The Most Complete List of 2016 Business Tax Deductions

SJG Tax Advisor Atlanta

Whether you have a new business or you have been filing taxes for your organization for years, it’s always wise to take a moment to study the list of write-offs and tax savings available to you in the current year. You’re only getting farther into the 2016 tax season. If you haven’t already, it’s time to pay attention to your existing savings areas and any recent tax changes that could impact your returns. We’ve combed through every possible resource to provide you with the most comprehensive list of tax deductions available, from A (Accounting Fees) to Z (well, actually to T – Travel Expenses). Use it like a checklist. Note which of these tax breaks you are eligible to deduct, and be sure to contact our tax experts for additional guidance so you’re confident that you’re taking full advantage of each opportunity to save your hard earned money. … [Read more...]

Maximize Your Tax Refund: How to Avoid 5 Common Pitfalls

SJG Tax Advisor Atlanta

It’s been said that the only certainties in this world are death and taxes. And sure enough, tax season is upon us once again. Even if you’ve been around the block a time or two, it’s always good to review common taxpayer mistakes to make sure you are positioned to get the most financial benefit possible. Our team of tax specialists has compiled a list of common pitfalls and added suggestions to help you build your tax action plan – and your confidence. … [Read more...]

Everything You Need to Know About 1099 to Avoid Tax Penalties

SJ Gorowitz 1099 tax advisor

1099 forms can be perplexing, but small business owners neglect them at great risk and cost. If you made a payment during 2015, you may be required to file. And as of 2015, not doing so, doing so late, or doing so incorrectly will cost you the most significant penalties ever experienced.  … [Read more...]

What IRS Budget Cuts Mean for Small Business Taxpayers

SJ Gorowitz IRS Advisory

Policymakers have continued to cut the budget of the IRS despite repeated warnings from sources like the IRS Commissioner, National Taxpayer Advocate, Treasury Inspector General for Tax Administration. At this point, the ability of the IRS to carry out its mission has been severely diluted, and US taxpayers are feeling the results.   … [Read more...]

The Most Important Year End Accounting Tasks

SJ Gorowitz Year End Accounting

As we approach the end of 2015, there are a few things your small businesses can do to be sure you’re closing the calendar year securely and that you’re well prepared for stability and success in the new year. We’ve rounded up four priority tasks, and added a few suggested approaches for even stronger financials going forward.   The Most Important End-of-Year Accounting Tasks Review past due receivables Make note of any and all past due receivables. For each, determine the likelihood that the customer will pay, so you can decide which bills to send to a collection agency and which you will write off for a deduction. Review inventory Assess current inventory and determine the value of all unsold items. Write-down all remaining inventory to claim deductions on year-end taxes – overstating your inventory balance will cause you to pay taxes you don't owe. Prepare IRS Forms W-2 and 1099-MISC By January 31, you must mail copies of the tax forms to anyone who worked … [Read more...]

6 Ways Small Businesses Can Speed Cash Flow

SJ Gorowitz Atlanta Quickbooks

Your cash flow is the lifeblood of your business. Managing payment terms well can strengthen client relationships. Here are six ways to turn your accounts receivables into reliable cash flow and show your customers you’re a solid business resource. … [Read more...]