With the rising price of transportation costs, more and more people are choosing to work from home and many others are starting their own home-based businesses. Often, these at-home workers have a dedicated office space in their homes and are eligible to take the Home Office Deduction on their taxes. This deduction, however, can be a bit tricky so you’ll want to make sure you qualify if you want to claim it! The absolute most important aspect of your home office is that it must be used solely … [Read more...]
Archives for 2011
End of Year 2011 Tax Checklist
November 17, 2011 By Leave a Comment
It’s hard to believe that 2011 is almost over. With less than a month-and-a-half left in the year, now is a good time to start getting your tax documents in order so that you won’t be pressed for time come tax-time. There are a few other things you may wish to do before the end of the year, and we’ll go over each one below. If you are filing taxes as an individual, you should make sure you have all of your tax documentation from 2011. Ideally, you have already set up and been utilizing a … [Read more...]
Cash or Accrual Method for Your Business
May 30, 2011 By Leave a Comment
You may recall reading about the value of getting your business organized, but not all types of bookkeeping are the same. Whether you choose to operate on the cash method or the accrual method, that decision can have a significant impact on your business, especially when it comes to tax time. Under the cash method of accounting, income is recorded when you receive payment for a sale or transaction, while expenses are recorded only when they are paid. So for example, if you purchase a company … [Read more...]
