There are many situations where you may use your personal car for business purposes. When properly recorded, even short trips around town can add up and allow you get the most out of your mileage deduction. If you are self-employed or an employee who is not already reimbursed for transportation costs, there are some deductions […]
Tax Deductions for Job Searches
The start of a new year is always a popular time for people to look for a new job. If this applies to you, there are some income tax deductions for job searches you want to be aware of. Expenses can be deducted even if the job search doesn’t result in a new position being […]
What Does it Mean to File for a Tax Extension?
When filing for an extension, the IRS automatically grants an additional six months to file your personal tax return. This moves the deadline from April 15 to October 15. Filing an extension is not difficult; it only requires that you file IRS Form 4868. However, you should take into account some of these considerations before deciding to file […]
Is your Worker an Independent Contractor or an Employee?
The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is intensely factual, and the stakes can be very high. If a worker is an employee, the company must withhold federal income and payroll taxes, pay the employer’s share of FICA […]
The “Nanny Tax”
There are certain federal tax implications under the so-called “Nanny Tax.” The Nanny Tax does not exclusively apply to nannies; it also includes housekeepers, maids, babysitters, gardeners or other household employees who aren’t independent contractors. The tax doesn’t apply to a household employee who’s also a farm worker. If you employ someone who’s subject to […]
Retention of Tax Records
There is often uncertainty with how long personal income tax records should be kept. Your may have to produce those records if IRS (or a state or local taxing authority) audits your return or seeks to assess or collect a tax. In addition, lenders, co-op boards, or other private parties may require that you produce […]
Substantiating Charitable Contributions
It’s important to substantiate your charitable contributions. While all contributions must be substantiated, contributions of $250 or more require a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply. General rules. For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a […]
Kelli Meadows Featured
Kelli Meadows was featured in the Business section of the Richmond Times Dispatch on Saturday, August 9, 2014. Click below to view the article. http://www.timesdispatch.com/business/you-need-to-meet/kelli-meadows/article_33ef4b1e-cdf6-526d-a67c-d0382d98009d.html
What’s Your Toughest Reporting Challenge?
Good data is your most powerful ally in running a successful business. But we’ve noticed that for many of our clients, getting that data is more difficult than it should be. If you have complex cash flow, budget, commission or other financial reports you’re currently producing with a manual process, let us take a look […]
Do You Need A Business Valuation?
How much is your business worth? This is a question every business owner has wondered — and it’s a question that’s tough to figure out without help. If you built your company from the ground up, it’s priceless to you. But the number you need is the value of your business independent of the time […]
