IRS
2 paths to an easy tax season
You just picked up a letter from the IRS in your mailbox. You want to believe they’ve written you a thank you for last year’s prompt tax remittance. After you snap out of it and open the letter, you realize the IRS will be trudging through your return from three years ago. Three years ago was year 2 of your business—the year you tripled your income. You have no recollection of the return, the CPA who prepared it, much less where you put your copy of the return and the paper trail that supports it.Read More >>
Cash vs Accrual – Which Accounting Method Works for You?
One of the main differences between the cash and accrual methods of accounting is when revenue and expenses are reported. In a cash method, revenue is recognized when money is actually received and an expense is posted on the date it is paid. This method is used often by service businesses because they do not typically carry substantial inventory. There are some businesses that cannot use a cash method. Some examples are:
* A corporation (other than S) with revenue exceeding $5 million
* A business that carries inventoryRead More >>
I can't afford to pay my taxes - What do I do now?
It's nearly April 15th and you are panicked because you have completed your return only to find that you in fact owe taxes. The worst part is, you don't have the cash to pay them. Don't worry, you are in the same boat that many Americans are in every year.Read More >>
Tax mental preparation
'Tis the season for turkeys, toys....and taxes. Once all the celebrating/joy-to-the-world is behind you, it's time to switch focus from Father Christmas to Uncle Sam. And who is this Uncle Sam that is always wanting money anyway? Is he truly a metaphor for an 
irritating relative that is always in trouble and asking for money, or is he more like the insurance provider you pay into each month diligently, but hope to never use?
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