Blog
- 05/30/2011
Vroom, Vroom...
I like to go fast! Putting my foot down on the accelerator of a Corvette and going full throttle is my dream. But just like there are rules of the road we must follow, there are also rules for automotive tax deductions. Auto deductions have recently become a red flag because the IRS (hurting for tax revenues) is cracking down on all deductions - and they know auto deductions are where business...
- 05/30/2011
Are you a giver?
Are you a giver? Do you make charitable contributions? Attend fundraisers? Donate old equipment? If so, then there are a lot of tax advantages to your generosity. Here's a story... One of my clients thought he owed more than $50,000 to the IRS this year. However, when I asked him if he ever made charitable contributions, I hit the jackpot... Turns out, the man is a serial giver! He gi...
- 05/30/2011
Are you elevated yet?
How about that Summit!? I am inspired, motivated, educated and eager to get back to work! I feel "elevated" and imagine you do too. But as Chief Badass Business Woman Jessica Kizorek said during her keynote - just because we FEEL elevated, doesn't mean our businesses ARE elevated (yet). As outsourced bookkeepers and accountants, one of the most common problems we see is small business owne...
- 05/30/2011
Liftoff!
3, 2, 1. Liftoff! The Space Shuttle Endeavor blasted off into space yesterday, for the last time. People watched in awe as the shuttle's powerful engines roared past the sound barrier and into outer space. Amazing! This week, I'll be "elevating" myself too - perhaps not as high as the astronauts - but by connecting and seeking wisdom from other businesswomen (and men!) at The Empowered Woman Su...
- 05/30/2011
End of Q2 - Are you profitable?
Guess what time of year it is? It's nearing the end of Q2 when all business owners should evaluate their profits and cash flow. Why? By now you're probably getting used to my stories... so here's another one. I recently showed a brand new client a detailed analysis of her company's financial performance during Q1. The report showed that she was making double what she made last year. Gr...
- 04/27/2011
An apple a day keeps the doctor away... but what about Uncle Sam?
Besides tax season, these last few months have been cold and flu season as well. Almost everyone I know has gotten sick! What does that have to do with accounting? Sometimes, a lot. For example, a few years ago one of our clients caught a cold and wound up in the hospital with pneumonia. After four days she was released, but had racked up some staggering medical bills. On the bright side, s...
- 04/27/2011
Drowning in paperwork? Get organized!
Whew, it's over! That's right, I survived another busy tax season. What I noticed this year more than ever, was the amount of paperwork our clients brought us. It's a good thing to have documentation to support your expenses, but boy did we see some unique ways to file it...Shoeboxes were popular this year, so were cookie tins - you know, the ones the shortbread Christmas cookies come in. But the ...
- 08/12/2010
No reminder? No excuses.
EFFECTIVE IMMEDIATELY! The Division of Corporations no longer has authority to waive the $400 late fee for annual reports filed after May 1st. The provision for waiver in s. 607.193(2)(b),F.S. was repealed during the 2010 Legislative Session. All business entities except non-profit corporations must pay the late fee if the annual report is filed after May 1st. This notice from the Florida Depar...
- 07/26/2010
Warning: Avoid these 9 Common Tax Planning Mistakes
One of the biggest benefits of tax planning is that you have time…time to research new deductions and credits, but also to correct past mistakes you have been making in your planning. Here are 9 planning pitfalls to avoid: 1. Not Planning a Tax Strategy A little tax planning help can go a long way, saving you valuable dollars each tax year. Tax planning opportunities for the year are only ...
- 07/19/2010
Stay Alert: Take Advantage of All Available Tax Deductions and Credits
Becoming aware of the various deductions and credits that are available to you is the first step to reducing your taxable income. Learn what is deductible and what isn’t in both your business and personal accounts. Business owners can often deduct benefits, such as health insurance and a company car, which would otherwise be classified as nondeductible personal expenses. Federal tax laws offer ...
- 07/12/2010
Planning Pays Off: Prepare Now for Next Year’s Tax Season
Tax Season may seem ages away…but it’s never too early to begin planning for next year. Individual tax planning considers when and how you should conduct business and personal transactions as a way to minimize your tax obligations. Review how you came out on your tax return last season – this can tip you off to adjustments that should be made to reduce your tax burden for next season. Various s...
- 12/08/2009
10 Important Facts about the Extended First-Time Homebuyer Credit
If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies. Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to quali...
- 10/28/2009
Welcome to the new DM Accounting Service Website
We hope you enjoy our new website. Please check back weekly to find out helpful tips and advise from DM Accounting.
