small business Archives - Lipsey And Associates

Resource LibraryJune 10, 2024by Kisaki Fukahori

Will the loss of the Business Entertainment Deduction affect business decisions?

One of the material changes made to the tax code resultant of the 2018 tax reform is that the business entertainment deduction has been suspended until 2026. It’s not just large enterprises that are affected by this law, but also small businesses, freelancers, solopreneurs, and other self-employed individuals who may now be changing their plans and budgets depending...

Resource LibraryJune 10, 2024by Kisaki Fukahori

How to save taxes with your family business: tax-free payments to your kids

The federal income tax was first enacted in 1913. The tax code was relatively concise, and in these simpler times family businesses were once the backbone of the US economy. The tax code is now several million words long and requires a vast majority of people to use a tax professional in order to navigate it....

Resource LibraryJune 10, 2024by Kisaki Fukahori

What you need to know about deducting your car expenses

Buying, leasing, fueling, and maintaining a car can take a big bite out of your budget. Fortunately, these car expenses can also take a big bite out of your taxes if you keep excellent records. Whether you’re a rideshare driver or you use your car frequently in a trade or business, you might be overlooking some...

Resource LibraryJune 10, 2024by Kisaki Fukahori

Year-end investment decisions: capital gains and losses

With 2017 quickly coming to a close, you definitely want to think about last-minute maneuvers that can help you save a significant amount of taxes. If you have an investment portfolio, now is definitely the time to think about whether you want to sell or hold your assets if doing so will have tax impacts....

Resource LibraryJune 10, 2024by Kisaki Fukahori

What you need to know about year-end charitable giving

As the holidays loom closer, you might be thinking about opening your heart and pocketbook and giving to the causes and people that you care about. The holidays indeed evoke generosity in most people to give all that they can. But there’s also good reason that the holiday season is when nonprofits get major boosts...

Resource LibraryJune 10, 2024by Kisaki Fukahori

Identity theft and filing your tax return: risks and prevention

Identity theft has became a major problem in recent years. Cybercriminals are only becoming more effective at what they do whether they are acting alone or with major crime syndicates: in many cases, they only need a name to get started on stealing your assets and opening fraudulent accounts in your name. Additionally, too many...

Resource LibraryJune 10, 2024by Kisaki Fukahori

Casual rental income and your tax return: tax treatment of being an Airbnb host

The gig economy isn’t going anywhere anytime soon: whether you’ve got an extra seat in your car for the night or a powerdrill you’d like to put to use, the whole world of app-driven side hustles has helped people pay their bills or even serve as stopgaps for career changes. And the tax authorities have certainly...

Resource LibraryJune 10, 2024by Kisaki Fukahori

Tax treatment of Cryptocurrency sales and exchanges

Cryptocurrency, such as Bitcoin, Ethereum, Monero, and Litecoin among others, has picked up major traction in recent years to the point that it has become a major concern for tax and accounting professionals, the authorities, and cryptocurrency users themselves. People started using cryptocurrency to save money on cash remittances outside the country (for example, a $200 cash transfer to the...

Resource LibraryJune 10, 2024by Kisaki Fukahori

Retail Accounting: are your shipping costs too high?

The advent of online shopping has completely turned standard retail practices on its head. Stores that have thrived for decades have been forced to start selling their goods online and compete on the global marketplace. One challenge that many retail owners struggle with is how to charge the right amount for shipping without scaring away...

Resource LibraryJune 10, 2024by Kisaki Fukahori

The 3 stages of filing small business taxes

For accountants, this is the time of year for reflection. We’re passed all of the filing deadlines and we have about 6-8 weeks until we start to hound our clients about W9 Forms and 1099s. I remind each of my clients about 10x per year about W9 forms and I’m hoping for an easy season....

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