Sales tax laws have changed in recent years, and keeping up with the changes can be challenging for business owners. In the 2017 Wayfair case, the Supreme Court decided many changes in the ability for states to collect sales and use tax by redefining what would be considered taxable. The decision enables states to mandate that [...]
If you use your car only for business purposes, you may deduct its entire cost of ownership and operation (subject to limits discussed later). However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use. You can generally figure the amount of your deductible car [...]
The de minimis safe harbor is simply an administrative convenience that generally allows you to elect to deduct small-dollar expenditures for the acquisition or production of property that otherwise must be capitalized under the general rules. De Minimus Safe Harbor allows you to immediately expense assets and certain repairs up to $2,500 (per asset/repair). If you [...]
Do you ever feel like there aren’t enough hours in the day to do everything that you want to do for your business? Do you ever feel so overwhelmed by the administrative tasks (the boring stuff) that it takes to run your business, that you don’t have time to do the things that made you want [...]
Property tax is a tax paid on real estate or other property types. It Is a kind of ad-valorem tax, which is based on the property's assessed value. And it is not only charged on your home, but also movable property like vehicles. So now you may realize the difference between real estate tax and property [...]
When property is added to a business, depending on the entity type, there will be varying tax implications. Here, we'll talk about what happens when the property is either sold or distributed to the owners. Entity Choice: C-Corporations and S-Corporations Put a building in a C corporation, and it is not coming back out without triggering [...]
Have you ever zoned out at the CPA's office because what they were saying made no sense, or felt like you had to ask a dumb question because they keep using a word that you are unsure of the meaning? We've compiled a list of the most-used and most-needed terms that should help you navigate your [...]
It may be beneficial to consider taking advantage of state tax credits when planning charitable giving. If you contribute to a qualifying charity, you could receive a credit on your state taxes and a deduction for the difference on your federal taxes. For example, if you make a $1,000 contribution to a charitable organization that is [...]
Setting up a business and deciding which method of accounting has a considerable impact on how your financials look. The critical difference between these two methods is timing. With the cash method, you would recognize revenues and expenses when cash exchanges hands With the accrual method, revenue is recognized when earned, and expenses are recognized when [...]
[Springfield/Branson, MO – May 5, 2020] – Abacus CPAs, LLC is proud to announce that Kasey Bippert, CPA, has been awarded the Abacus Values Award for Positive Attitude. Bippert, who joined the firm in June 2015 as a Staff Accountant, now serves as a Consultant for Accounting Services and manages Quarterly Payroll Taxes, helps train [...]
