Category Archives: Business Accounting

Articles and tips related to business accounting by James E. George, CPA

Biggest Audit Risks for Business Owners

Biggest Audit Risks for Business Owners

The Schedule C for an unincorporated business and the Schedule F for farming activities are the forms MOST AUDITED by the IRS! The IRS has published the following list of issues they scrutinize when auditing the Schedule C and the Schedule F: Lack of record keeping for automobile use – no mileage logs. Personal phone… Continue Reading

Make 2018 Your Business’ Best Year

Make 2018 Your Business’ Best Year

All of us here at James E. George, CPA would like to wish you and yours a very happy and prosperous new year! At this time of reflecting on the past and planning for the future, I’d like to suggest making 2018 the year you get your business finances in order. Not just for your… Continue Reading

Should You Use Technology for Record Keeping?

Should You Use Technology for Record Keeping?

Technology can be helpful when it comes to bookkeeping! There are many new gadgets and applications on the market that assist with tracking business expenses. While these “apps” eliminate paper, they do not eliminate the need to provide your tax preparer with the records they deem necessary to prepare your income tax returns. For example,… Continue Reading

Would Your CPA Approve of How You Organize Your Files & Receipts?

I recently met with a contractor who had very organized files. You could tell he spent a lot of time assembling his receipts. The problem: they were organized in a manner that was not efficient for preparing a tax return. Instead, the gentleman had organized his records by vendor. The solution: The income tax return… Continue Reading

What Software Do I Use For My Small Business

QUESTION: Dear Taxman – I am starting a small business. What software should I use to keep track of my business transactions? ANSWER: Dear Reader – If you are only selling one product or service, Excel is good for tracking incoming and outgoing money in a list format that you can sort and search. If your business is much larger,… Continue Reading

Do I File A Return If My Business Had More Expenses Than Income?

QUESTION: Dear Taxman – This summer I started a lawn mowing business and made about $3,000 mowing grass. However, my expenses were more than my income. Do I need to report it on my tax return? ANSWER: Dear Reader: The IRS requires all business income to be reported when you file your tax return. You… Continue Reading

What Is The Due Date for Filing W-2’s?

QUESTION:  Dear Taxman – What is the due date for filing my W-2’s with the Social Security Administration? ANSWER: Dear Reader – You’re probably aware that W-2 forms must be provided to your employees by January 31st. The IRS has set the due date for filing your W-2’s with the Social Security Administration to January… Continue Reading

Do I Give my Employees 1099’s or W-2’s?

QUESTION: Dear Taxman – I have a small business and I am not sure if I should give my workers 1099’s or W-2’s. Can you tell me how to determine which way to go? ANSWER: Dear Reader – It’s not uncommon for small business owners to be confused about the right way to handle their… Continue Reading

Deducting Vehicle Mileage

QUESTION: Dear Taxman –  I use my car in my business occasionally. I have paid for all my gas with my debit card so I have a record of how much gas I purchase.  Is there anything else I need to do to deduct my auto through my business? ANSWER: Dear Reader – The record… Continue Reading