Business Resources

Get tips and real-world examples to help run your business even better

Tracking Inventory for Small Businesses

Managing your merchandise effectively can mean the difference between a loss or a profitable year. There are certain methods of accounting for inventory set by the Internal Revenue Service that impact how your taxes are filed. Inventory includes a variety of items,...

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Electronic Filing for Tip Income through IRS FIRE

Employers use Form 8027 to report the amount of money received as tip income by employees or any allocations of tips. Just like other filings the IRS has been migrating online, filing Form 8027 has also become possible electronically. For the most part, information...

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Nonprofit Annual Filing Requirements

Nonprofits have the distinct advantage of exemption from federal income tax, but nonprofits still must regularly file like any organization in order to maintain that status! Just like any other organization that actively participates in the ecosystem of our economy,...

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Other Section 501 (c) organizations

Thinking about donating to a nonprofit? Here's something to think about: your donation may be non-deductible. 501c3s may be the most common nonprofit and donations to them are tax-deductible.  There are numerous other nonprofit "types" designated under Section 501 in...

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Section 501c3 Nonprofit Organizations

What does the Los Angeles Mission, the local Goodwill thrift store, and the UC Irvine Foundation have in common? All are Section 501c3 nonprofit organizations.  More specifically, they are all seen in the eyes of the IRS as Section 501c3 nonprofits. 501c3s are the...

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Tax Info for Small Construction Businesses

The health of the construction industry often echoes the health of the larger economy, be it in a region like Orange County and new housing tracts, or at the national level with things like grand transportation projects linking regions. The industry contains numerous...

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Taxation of Employer Offered Fringe Benefits

Employers often give their employees a wide assortment of fringe benefits such as child care or stocking a fridge with snacks in order to encourage them to remain with the company. While these benefits may not have specific dollar values to employees, the IRS treats...

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Employers and Employee Taxes You Must Know

Do you own a business, or at least have thought about running one? There are lots of steps involved in setting up a business, but for this article series, we will take a look at employee taxes. As part of the duties of managing a business, employers are also...

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Payroll Taxes for Nonprofit Employees

Nonprofits may not pay Federal income tax,  but they are often subject to payroll, sales, and other taxes at the state and city levels. For this article, we will be looking at payroll taxes that nonprofits may still be required to pay for having employees. Nonprofits...

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Independent Contractor Or Employee?

In order to carry out their operations, employers often have both employees and independent contractors. In small businesses, due to their size and workload, the lines may blur between how employers decide who are employees and who are independent contractors. Some...

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Travel and Transportation Business Deductions

Travel and transportation expenses related to business can be deductible, which means it can lower your business' taxable income and ultimately lower your tax bill to the IRS. However, consider these rules and your circumstances before claiming your travel and...

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Quick Guide – Deducting Business Expenses

One of the great advantages of a owning a business is being able to deduct numerous expenses for your income taxes. Advertising expenses, meals, interest expenses, and other expenses related to your business can be claimed as deductions. However, you can’t just claim...

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Savings and Retirement Plans for Small Businesses

So you’ve got your small business set up and have a small team of employees to support your operations and goals. However, now the question that lingers is, how do I keep them on this team? Larger companies have many perks and incentives such as retirement plans that...

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Student Loan Interest Deduction for Individuals

Paying your student loans can help with your taxes! More specifically, paying off the student loan interest can potentially lower your tax bill. Paying off the interest accrued on your loan can be claimed as a deduction towards your adjusted gross income (AGI). Your...

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How to Manage In Home Child Care Taxes

What happens when you pay for an “in home person” to provide child care tax wise? MiklosCPA was recently approached by a family who had a person come in regularly to provide “in-home” child care for their son and daughter. They were confused by all the different rules...

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Divorce Happens – What About the House?

Divorce Tax Law and Property In this tax tip article, we look at the sale or transfer of a house due to a court ordered decree of divorce or separation instrument. The costs of selling real estate are considerable. Real estate commissions, closing costs, and fees can...

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When Can I Deduct Travel Expenses?

Now, just to be clear, this isn’t about the commute going from home to work and back. However, if you have to stop by to drop off some documents for a client, or if you went to a conference, then some of that mileage may apply as a deduction part of unreimbursed...

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Help! I Am In A Maze of Business Taxes!

As a business owner, your focus will always be to grow your business. But while you are finding these new opportunities, you are faced with a variety of challenges that can include managing your accounting and business taxes. We can relate with how frustrating this...

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The Key to Running a Successful Business

As months and years pass by, your business records will help you to make vital business decisions along the way. These decisions will range from buying equipment, hiring employees, to thinking whether or not it’s time to get a bigger space. You will also want to know...

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What is Employer Identification Number, aka EIN?

Did you know that almost all businesses need an Federal Employer Identification Number from the IRS? An EIN identifies the tax account of corporations, partnerships, and other business entities. It is a unique piece of identification, similar to a driver’s license...

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Scholarships, Grants, and Your Taxes

College has become an investment these days. Fortunately, many scholarships, grants and other financial aid are available. Additionally, your financial aid may be tax-free, depending on conditions. Students earn scholarships to help with educational costs. Researchers...

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