Tax

Most business meals are still deductible, subject to the 50% limitation

If you’ve been following the tax journals or related social media accounts, you no doubt saw that the Tax Cuts & Jobs Act (“TCJA”) removed the deduction for business related entertainment expenses. There was a lot of concern that the meals portion of “Meals & Entertainment” expenses would also be denied because of some related […]

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The business owner’s October checklist

I love October. It’s the kick-off to the holiday season, there’s still enough time left in the year to make course corrections in my annual goals, and the world turns burnt orange. Business owners can use this time to evaluate where they are and what more they want to accomplish before the year is over.

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Do you have a small business or a hobby?

A lot of small businesses start out as hobbies. After time and growth, the entrepreneur slowly starts devoting more time to the endeavor and it gradually grows into a full fledged business. These are the success stories that motivate many people to strike out on their own.

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Estimated Taxes and the Paycheck Checkup

The 3rd quarterly estimated tax payment is due on Monday, September 17, 2018.

Use this tax payment in conjunction with the #PaycheckCheckup to check your withholding.

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Small business owners & personal expenses

Your personal expenses don’t become business expenses just because it’s paid for out of your business account. I know this seems obvious but I see it all the time so this is your friendly reminder about this subject. It’s currently only my mind this morning because I’m correcting a small partnership’s accounting to remove the owner’s personal expenses. 

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Major Fall 2018 US Income Tax Deadlines

We finally made it through the long hot summer. For the first time in months there is no 100 degree day in our 10 day forecast. This means some big IRS deadlines are coming up, mostly for extended tax returns.

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Labor Day and the Tax Accountant

One thing they don’t tell accounting students is that if you select the tax route, you’ll most likely never get to have Labor Day off. I don’t think this should be a deterrent but it should be part of an honest discussion since there’s so much this holiday signifies.

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3 Financial Tips & 1 Tax Tip for College Students

The start of a new school year is always an optimistic time for me. I remember being excited about the new classes and overly motivated to organize and be prepared. That motivation usually lapsed by October, but you get the drift. Use this initial motivation to get financially organized before you get too busy.

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Don’t miss the August 15th Second Texas Franchise Tax Extension!

This is just your friendly reminder that some businesses in Texas, or with operations in Texas, might have an August 15, 2018 deadline to file their Texas Franchise Tax Report or to request a second extension. 

Don’t miss the August 15th Second Texas Franchise Tax Extension! Read More »

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