by Tiffany Mellow | Sep 8, 2018 | Business Accounting
I have prepared financial statements for business owners throughout my entire career. A standard set of financial statements can be a wealth of information when it comes to operating a successful business. Too often the value of these tools is unappreciated by the...
by Tiffany Mellow | Aug 30, 2018 | Business Accounting
This morning I met with a small contractor to review his year to date results of operations and compute the income tax he should submit by Sept. 15th. During the meeting he mentioned how busy he has been and that he is turning down offers to look at more work because...
by Tiffany Mellow | Feb 21, 2018 | Business Tax Deductions, Business Taxes, Personal Tax Deductions, Personal Taxes
A deduction is available for money an employee spends to perform their duties in the course of their employment if they are unreimbursed by their employer. This includes mileage, licenses, union dues, education and out of pocket expenses. The expenses must be incurred...
by Tiffany Mellow | Feb 20, 2017 | Business Taxes, Your Questions Answered - Business Accounting
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...