6 accounting best practices for New Business Owners.

As a new business owner, you have to wear so many hats and manage various functions of your business. One such function is accounting and maintaining your books. By following a healthy practice of regularly recording and storing relevant records for valid business purchases, you will find it lot ...

Tax deductions for Information Technology Professionals

As a busy technology professional, you are busy serving other departments within your company or your clients with their technology problems. While many of you may be already aware of few of these deductions, there are many who have less information on what can and cannot be deducted. So, in orde...

Do you declare salary as a CEO in a C Corp? What happens if you can't pay your own salary?

Once you form a corporation, it is not necessary to hire employees or take a salary because you are a C Corporation.

It is a business decision & it depends on various factors.

Profit-generating years, ensure you take a reasonable salary and promptly pay federal & state taxes...

Can someone claim an allowable deduction for expense to secure a special seat of the flight during a 100% business trip?

It depends on various factors-

1. If you are an employee, your employer should cover all variations & upgrades as part of their travel policy.
2. If you are an independent business owner, then there are so many other factors to consider. In general, if they are reasonable, just...
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6 tax tips for charitable contributions

As we are approaching the end of the year and close to the holiday season, many business owners and individuals donate money, gifts or other tangible items to charitable organizations. One of the very frequently asked questions are:

1.  What are the record keeping requirements for both ...
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