Category Archives: Business

Six New Schedules To File With Form 1040

Forms 1040: Six New Schedules

There are six new schedules some taxpayers will file with the new 2018 IRS Form 1040. This new Form 1040 replaces the prior year Forms 1040, 1040A and 1040EZ. The 2018 IRS Form 1040 uses a cornerstone approach. This means that taxpayers only file the schedules they need with their federal tax return. The expectation is that numerous individuals will not need to file schedules, and only file the Form 1040. Continue reading

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KPI for Every Facet of Your Business

What is a KPI? How do you use KPI for every facet of your business?

KPI is an acronym for Key performance indicators. KPI is a metric or set of metrics companies use to measure performance. The use of KPI for every facet of your business is significant to upper level management decision making purposes. Continue reading

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How An Accounting Pro Can Help Your Small Business Boom

An Accounting Pro Can Make All the Difference in Your Business Success

It’s true, a professional accountant can provide powerful tax strategies with limited tax obigation, which results in saving money for your small business. One of the most positive qualities that many small business owners share is a burning desire – an insatiable willingness – to “do it all.” It’s what separates entrepreneurs from employees in the first place. An employee is more than willing to set out on the path that someone else has carved for them. An entrepreneur has a need to carve a path for themselves. Continue reading

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Earned Income Tax Credit: One Way to Save Money on the Schedule C

Are you looking for a way to save money? The Earned Income Tax Credit on your Schedule C helps low income workers.

There are millions of unincorporated businesses across the US. Many of these unincorporated business owners file a Schedule C on their personal tax return rather than a separate corporate tax return. There are benefits to keeping their tax filing requirements simple but there is also a near certainty that if you have a small business and you also are eligible for the Earned Income Tax Credit or Earned Income Credit (EITC), you will be audited. Here’s why. Continue reading

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Avoid IRS Penalties: 1099 Filing Date Moved Up This Year

Would you like to avoid IRS penalties in your business? Do you engage the services of an individual also known as an independent contractor? We mean, other than one who meets the definition of an employee. Did you pay him or her $600 or more for the calendar year? The IRS requires you to issue the sub-contractor a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for the independent contractor’s labor and expenses in an audit? Continue reading

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Standard Mileage Reimbursement Rates Have Changed!

Every year, the Internal Revenue Service announces the optional standard mileage reimbursement rates. The IRS uses these rates to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Inflation is the primary reason why mileage reimbursement rates are have been adjusted for 2017.  Continue reading

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10 Questions to Ask When Starting Up a New Business

Starting up a new business is an exciting time, but it is also a time with many questions. While it may seem initially very easy to create a product, open a store, and start selling, the financial aspects of being successful are a bit more challenging. As you consider the process of starting up, work with a local financial planning team and tax professional to ensure you get your financial footing in place now. Ask these questions. Continue reading

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Growing Pains, Growing Business in Massachusetts

Are you the owner of a growing business, chances are you have business growing pains. You know that you need to wear many hats. Imagine your business has grown to the point that you can expand your services beyond the boundaries of your home state, Massachusetts in our case. You may need to file tax returns in the states you are doing business in. Here are a few things to look out for. Continue reading

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