Employer-Provided Meals for Business Purposes are Not Always Tax Free
Employee meals provided occasionally, such as for holiday parties, are tax-free as a de minimis fringe benefit. For employer meals provided for business purposes to be tax free, they must be provided in an “eating facility.” Note: The IRS believes snack areas and...
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How to Avoid Scams
Here’s how to prevent scammers from stealing your money or personal data. By requesting electronic statements and accepting bills and bank statements only online. Helps to avoid having important personal information stolen from your home or mailbox. Have a shredder....
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Trimming Expenses
Keep an eye on the following areas under others control. You might be recording all of your company’s or client’s expenses, but you probably don’t control them. Supplies expense. Look for discounts: get bids from multiple vendors who are not on your usual list, such...
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Overtime Rules Are Changing
For 2020 there is expected to be changes to the overtime rules. You will have only 60 days to comply once they are implemented. The largest change will be in who qualifies for overtime pay. To be prepared, you must have a solid knowledge of the current rules. Here is...
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Canceled Checks can save Business Deductions
Many taxpayers mistakenly believe that bank or credit card statements support deductions but the IRS demands more. Their needs to be enough detail to support who was paid, exactly what they were paid for, and the date and amount of each payment. This is how one...
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Guide to Summer Hires
2019 Federal Rules and Regulations on Hiring 100% parent-owned Owners’ children (any age) Can work any number of hours or time of day. If under 16, cannot do hazardous work (e.g., use lawn mowers, sewing machines, or work near flammable or hazardous materials, or...
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Can You ‘KonMari’ Your Bookkeeping for a Business That Sparks Joy?
Thanks to Japanese organizational guru Marie Kondo, people across the world are "tidying up" their lives and clearing their spaces of anything that does not "spark joy." Declutter and to simplify is the main goal of the KonMari. Be it at an office, a home, or a...
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How Technology Can Help Your Small Business
Any business owner will have ups and downs. One of the important things is planning is key with life and business.One of the largest challenges for business owners is cash flow.At the core of any business, having back-up funds can be you being able to expand your...
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Where Did All My Cash Go?
How to Read Your Cash Flow Statement The Statement of Changes in Financial Position is what a Cash Flow Statement may be referred to as. Previously, it has also been referred to as Source and Use of Funds Statement. If you’re curious why your income statement shows...
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Small Businesses Outsource These Tasks to Save Money
Deciding to outsource isn’t an easy decision especially when first starting out. You are trying to find ways to save money while staying ahead of the competition. How you configure your company and which duties you decide to do internally will have an impact on how...
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