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Tax Deductions for Salary or Commission Employees

Most employees cannot deduct expenses on their tax return however there are some instances when employees can claim a deduction. The rules are less stringent if an element of the employee’s compensation includes commission. Salary employees There are limited expenses you can deduct: accounting and legal fees, motor vehicle expenses, traveling expenses, parking, supplies, salary […]

Tax Year 2016 Filing Calendar: Important Dates for Individuals and Businesses

Individual and business taxpayers should be aware of these primary tax filing due dates: April 30th  — This is the deadline for filing most tax returns. If you owe anything, you must pay any balance by this date or interest will accrue. For 2016 tax returns, the filing deadline is May 1, 2017 as April 30th falls on […]

Which Meal and Entertainment Expenses Are Deductible?

Many business relationships develop over a meal, and most entrepreneurs would readily agree that it’s worthwhile to track meal and entertainment expenses. Despite this, we commonly encounter clients that significantly underutilize the allowable meals and entertainment deductions on their tax returns. For many small business owners, such deductions should constitute a substantial line item on […]

Traits of Successful Entrepreneurs

Working as an accountant, I have been fortunate enough to work closely with a variety of business owners. Throughout my years, I have observed some common traits shared amongst my most successful clients: – They set goals and hold themselves accountable to these goals: An entrepreneur’s life is busy, goals will keep you focused. Put […]

What is a Bookkeeper and Do I Need One? – Audio Recording

What Does A Bookkeeper Do Exactly?: Many of us have heard the term bookkeeper but what exactly does a bookkeeper do? Why would someone need a bookkeeper? These questions are answered in my most recent podcast. I encourage you to listen to the audio recording. If you prefer to read, you can see a summary below. […]