiles can be used for both personal and business purposes, the IRS terms these vehicles […]
02
Feb
Feb
Noncash charitable contributions are a good deduction if taken correctly. Here are 3 Rules to keep in mind. Rule No. 1. The donation must be made to a qualified charity (no, your needy college kids do not count). Rule No. 2. No deduction is allowed for a charitable contribution of clothing or household items unless the clothing […]
09
Jan
Jan
Hi everyone, my name is Jill. My place at Valentine CPA is right up front, at the reception desk. It’s the perfect place for me, because I really like people. Ron has asked me to write a little blog describing my philosophy concerning customer service. My mom was an avid gardener, and her skills at […]
06
Jan
Jan
If you pay tuition, fees, and other costs for attendance at an eligible educational institution for yourself, your spouse, or your dependent, you may be able to take advantage of one or more of the education tax benefits. You can claim more than one education benefit in a tax year as long as you do […]
08
Dec
Dec
The Purpose of a Business Plan A business plan is a written document created to detail all aspects of a business on a comprehensive level. Many banks and investors require a written business plan before lending to, or investing in, a business. Executive Summary The executive summary is a summary of the entire plan. It […]