Individual taxpayers have fewer items that are still waiting and hoping for last-minute “extenders” by Congress than businesses do, so this list of year-end tax tips has fewer changes from the prior year, and fewer uncertainties than the business tips.
Year-End Tax Tips for Businesses
Nice little article in Accounting Today on year-end tax tips helpful for businesses (ignore the annoying comments section).
Oh, What A Relief It Is
I’m looking forward to sharing more about the amazing experiences I had at the back-to-back accounting conferences I just attended. However, one short post in the meanwhile:
It is SUCH a relief to find out that so many of the workarounds I’ve created for my clients — most notably, recurring daily journal entries to capture data from online Point of Sale systems (although there were at least two other topics) — aren’t because I was just “missing something” or confused about how these systems (Square, Vend, etc.) work. The fact is, they simply don’t function properly. The “integrations” with QuickBooks Online aren’t what they purport themselves to be, and I have it on good authority that the most expert POS consultants in the world are using the same exact workarounds that I thought I’d invented. It may not be “good” news, per se, but it’s such a relief!
Commonly Overlooked Deductions
Here are some routine deductions that many business owners miss. Keep your eye out for them.
- bank service charges
- business association dues
- business gifts (limited to $25 per recipient per year)
- business-related magazines, books & subscriptions
- casual labor and tips (make sure to issue a 1099-MISC if over $600 per recipient per year)
- casualty and theft losses
- coffee and beverage service for clients/customers
- commissions
- consultant fees
- credit bureau fees
- office supplies
- online computer & internet services related to business
- parking and meters
- petty cash expenses/payouts
- postage/shipping
- promotion and publicity
- seminars and trade shows
- taxi, train and bus fare
- telephone calls related to the business
- training related to business skills
In 2015, Various Tax Benefits Increase Due to Inflation Adjustments
A few days ago, the IRS released info on which tax benefits will increase next year due to inflation (guessing the silly old limit on deductible gifts is still going strong/ would love to see that one indexed some day); see the list here:
In 2015, Various Tax Benefits Increase Due to Inflation Adjustments.
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