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Late Filing/Payment Penalties

Just a quick note.  Whenever you get a letter from the IRS saying that you owe penalties for late filing of your tax return (or late payment of the tax due), consider requesting that the penalty be waived.  The IRS has something called a First Time Abate program in which they will waive the penalty […]

Presidential Power

Once again, comedy gold from this week’s Onion.  A few choice quotes: Having won another four years in the White House, President Barack Obama will retain about the same amount of power as American multi-millionaire Mitt Romney, leading political scientists confirmed today. Though Obama still holds veto power, Romney’s massive wealth ultimately makes it much […]

1099s

It’s getting close to that time of year again.  If you’re a business owner, I would recommend starting to compile the list of people that you’ve paid for services throughout the year and figure out who will be getting 1099s.  They’re not due until the end of January, but you should have completed W-9s before […]

Expiration of the Bush Tax Cuts

Recently I’ve been getting asked a lot what the impact will be of tax changes in 2013, and how it will affect a given individual.  I know it can be frustrating to hear it, but unfortunately there still isn’t much certainty on what taxes will look like in the next few years.  Trust me, it’s […]

Dollars and Cents

This is hardly exiting news, but apparently the IRS released a memo saying that rounding to the nearest dollar on Form 941 (payroll taxes) is NOT ok.  No big deal, but interesting considering that on income tax returns, you basically have to round to the nearest dollar for everything.  I just have trouble imagining a […]

The Middle Class

This was the headline of this week’s issue of The Onion: Nation’s Lower Class At Least Grateful It Not Part Of Nation’s Middle Class It’s a clever article, and I thought I’d share a bit of it: The survey found nearly 87 percent of the nation’s lowest earners take comfort knowing they are far enough […]

SWING!

For those small business owners in south Austin, I wanted to mention that there are a handful of networking groups in the area that can be great for building relationships with other business owners in the area. Yesterday I went to my first meeting of a group called SWING (SouthWest Inclusive Networking Group). They meet […]

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 S-Corp (as opposed […]

2013 tax increases

As part of the new health care law, there are some interesting tax changes going into effect next year. Here are a few: Currently it’s possible to deduct medical expenses that are above 7.5% of your gross income for the year. So if you made $50,000 and spent $5,000 in medical expenses for the year, […]

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 can’t afford a full-time bookkeeper but still need the expertise at times. We are […]