An Introduction to the Double-Entry B...

An Introduction to the Double-Entry Bookkeeping System
Businesses must have methods for recording their financial transactions; this include purchases, sales, payments, and receipts. This daily process, known as bookkeeping, has multiple forms of entry systems. One of the most popular is the double-entry bookkeeping system. MAIN DESCRIPTION The underlying concept of double-entry bookkeeping is ea [...]

Let’s Talk About Tax Software.

Let’s Talk About Tax Software.
By now, I’m sure you have heard that it is the Year of the Snake, but not really – it is the “Year of You”. Or at least I’m sure that’s what you heard. Let me assure you it’s still the “Year of the Snake”. (According to wikipedia and Cultural China, the year of the Snake is Feb 10, 2013 thru Jan 30 2014 – the Water Snake ) As tech [...]

How To Write Off Travel Expenses As B...

How To Write Off Travel Expenses As Business Expenses
For someone who likes to travel, the world offers enormous opportunity for new sights and adventure. However, travelling can be an extremely expensive habit. Because of that fact, you may be tempted to try to write off some of your travel expenses as a business expense.  This is perfectly legal, as long as you follow some pretty strict rules [...]

DOMAs Death, There Are Questions

DOMAs Death, There Are Questions
Picture from Wikipedia It’s been nearly two months since the United States Supreme Court struck down the Defense of Marriage Act, but there are still many things we don’t know when it comes to how this affects the taxes of couples in same-gender marriages.   Couples Living in a Non-Recognition State What is the federal tax status of a couple [...]

Tax Planning for Freelancers: Are You...

Tax Planning for Freelancers: Are You Prepared?
Unfortunately, one of the most common mistakes that freelancers make is that they don’t properly budget for taxes. When you work for an employer, they automatically deduct the right amount of taxes from your paycheck. However, as a freelancer, it’s up to you to remember to set aside money for taxes. Keep in mind that just because you receive [...]

Business Structures, Choosing your En...

Business Structures, Choosing your Entity
One of the most important decisions that new business owners make is selecting their ownership structure. When beginning a business, you must decide what form of business entity to establish. When determining what type of entity will fit your business best:limited liability company (LLC),  Sole Proprietorships Partnerships Corporations S Cor [...]

Payroll Tips – Handling Missour...

Payroll Tips – Handling Missouri Prevailing Wage Rates by County
With the implementation of House Bill 34, contractors in Missouri will now pay prevailing wage based on wage rates within each County instead of a prevailing or average rate based on wages paid throughout the state. For contractors in rural area’s working on public works projects within their own county, this could significantly reduce the co [...]

The Enrolled Agent, EA

The Enrolled Agent, EA
So I have been going on about it forever, I have even announced that I am headed to the exams to become one. So what is an Enrolled Agent (EA)? Simply put, Enrolled Agents (EAs) are America’s tax experts. The Enrolled Agent status is the highest credential the IRS awards. Individuals who obtain this elite status adhere to great ethical [...]

Missouri Changes Prevailing Wage Law

Missouri Changes Prevailing Wage Law
  The Missouri House of Representatives approved a measure changing the way prevailing wages are calculated throughout the state by a vote of 91-65 on March 14th, By not taking action on House Bill 34, Gov. Nixon has allowed House Bill 34 to become law. On 07/12/2013 – since Gov. Nixon took no Action, this basically became law and was se [...]

Choose your tax pro?

Choose your tax pro?
Monday I posted Really you don’t’ know what an Enrolled Agent (EA) is? I would like to point out that the client I lost was due his believed need for a CPA to sign his returns. From talking to the client, it seems it was his banker who told him that. So let me start by saying that public perception of who is a tax preparer and who can prepare [...]

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