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...
Oct 21, 2019 | Income Tax
Take Advantage of the 199A Deduction for 2019 If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-Problem Businesses You qualify...
Oct 21, 2019 | Income Tax
The new Individual Coverage HRA (ICHRA) lets you help employees with their health care costs without fear of ACA penalties. Starting January 1, 2020, employers can offer this new ICHRA. The ICHRA allows you to reimburse (free of payroll and income tax) employees’...
Sep 25, 2019 | Income Tax
Capital Gains and Losses Capital Assets Most property you own and use for personal or investment purposes is a capital asset. For example, a house,furniture, car, stocks, and bonds are capital assets. Non-capital Assets A capital asset is any property held by you...
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...
