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Archive for December 2016

A Business Loss Can Mean A Federal Tax Deduction

business-loss

When your business makes money, you pay income tax on the profit. What happens when your business deductions are greater than the income in a particular year resulting in a business loss? In that case, the result is what’s called a net operating loss, or NOL, and you may be able to benefit from federal…

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Rising Receivables Call For A Year-End Review

receivables

Rising business receivables can be a sign of a growing, prosperous company – or of troubles ahead. How can you know if your receivables are right-sized for your business? Start by breaking down the numbers. A report of your receivables listed by age will give you the information you need. Track the percentage of invoices…

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What is a 1099 and Who Should Receive a 1099?

Who Should Receive a 1099?

What is a Form 1099-MISC? And who should receive a 1099? IRS Form 1099-MISC summarizes income from all non-employee compensation. It’s what independent contractors use to calculate and file taxes. You must send out a Form 1099-MISC to all contractors you’ve hired and paid more than $600 during the year; this includes any partnerships or…

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“Wash Sales” Rule And Your Tax Planning

wash-sales

As the end of another year approaches, you’re looking for ways to reduce your tax bill. You have a handful of stocks in loss positions. You like the stocks and expect the prices to rebound.  Should you sell now at a loss to offset other capital gains, then buy the shares right back again?  Not…

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Data Security Is An Essential Part Of Customer Care

Data Security

Security breaches of confidential data capture the global news headlines on a daily basis. Identity theft has become so commonplace that credit card companies and banks market their protection efforts as free services to their customers. The IRS is at risk too, with impersonators using the fear and authority of the government to prey on…

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