As if tax forms were not already complicated, now you have to throw in the new healthcare laws. On your 2014 tax form you will have to indicate if you had healthcare for the full year. But that’s not all there is to do! You will be receiving forms in the mail in January and you will have to calculate …
People Who Live in Glass Houses Takisha McGee works (at least for now) as a Section Manager for the IRS Office of Professional Responsibility, where their mission is to “interpret and apply the standards of practice for tax professionals in a fair and equitable manner.” Among her other duties, she travels around the country teaching IRS officials and tax preparers …
Matthew Person, CPA Todd Wilson, CPA Person CPA Group 3200 Lake Villa Drive Metairie, LA 70002 (504) 780-8299 Fax 1-800-799-1292www.personcpa.com Berkshire Giveaway Someday, the financial wizards who run things on Wall Street will realize there’s “paper to be stacked” opening an Investor Hall of Fame. (Hey, the Rock and Roll Hall makes $40 million a year, and it’s in Cleveland.) And …
OCTOBER BUSINESS TAX DATES Oct 1- File Form 730 and pay tax on wagers accepted during August. File Form 2290 and pay the tax for vehicles first used during August. Oct 3- Deposit payroll tax for payments on Sep 26-28 if the semiweekly deposit rule applies. Oct 5- Deposit payroll tax for payments on Sep 29-Oct 2 if the semiweekly …
Businesses in the construction industry face challenges every day that most other type of companies do not. Construction contractors have complicated accounting rules when reporting long term contracts and spec homes. In addition to the complicated income tax reporting that is sometimes required there are many other factors effecting things day to day like subcontractors, payroll, job costing, and estimating …
“You’re being audited” is probably on just about everyone’s Top 10 List of Most Dreaded Things to Hear! But, there are 7 ways to lower your risk of being flagged by the IRS for an audit. And believe it or not, they are pretty basic things to do. 1. Do NOT round numbers on your tax return. It’s better to …
Hopefully, you had a chance to think about the information I posted last week. If you have are doing your own business bookkeeping and you don’t have an accounting degree, perhaps you realize that you’ve bitten off more than you can chew. Clients frequently tell us they thought they could figure out how to do their own bookkeeping.  Their goal is …
Are you in âہ“shock†over your business’s cash flow? Are you wondering,âہ“What do I do with too much cash?†or âہ“How do I make MORE money?†Experienced professional accountants can help you overcome the shock! In a medical situation, treating for shock includes the lifesaving steps of providing food, rest and encouraging words.In business,shock treatment includes analyzing gross profit margins. You must …
Ok, you’ve stopped the bleeding from high overhead cost. So why are you still hemorrhaging cash? It could be due to TAXES.  The typical business pays most of these taxes: Income Tax (highest rate of 39%) State Income Tax FICA, or self-employment, taxes (highest 15.3%) Property Tax (about .1% of assessed value) Unemployment Tax (6.2%) Sales Tax (about 9% in LA) …
Overhead and taxes are necessary evils. Many business owners fail to plan for them. Without a written budget or a commitment to stick to a budget, the cash flow bleeding begins. After the Sales Analysis, the second most overlooked part of running a business is controlling cash flow. As a marine, I was taught how to Stop the Bleeding when …
