If you’re like most people, you’ve got lots of paper. Some of it you need to keep, and some of it you don’t. Here’s a look at what to hang on to and the best place to store it. It’s in the Box A safe deposit box at your bank or a fireproof box in […]
As a Corporation You Need to Follow the Rules
When you started your business, you may have formed a corporation to protect your personal assets from lawsuits against your company. However, you must also operate your business like a corporation — or risk losing the liability protection you expect to have. No matter how long you’ve been in business, always treat your corporation as […]
Beware the Social Media Swamp – Learn How to Deal with Unhappy Customers
The reach of social media goes beyond sharing family photos. Shoppers are reading product reviews online before deciding what to purchase. And disgruntled customers are sharing their displeasure with anyone who will read their rants. A New Risk The benefit of social media to small businesses is considerable. It has leveled the playing field in […]
2022 IRS Mileage Rates
IRS Notice 2022-03 provides maximum mileage rates for 2022 for the use of an automobile as follows. Business: $.585 per mile Medical: $.18 per mile Charitable: $.14 per mile These amounts represent an increase in the business mileage rate of $.025 and the medical mileage rate of $.02. The charitable mileage rate is unchanged. Please update […]
How To Deal with a Past-Due Tax Return
“Better late than never” applies when it comes to filing income tax returns. Here’s what you should know. Maybe you didn‘t get your 1040 done in time in a previous year and you figured you couldn’t still file your income taxes. Or maybe you thought you’d owe money that you didn’t have. Or perhaps you […]
Build Back Better Act (BBBA) Tax Changes
The U.S. House of Representatives passed President Biden’s priority social legislation called the Build Back Better Act (“BBBA”) on 19 November 2021. The bill is now headed to the U.S. Senate where Majority Leader Schumer plans to vote on it by Christmas. As currently structured, the BBBA includes the following summarized tax changes. Please note […]