Nov 6, 2019 | Business, Income Tax
Inventory An inventory is necessary to clearly show income when the production, purchase, or sale of merchandise is an income-producing factor. If a taxpayer must account for an inventory, the accrual method of accounting must be used for purchases and sales, unless...
May 22, 2019 | Bookkeeping, Business, Small Business Accounting
Two questions: Did you prepay your 2019 rent so that you have a big 2018 tax deduction? How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord? For the 1099-MISC, do you simply look...
May 20, 2019 | 2019, Business, Income Tax
For most small businesses and the self-employed, the 20 percent tax deduction from new tax code Section 199A is the most valuable deduction to come out of the Tax Cuts and Jobs Act. The Section 199A tax deduction is complicated, and many questions remain unanswered...
May 17, 2019 | 2019, Business
The Tax Cuts and Jobs Act (TCJA) tax reform added an amazing limit on larger business losses that can attack you where it hurts—right in your cash flow. And this new law works in some unusual ways that can tax you even when you have no real income for the year. When...
May 10, 2019 | 2019, Business, Income Tax, Sarasota CPA, Sarasota Tax & Accounting, Small Business Accounting
The Section 199A 20 percent tax deduction is a gift from lawmakers—literally. You don’t earn this deduction; it’s simply there for you if you qualify. Under the trade or business rule, your Sarasota rental property profits can create the deduction. And now, under an...
May 7, 2019 | 2019, Bookkeeping, Business, Sarasota CPA, Sarasota QuickBooks, Sarasota QuickBooks Online, Sarasota Tax & Accounting, Small Business Accounting
School is almost over and it’s time to make some decisions pertaining to the future. Do you have, or know of anyone that has, high school kids in the Sarasota Area? Are they ready to make the big step to attend college in the near future? Have you thought about a...
