Payments to Independent Contractors
If your business is a small with very few or no employees, the IRS might be suspicious if you’re making payments to independent contractors. In some cases, the IRS will even throw out these deductions as phony or worst yet call them employees. To ensure this doesn’t happen, send each independent contractor a 1099-MISC, and … Continue reading
Small Business Checking Accounts
If your business is family run be sure to separate your bank accounts. The IRS heavily scrutinizes transactions between family members in a family business. You want to be sure that any transactions you’ve made will not be viewed as unrelated to the business, keep separate checking accounts. Do not co-mingle your own personal bank … Continue reading
Your Most Important Business Navigational Tool: Bank Reconciliation.
Cash is the lifeblood of a business organization. Cash is so vital to an organization that you must continually keep track of its flow. This in and out flow of cash is like the pulse beat of a human heart. Some check this cash pulse hourly, some daily, you do this by running check register … Continue reading
Petty Cash Account
When you have a small business it is all too easy to take twenty out of the register when you need it, and it is your money anyways. Keeping track of your finances is one of the most important areas as a business owner has. Ignoring this can be trouble down the road. As owner … Continue reading
How do you protect small Non-Profits from fraud?
Small non-profit organizations can be very vulnerable to fraud, organizations that have only one paid staff person or no paid staff persons are vulnerable to fraud. Cash is more easily misappropriated than checks; many small organizations raise much of their funds in cash. Cash collected at fund-raising events can be siphoned off by individual with … Continue reading
Often over looked tax deduction is for volunteer work.
While helping others by giving your time and resources is priceless, you can take a tax deduction. Driving to and from a charity is considered to be commuting and is not deductible, but driving while volunteering is, example, transporting other volunteers in a carpool to say Food Bank for preparing food baskets is. This deduction … Continue reading
Job seekers expense IncomeTax Deduction for 2011.
With the 2011 income tax filling coming up some deductions for people looking for work, you spent money updating your résumé, printing on quality 20 pound bond paper, postage, new business cards, and may have traveled out of your area for job search. Here are some things the IRS wants you know about the cost … Continue reading