An important piece of tax legislation was passed in late 2015 and then signed into law by the president. Several tax provisions that had been temporary were made permanent. A noteworthy part of the legislation changes how quickly businesses can write off the cost of heating and air-conditioning equipment. The Protecting Americans From Tax Hikes Act is better known by its acronym PATH. Up until passage of the PATH Act, the cost of HVAC equipment could not be written off as quickly as some other types of machinery and equipment.
26 September 2016
If you are working on the accounting reports for your small business yourself, one of the most important ones to understand is your balance sheet. This details the asset and liability accounts so that you know what your company's net worth is. Here are a few things you should know about this statement before you create one for the first time. The Asset Section The balance sheet statement will begin with a review of your company's assets.
25 August 2016
Although there are many benefits for of being self-employed, tax time is rarely one of them. Since you are solely responsible for the cost of your social security, which is lumped together with your self-employment taxes and you do not have an employer who automatically takes deductions from your pay, the middle of April can be a very challenging time. Fortunately, with the tips listed below, it can be a lot less stressful when it's time to deal with your tax preparation.
8 July 2016
As someone who enjoys writing short stories and selling them to magazines and various websites, you might not consider yourself to be a small business owner. However, any money made from your writing is generally considered self-employment; when you make more than $400 in a year from selling your stories, you are likely to need to pay self-employment taxes. That's why you should keep the following accounting tips in mind so that you can make things easier for yourself when it's time to file your taxes for the year.
20 May 2016
If you own a small business, then you're well aware of all the work that's involved with it. It's ideal to rely on assistance in some areas if at all possible. One way that you can get additional help with your company is by hiring a certified public accountant (CPA) to assist you. This can take the financial work off of your shoulders and give you time to focus on other things.
29 January 2016
Going through a divorce is a difficult, stressful experience and its after-effects can last for years to come. One area many divorcees have trouble getting under control is the finances of living on their own after a divorce. If you were the lower-earning spouse, have custody of kids or ended up with a change in assets, your finances can easily be thrown for a loop. Here is how you can get back on track in 5 steps.
4 January 2016
If you'll be filing taxes as a self-employed worker or independent contractor for the first time this year, you might be feeling a little overwhelmed by the process--especially if you've been used to filing a simple 1040 with your employer-issued W-2s in prior years. As you prepare to file for the first time as a self-employed worker, then there are some common myths you'll want to be aware of so you can file accurately and correctly.
30 December 2015