Should You E-File or File Taxes by Mail?

Should You E-File or File Taxes by Mail?

Know the Pros and Cons of Digital and Paper Tax Returns When you file your taxes, you have two options for submitting your return with the Internal Revenue Service (IRS): electronically or by mail. Both methods of filing have their pros and cons. E-filing is safe, faster, and generally more convenient than paper filing, but filing by mail can be cheaper, though it takes the IRS longer to process refunds. The Advantages of E-Filing E-filing was first introduced in 1986, and it got off to a slow start. A scant number of tax professionals—five of…

Good News If Your PPP Loan Is for $50,000 or Less

Good News If Your PPP Loan Is for $50,000 or Less

You are likely at or nearing the stage where you are thinking of applying for your Paycheck Protection Program (PPP) loan forgiveness. Here’s good news: If your PPP loan (a) considered your employees and (b) is for $50,000 or less, your loan forgiveness amount may have increased to 100 percent even though you reduced pay or headcount. And regardless of whether you obtain any additional monetary benefit from this new Small Business Administration (SBA) rule, you will find that the new has made your application for loan forgiveness truly easier—not easy, but easier. Before Before…

Think of Bookkeeping as the Fuel That Powers Your Rocket!

Think of Bookkeeping as the Fuel That Powers Your Rocket!

What are you talking about?   Bookkeeping as Rocket Fuel! Well if that’s how you feel then give me just short minute to explain…. I wrote this essay because it’s what I believe.  I’ve worked with a lot of companies. And the ones that put the effort into tracking their results, do better.  Simple as that.  Not to sound overly dramatic, but you really can’t go very far into the conversation without talking about the most likely outcome if you’re not watching your numbers.  That would be your company fails.  Closes its doors….  However you want…

How Long Would Spock Say We Have to Keep Tax Records!

How Long Would Spock Say We Have to Keep Tax Records!

I can’t tell you how often I get asked this question? Usually my client is either moving and down-sizing, or they can’t get the car in the garage anymore. Either way they need to know what records they can toss. If only there was one simple, straight forward answer. But like most of the tax code, there’s not. There’s always more to the story. So, follow along. I’ll do my best to keep it simple. Keeping your tax documents and worksheets used to prepare your tax returns are critical if you ever get audited. What…

Proving Travel Expenses after Tax Reform

Proving Travel Expenses after Tax Reform

As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions.   One beauty of being in business for yourself is the ability to pick your travel destinations and also deduct your travel expenses.  This article gives you a big leg up, with a dozen questions and answers that help you properly document and audit-proof your business travel expenses. Q&A 1: Corporation or proprietorship? Question. Are the business travel…

Warning:  You’re Losing Money by not Moving to the Cloud!

Warning: You’re Losing Money by not Moving to the Cloud!

I’m a big fan of cloud accounting. Actually, all cloud software. I guess the correct term would be SAAS, short for Software As A Service. Whatever you want to call it I like it. I’ve been on the cloud for decades. Made me feel so techie and cool. Kinda of the “boldly go where no man has gone before” attitude. I can remember firing up my Radio Shack TRS-80 (I still have it up in the attic, but don’t tell my wife) to dial up Compuserve to log onto some bulletin boards. Ah the 80’s.…