Forms 1099 and W-2: Tax Changes for 2017 that Coral Gables Small Businesses Need to Know

By | February 3rd, 2017|Categories: Tax Information|Tags: , , , , |

Have you filed your 1099-MISC forms yet? In the past, small businesses were not too hard-pressed to provide their employees and contractors with the appropriate tax forms in a timely manner. This is no longer the case. Increased penalties and accelerated deadlines for 2017 should be cause for concern for businesses that have relied on [...]

5 Financial Resolutions for Your Small Business in 2017

By | January 7th, 2017|Categories: Tax Information|Tags: , , , , , |

As a Coral Gables small business owner, you should know that without goals to guide you, nothing gets accomplished. Though New Year’s has passed, you can still make financial resolutions for your small business. They'll allow you to evaluate where your business is at and where it needs to go in the coming calendar year. Whether you’re [...]

End of 2016 Important Tax Info

By | December 30th, 2016|Categories: Tax Information|Tags: |

Please refer to the video below for important end of year tax information to help you to prepare for your 2016 tax filing.  

7 Year-End Tax Arrangements to Make Before 2017

By | December 8th, 2016|Categories: Financial Investments, Small Business, Tax Information|Tags: , , , , , , , |

As the eleventh hour of 2016 comes to a close, it’s time to prepare a clean tax ledger for a new year! Regardless of what money-saving tax strategies you’ve implemented this year, you should take the time now to prepare yourself for April. If you haven’t already done so, try making these seven year-end tax arrangements [...]

Income Tax Planning Crash Course: 5 Tips to Help You During Tax Season

By | October 19th, 2016|Categories: Small Business, Tax Information|Tags: , , , , |

With only about six months to go until April 15th, there's never been a better time to start planning for tax season. Taking steps now to reign in and organize your finances can mean more money in your pocket, which is never a bad thing. There's nothing worse than wondering how much more you could have [...]

Tax Tips for Hobbies that Earn Income

By | October 14th, 2016|Categories: Small Business, Tax Information|Tags: , , |

Millions of people enjoy hobbies such as stamp or coin collecting, craft making, and horse breeding, but the IRS may also consider them a source of income. As such, if you engage in a hobby that provides a source of income, you must report that income on your tax return; however, taxpayers (especially business owners) should [...]

Keep Track of Miscellaneous Deductions

By | October 12th, 2016|Categories: Bookkeeping, Small Business, Tax Information|

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. Many taxpayers claim the standard deduction, but you might pay less tax if you itemize. Here are some tax tips that may help you reduce your [...]

Lending Money to a Friend? It Pays to Plan Ahead

By | October 8th, 2016|Categories: Accounting, Bookkeeping, Tax Information|Tags: , , |

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example: Let's say you decide to loan $5,000 to [...]

Apps for Tracking Business Mileage

By | October 7th, 2016|Categories: Small Business, Tax Information|Tags: , , |

Every business owner, no matter how small, must keep good records. But whether it's keeping track of mileage, documenting expenses, or separating personal from business use, keeping up with paperwork is a seemingly never ending job. No matter how good your intentions are in January, the chances are good that by summer that mileage log is [...]

Eight Ways Children Lower your Taxes

By | October 7th, 2016|Categories: Tax Information|Tags: , |

Got kids? They may have an impact on your tax situation. If you have children, here are eight tax credits and deductions that can help lower your tax burden. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let the office know if your [...]