The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Taxes · 2 min read ·
How to Write Off Hobby Expenses
In the last post, we discussed the factors used to determine if the activity in which you are engaged is a hobby or a business. To read that post, click / hobby-really-business / . Today we're going to discuss how to…
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Taxes · 2 min read ·
Is Your Hobby Really a Business?
Many people have begun a hobby for fun, but it has turned into a business. I have helped several clients who started out using their product or service for family and friends and demand from others grew. So how do you…
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Taxes · 4 min read ·
IRAs and Tax-Efficient Charitable Giving: What You Need to Know
If you're someone who enjoys giving to charities, this information could be of use to you. In an article by David Randolph, he offers some helpful tips for charitable IRA owners and how that could benefit them tax-wis…
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Taxes · 3 min read ·
Financial Spring Cleaning: What To Keep & What To Toss After Tax Day (Cont.)
In the last blog, we shared information on the statute of limitations and how long financial documents should be retained. To read this information, see ( http://bit.ly/2pBkL6z ). Today's blog shares details on what p…
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Taxes · 3 min read ·
Financial Spring Cleaning: What To Keep & What To Toss After Tax Day
Do you worry about what tax paperwork you should save and which ones are okay to throw away? In an article on Forbes.com, Kelly Phillips writes some very specific and informative tips in order to help out taxpayers li…
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Business · 4 min read ·
With IRS, Ask Forgiveness Not Permission
In an article on Forbes.com, Robert W. Wood writes how on the old proverb “it's better to ask for forgiveness than to ask for permission” can be used when dealing with the IRS. It isn’t a crazy concept. After all, do…
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Taxes · 4 min read ·
IRS Audit Traps & 5 Ways to Steer Clear
No one wants to fight with the IRS especially when it comes to tax audits. You can find out some simple ways to reduce your risk of being audited in this article from Forbes.com. 1. Be Reasonable. Do not be afraid to…
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Business · 3 min read ·
Should You Take the IRS-Approved Shortcut for Business Driving?
Lots of people are curious about the IRS-Approved shortcut for business driving and if the shortcut should be taken or not. This article from Accountingweb.com could help you decide. The IRS imposes strict record-keep…
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Taxes · 3 min read ·
What Type of State Taxes Should You Deduct?
Are you wondering what type of taxes you should deduct on your federal income tax return? I recently saw a blog by Ken Berry on accoutningweb.com, and thought I'd share the information with you. Here is what he had to…
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Business · 3 min read ·
5 Key Tax Issues for Business Leaders in 2017
This week I read this interesting article written by Ken Berry on Accountingweb.com. He discussed 5 key tax issues that business leaders might have to deal with in 2017. His information is located below. In the new ye…
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Taxes · 2 min read ·
IRS Not Going to Enforce ACA Individual Mandate
Recently I read an article in the CPA Practice Advisor written by Isaac O'Bannon discussing the fact that the IRS is not going to enforce the ACA mandate that individuals have medical insurance coverage all 12 months…
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Taxes · 2 min read ·
2017 IRS Dirty Dozen Scams
Every year the IRS put publishes what it calls the Dirty Dozen. These are schemes people have used to try to get out of paying taxes. This year the list includes: Hiding Cash in offshore accounts: People put money in…
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