Changes in tax laws occur every year, affecting businesses of all types. These changes affect the planning and preparation of taxes for businesses ranging from sole proprietorships to large corporations. Here is a quick look at the changes which take effect during the 2017 filing season. Stay … Read More
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Tips for Preparing Your 2017 Taxes
Now is the time to start preparing your 2017 taxes. For individuals taxes must be filed by Tuesday, April 17, 2018. Your income taxes are affected by a number of factors, including such things as the sale of your primary home. The more complicated your taxes become, the more important it is to … Read More
2017 Tax Reform: Last Minute Tax Year-end Moves
Congress is enacting the biggest tax reform law in thirty years. The 2017 Tax Reform is one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into … Read More
Essential Internal Controls Every Nonprofit Needs
Internal controls are the operating procedures a nonprofit relies on to keep things running smoothly and reduce the potential for inappropriate behavior within the organization. Essential Internal Controls Every Nonprofit Needs 1. Authority to Spend Deciding who has the authority to make and … Read More
Changes to Nonprofit Accounting for Contributions
New FASB Standards Recognizing Revenue This past August (2017), the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) to address concerns raised by stakeholders regarding the recognition of revenue from contracts and grants received by nonprofit … Read More
Are You Deducting Your Home Office Space Correctly?
According to an article in Forbes magazine, less than 10 percent of home-based business owners use the home of office deduction. The Internal Revenue Service has made it easier to claim the deduction by establishing a simplified option that reduces the number of calculations you must make. To make … Read More
Can Your Organization be a California Nonprofit?
Starting a nonprofit provides the community it will serve benefits and advantages, as well as, the individual(s) building the nonprofit. Typically, a 501(c)(3) nonprofit organization is formed to serve religious, charitable, educational, scientific or literary purposes. To be granted nonprofit … Read More
Tips for Writing Nonprofit Committee Charter
In addition to putting bylaws, policies & job descriptions in writing, a nonprofit committee charter is essential for detailing your current or future agenda. If your nonprofit does not currently have a board, begin by creating a committee for your charter topic. The creation of the committee … Read More
How To Reduce Income Tax for Individuals and Businesses
The amount of income tax you may be liable for depend on how much you earn during the year. Now that we are in the latter half of the year, it is advisable for individuals and businesses to start considering ways to reduce their income tax for the year. Smart Strategies: Learn how to reduce income … Read More
Filing Taxes for Your Senior Parent
If you are caring for an elderly parent, you are definitely not alone. In fact, according to a study conducted in collaboration with the AARP, 29% of the U.S. population provides care for at least one aging, chronically ill or disabled family member or friend at any given time. Along with concerns … Read More