Frequently Asked Questions
What is the best way to track expenses for my business?
What business structure should I choose for my business?
What business structure should I choose for my business?
Quickbooks is by far the leader in the industry & the easiest to use. We can guide you through the setup process and work with you to help you understand the program & its capabilities.
What business structure should I choose for my business?
What business structure should I choose for my business?
What business structure should I choose for my business?
While there are choices here, a Limited Liability Company (LLC) provides liability protection & offers more flexibility than other options.
Will I be itemizing under the new tax law?
What business structure should I choose for my business?
Will I be itemizing under the new tax law?
With the increased standard deduction, many people will no longer itemize deductions on their federal tax return. However, state laws differ. It is best to gather your expenses & let us help you determine if you will save money by itemzing.
2024 Updates
IRS Target 1,600 millionaires
In their revamped collection efforts, IRS identified 1,600 millionaires who had not paid their taxes totaling $482 million. That's an average of $300k each.
Increased Standard Mileage Rate
As of 1/1/24 - IRS increased the Standard Mileage Rate to 67 cents per mile for business use.
Tax Season begins 1/29/24
Many people don't realize the IRS shuts down efile at the end of November (11/18/23 this year) and does not open again until the end of January.
Beneficial Ownership Information reporting
Most companies must report their Beneficial Ownership Information (BOI) in 2024. It sounds more daunting than it is but Congress passed the Corporate Transparency Act in 2021 that requires all LLCs & Corps (with some exceptions) to FinCEN - the Financial Crimes Enforcement Network. Reporting can be done at https://www.fincen.gov/boi .
IRS Interactive Tools
IRS has a number of Interactive formats to answer basic questions
Please visit https://www.irs.gov/help/ita to see the interactive topics.
Energy Credit Publication
Energy Credits have come and gone depending on which party is in the majority. Sometimes, it's hard to keep track of what's currently allowed. IRS has issued a new one page e-poster to help with what's available. https://www.irs.gov/pub/irs-pdf/p5797.pdf
Bogus ERC Claims
IRS is still trying to combat bogus Employee Retention Credit claims. In December, they sent out 20,000 letters disallowing improper claims. They've also created a new Voluntary Disclosure Program to assist businesses who want to pay back their ERC that was made in error.