Adjusted gross income, otherwise referred to as AGI, is the starting point of your tax calculation. Your AGI minus certain adjustments, and allowable tax credits calculate your taxable income. Your taxable income is the final number used to calculate your tax amount...
How and when you can deduct charitable donations is widely misunderstood. TWO important thing to understand is.. 1. CHARITABLE DONATIONS ARE NOT BUSINESS EXPENSES. 2. CHARITABLE DONATIONS MUST BE MADE TO QUALIFIED DESIGNATED NON PROFIT ORGANIZATIONS. This blog post...
Do you send client gifts? Be careful! The IRS has specific limitations on deducting gifts, and it may surprise you. $25 Limit (yup you ready that right) The IRS states: “You can deduct no more than $25 for business gifts you give directly or indirectly to each person...
You’ve probably heard of an Owner Draw and that term does get tossed around a lot. If you need a quick refresher Owner Draws, head here. But what is an Owner Contribution? You’ve actually probably made these before and quite possibly never even realized...
Have you heard the term Owner Draw, but you’re not really sure what it covers? Are you sure you understand all the types of transactions that can be considered an Owner Draw? Today I’m going to go through Owner Draws and lay it all out for you. So...
Is your bookkeeping a hot mess? Does your bookkeeping even exist? Do you find yourself spending hours and hours going through paperwork and files and downloading transactions to put everything together for tax time, just to file each year? Today I’m going to...
