Doing a less than stellar job keeping track of your business finances? Maybe your New Year's resolutions should be to get your financial house in order. Here are some tips that help.
Review bank statements and credit card statements— These statements should always come to the business owner or card holder unopened. Review them thoroughly before passing them to the bookkeeper or other employee, thereby preventing unauthorized checks or credit card usage. These are the biggest losses within a small business.
If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about education tax credits:
Our community is well known for giving and caring. Many of you have already donated to disaster relief and many may be planning to. It is a sad reality that cyber-criminals eagerly exploit tragic circumstances in order to take advantage of and steal from new targets. In the aftermath of Hurricane Harvey and Hurricane Irma, a number of new scams have cropped up, including:
The FBl and the IRS are warning the public to be on alert for a phone scam that spoofs, or fakes the FBl’s name on the recipient’s voice-mail.
Scammers have targeted residents around the region, claiming to be the FBI stating they are an “officer” of the FBI , Department of Tax and Crime Investigation. The intended victim is told that this is their final notice and that their physical address is under investigation and an arrest warrant has been issued under their name.
The public is reminded that the FBI does not call private citizens threatening arrest or requesting money and to never give out unsolicited requests for personal information to callers that you don't know. Individuals receiving such calls can file a complaint through the FBl’s Internet Crime Complaint Center at www.IC3.gov.
If you’re a C corporation or partnership that sponsors a qualified pension, profit sharing, 401(k) plan or a Simplified Employee Pension Plan (SEP) or Savings Incentive Match Plan for Employees (SIMPLE) IRA plan, please note that the due date for making employer contributions to these plans has changed.
In order to be deductible for the 2016 taxable year, employer contributions for these plans for 2016 have to be made by the due date or extended due date of your 2016 tax return. Since certain tax return due dates have changed for tax years starting in 2016, the time limit for making retirement plan contributions has changed as well.
The Internal Revenue Service today warned taxpayers about groups masquerading as charitable organizations to attract donations from unsuspecting contributors, one of the “Dirty Dozen” Tax Scams for the 2017 filing season.
The number of small business for sale in the US is growing. Business selling websites like Bizbuyandsell.com and Businessesforsale.com are reporting record high numbers. AARP states that as the Baby Boomer generation ages they are looking to sell to businesses and retire in record numbers as well. Often there is no family member willing or able to take over a business and the business goes out to the general market. There is another option.
As we approach the end of the year, this is the time to conduct year-end tax planning in order to optimize your tax position and minimize the amount of penalties and interest that may be due on your 2016 tax return filing. Year-end tax planning is more than just looking at your income and expenses for the year, it is about looking forward, understanding your business performance, finding positive ways to both help the performance of your company and optimize your tax position in the future.
In the information age we are all reliant on personal computers and devices. These devices contain our vital information. Cyber threats are real. The IRS has issued a set of instructions that will help you keep those threats at bay. At GMG CPA we are here to help. We wanted to share the information with you. We support efforts to combat identity theft and and fraudulent returns.