The charts on this handout compare and contrast accounting and recordkeeping, fringe benefits, and liabilities of the various business entity types.
Read MoreThis handout provides a simple worksheet for business owners to track expenses. It can be used as a ledger or as a summary for business owners to complete and provide to their tax preparer.
Read MoreThis handout outlines the expenses that are deductible for the business use of the home. The use of the home as a day care facility is also highlighted.
Read MoreThis handout describes the filing requirements for Form 1099-MISC, Miscellaneous Income, including payments made to attorneys and penalties for failure to file correct returns or furnish correct payee statements.
Read MoreThe log provides a worksheet for taxpayers to track mileage and expenses for tax deductibility of those miles and expenses. The log provides the entries needed to be compliant with IRS regulations.
Read MoreThis worksheet provides a taxpayer with a means to track income and expenses for a rental property. The worksheet also provides a place to keep track of depreciation items.
Read MoreThis handout explains the circumstances under which an individual can claim a deduction for using their vehicle for business purposes.
Read MoreRecent legislation, such as the Families First Coronavirus Response Act and the Coronavirus, Aid, Relief, and Economic Security (CARES) Act has provided some financial and tax relief for certain taxpayers. The following is a summary of some of the provisions.
Read MoreThis handout provides guidance for taxpayers who are undergoing an IRS audit. It includes an overview of how audits are conducted as well as a strategy for preparing for the audit.
Read MoreThis handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on changes for individuals whose business deductions exceed gross income. Information includes the new excess business loss limitation, pass-through entities, and net operating losses.
Read MoreThis handout contains an overview of the new tax law that was signed into law on December 22, 2017. This overview focuses on depreciation changes clients are likely to be interested in. Information includes the Section 179 deduction, special (bonus) depreciation, luxury automobiles, and qualified improvement property.
Read MoreThis handout provides guidance on establishing a business and provides and outline for creating a business plan. It is also helpful in creating a personal financial statement.
Read MoreThis handout discusses the self-employment tax and how it is calculated. Common self-employment tax situations are explored.
Read MoreThis handout provides information which will help determine whether a current business deduction can be taken for expenses incurred on business assets, or whether the expense must be capitalized and depreciated.
Read MoreThis handout provides a description of how partnerships work and explains the tax reporting requirements of the partnership and its partners. Advantages and disadvantages of a partnership are also discussed.
Read MoreThis handout provides some tips on marketing a business and promoting the products and services of the business.
Read MoreThis handout explains how an LLC operates and how to form an LLC. Information is also provided on the classification of an LLC which will determine the proper tax filing for the LLC.
Read MoreThis handout highlights the benefits and uses of fringe benefits.
Read MoreThis handout discusses the factors used in determining whether someone is an employee or an independent contractor. It also provides information on how to report the incorrect treatment of an employee as an independent contractor.
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