This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage…
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until…
There are two methods a business can use to track and deduct Auto Expenses for tax purposes. No matter which method your business chooses, it is imperative to use an auto log. Smart phones are now the easiest and most convenient way to track auto use for business. We recommend going with Method 2 (Mileage)…
Adding Classes to your QuickBooks set-up can help you organize information and run reports to provide insight into how well different aspects of your business are performing. Classes give you a different way to quantify data, while keeping your chart of accounts from getting too detailed or complex. Here is information, straight from Intuit, on…
Now that you have formed your company and know where you are doing business, it is time to set up the chart of accounts. Creating the chart of account is like building a foundation for a house. A good chart of accounts leads to useful financial statements, logical information and meaningful output. A poor chart…
Once you identify all the states you must register to do business in, you must determine if you are subject to sales tax nexus in those states, or if you need to file income tax returns in those states. Nexus rules have changed dramatically in recent years as states have become desperate for funds and…
You are forming, or have formed, a company and have selected your entity type; Now – where are you doing business? What state will be your home state? Which other states will you need to get authority to do business in? If your home state is Delaware, you will benefit from the advantageous legal protections…
Welcome to our new blog series, “The Top 30 Things Start-ups & Small Businesses Need to Know.” We will begin with topic #1: “Entity Selection.” Entity selection is one of the most important decisions you will make for your business. There are many varying levels of formation from sole proprietor to corporation. Which one should…
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Bumpers & Company’s own Douglas S. Kook, CPA, CVA will be one of the presenters at the upcoming “Big IDEas for Your Business” Conference on May, 10th at the Sheraton Wilmington South. The Delaware Society of CPAs has designed this one-day conference to assist your business in building a firm foundation for success. Whether you’re a…
