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October 15th Deadline

Heads up! Oct. 15 is an important deadline for taxpayers who live and work abroad, or have certain foreign financial accounts. Taxpayers abroad had until June 17 to file a 2018 individual tax return or request an automatic extension to file by Oct. 15. Requests must have been filed by June 17. Also, taxpayers with…

Setting up a Health Savings Account for your small business

2019 – 10/14 Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are…

6 ways to ensure your marketing plan drives sales

2019 – 10/14 Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales staffs will struggle if not supported by a well-researched and carefully executed marketing plan. Here are six ways to ensure your marketing plan is likely…

Laptop battery safety is no laughing matter

2019 – 10/02 You’d be hard pressed to find a business today that doesn’t have laptop computers listed among its assets. Large companies have hundreds of them; midsize ones issue them to managers to facilitate mobility; and many small businesses rely on them as primary computing devices. Now, in and of itself, a laptop may…

Per-diem Travel Rates

2019 – 09/26 The IRS has issued a new notice listing the “high-low” simplified per-diem rates for post-Sept. 30, 2019 travel. The high-cost area per-diem increases $10, and the low-cost area per-diem increases $5, from the prior simplified per-diems. In addition, the following have been added to the list of high-cost localities: Mill Valley /…

October 15th Deadline

Did you request an automatic six-month extension to file your 2018 tax return? If so, time’s running out. For most extended filers, the deadline is Tuesday, Oct. 15. Special rules apply to members of the military and those serving in a combat zone. Military members typically have until at least 180 days after leaving a…

Does your team know the profitability game plan?

Autumn brings falling leaves and … the gridiron. Football teams — from high school to pro — are trying to put as many wins on the board as possible to make this season a special one. For business owners, sports can highlight important lessons about profitability. One in particular is that you and your coaches…

Scam Alert: Fake Property Liens

2019 – 09/30 Scam artists don’t take time off. They’re hard at it, all year. The IRS is warning of a new tax-related scam involving fake property liens. The tax agency is providing details to help taxpayers recognize and avoid this scam. It generally starts when a bogus letter is mailed to a taxpayer, threatening…

Deducting Bona Fide Bad Debts

2019 – 09/20 Taxpayers can generally deduct bona fide bad debts on their tax returns, in the year the debts become worthless. One taxpayer in the lending business made a $100,000 loan to a furniture company. When that company failed in 2014, the assets were sold and the lender received $36,800. He claimed the loan…

Gift or Prize?

2019 – 09/19 A competition winner must pay tax on the prize. A teenager was awarded a car for good grades and attendance. Her school had entered her in a local car dealership’s competition, along with other qualifying students. Her name was then pulled in a drawing. She asserted that the car was a gift…

Social Security & Pension Income Tax Calculator

2019 – 09/17 Are you a retiree who may owe taxes this year on your Social Security or pension income? The IRS has created a tool that calculates the taxable portion of benefits. It also incorporates that information into an overall estimate of the projected tax liability and withholding for the year. If a withholding…

©2019 Bland Garvey CPA