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.
Business · 2 min read ·
Are you Over-Deducting Gifts?
Tax deductions are helpful—but one very common mistake small businesses make is to over deduct gifts on their taxes. Here’s how to deduct gifts correctly. Most of us give family and friends gifts for Christmas, birthd…
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Sales tax · 2 min read ·
There's A Tax For That
I was reading an older Reader's Digest magazine that I hadn't had the time to read originally (and had been put in my bookcase and forgotten about until a few days ago). The following information came from their Janua…
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Business · 4 min read ·
“Dirty Dozen” Tax Scams for 2014, Part 4
In the last post , we found that taxpayers should be wary of charity scams, always file their wages absolutely accurately, and never, ever use a frivolous argument to avoid paying taxes as this is a felony. Finally we…
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Business · 3 min read ·
“Dirty Dozen” Tax Scams for 2014, Part 3
In the last post we discussed the dangers of picking the wrong tax preparer as well as the stiff consequences of hiding income and assets from the IRS via offshore accounts. Continuing the topic of this year’s “dirty…
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Business · 4 min read ·
“Dirty Dozen” Tax Scams for 2014, Part 2
In continuation of the “dirty dozen” tax schemes for 2014, keep a close eye on your tax preparer, and be honest with your reporting to avoid heavy repercussions! To read the first scams discussed, see “Dirty Dozen” Ta…
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Business · 4 min read ·
“Dirty Dozen” Tax Scams for 2014, Part 1
It’s tax time. Unfortunately, this means it’s also tax scam time as well—since crimes related to tax tend to peak right about now. "Taxpayers should be on the lookout for tax scams using the IRS name,” said IRS Commis…
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Bookkeeping · 3 min read ·
Common Tax Mistakes Made By Start-Ups
Tax obligations are often a dreaded aspect of starting up a business, but sorting out your tax obligations doesn’t have to feel like pulling teeth! Here are a few tips to avoid common startup tax mistakes so you can m…
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Bookkeeping · 3 min read ·
Keeping Track of Use Tax and Avoiding Surprise Audits
Use tax and sales tax both are used to fund state and local services paid for by the states. And dodging either of them, intentionally or unintentionally, constitutes non-compliance and puts you and your business at r…
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Sales tax · 2 min read ·
Internet Sales Tax: The Ongoing Dispute
The past twenty or so years, the addition of the internet and online market has caused a great deal of confusion (and disagreements) when it comes to sales tax. Of course, online retailers do not wish for the added bu…
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Sales tax · 2 min read ·
Great News for CA Companies Who Collect Sales Tax
Great news for entrepreneurs in CA who had to register with the Board of Equalization in order to collect and remit sales taxes. A security deposit will no longer be required when applying for a permit. The State Boar…
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Business · 2 min read ·
Partnerships – The IRS is Looking at You
The Internal Revenue Service’s small business unit is expecting to head in a new direction to keep up with the times. Small corporations have longtime held the spotlight of IRS audits and inquiries. But seeing that S…
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Business · 3 min read ·
Feds Shut Down 4th Largest Tax Prep Service Due to Rampant Fraud - Who Can You Trust?
Instant Tax Service was the 4 th largest tax preparation service in the nation. In 2009, ITS was ranked #1 on Entrepreneur Magazine’s Top New Franchises list, #1 lowest cost franchise in the US, and #3 fastest-growing…
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