Skip to main content

Why Should You Care that Your CPA Can Work 80 hours a Week and Still be Lazy?

By Accounting, Business, Taxes2 Comments

During tax season, I hate it when I hear, “I’m surprised to see you.” Background: In case you didn’t know, client referrals are a huge part of any CPA firm’s growth.  At Incite, we make a concerted effort networking with clients and other professionals.  Between the months of January and April, when we network, we will hear “I’m surprised to see you” more than a…

Read More

Keeping a Mileage Log for IRS Purposes

By Accounting, Business, Tax Strategy, TaxesNo Comments

Each year I do a few things the exact same way. I set my New Year’s resolutions, the next day I break my New Year’s resolutions, and then I create my mileage log template. (I actually don’t do resolutions. I believe in setting SMART goals in annual, monthly, weekly, and daily increments.) But the mileage log I definitely do. Here is the template I am…

Read More

How do you Choose? 1099 or W-2?

By Business, Payroll, Tax Strategy2 Comments

The IRS created a 20-point checklist that a business owner can use to determine if the new hire is an employee or a contractor.  Just because one says he’s an employee or one says she’s a contractor doesn’t make the determination.  The whole list has to be considered. Please also note that if you want the new hire to be a contractor, this list can…

Read More

Statutory Employees – My Rant!

By Business, IRS, PayrollNo Comments

Uncle Sam Grinch can be green with greed often.  The “statutory employee” is certainly one of those areas. What is a statutory employee?  IRS defines them as independent contractors that may be treated as employees for employment tax purposes.  Oh blessed charitable spirit of the IRS!  The taxpayer may be treated as employees for the 15.3 payroll tax.  It should read have to be treated…

Read More

Pay Your Kids = Save on Taxes

By Business, Payroll, Tax StrategyNo Comments

By Sunny McIntosh Having kids can be such an amazing experience.  Kids enrich our lives with all sorts of predictable and unpredictable challenges.  But they can be really expensive!  If you own a business, consider hiring your kids.  Teaching them life lessons related to money starting young will not only be good for them, but also hopefully mean they won’t be living in your basement…

Read More

Paying Yourself – Confused How It Affects Taxes?

By Business, IRS, Payroll, Tax Strategy, TaxesNo Comments

If you operate as an S corporation, you have some different compliance hoops to jump through then if you were a sole proprietor or had created a partnership structure. One of those “hoops” is making sure you are paying a “reasonable” wage to yourself. The IRS says, “An S corporation shareholder who performs more than minor services for the corporation will be its employee for…

Read More

Factoring – Know what you Don’t Know

By BusinessNo Comments

And Avoid Dropping the Ball by Denny Goodenough One of the biggest challenges facing most businesses is cash flow. Start-ups have often put all the their cash into R&D and set up of their business, so giving credit to clients is out of the question. Rapidly growing businesses often find it hard to keep up with orders and waiting thirty days or longer for customers…

Read More

Questions to ask yourself about Health Insurance

By Business, Tax StrategyNo Comments

Click here for the pretty version of understanding your insurance. by guest Kellie Scott With the 2015 Open Enrollment approaching, we want you to be prepared. Did you know? To have a health insurance plan start on January 1, 2015 you must enroll between November 15, 2014 and December 15, 2014. Did you know? To get great coverage you don’t have to pay for the most…

Read More

Will ObamaCare Affect You on Your Tax Return?

By IRS, TaxesNo Comments

By Sunny McIntosh (newest Incite Tax employee) This tax season will be unlike any you’ve experience so far.  Yeah for Obamacare!  (We all agree the insurance system is broken and needs fixed.  We feel there could have been better ways to improve it that make the burden more equitably split amongst all people wanting health insurance.) The 8 million taxpayers who bought insurance through Obamacare…

Read More

2014 Year End Tax Planning – Don’t Run out of Time

By Accounting, Business, IRS, Tax Strategy, TaxesNo Comments

Before the holiday season of Thanksgiving and Christmas get too crazy, it would be good to take some time and see if you can minimize your tax burden for 2014.  Once December 31 is passed, 2014 is locked in. As a disclaimer to the info below, there are a ton of popular tax rules that expired at the end of 2013 that congress may still…

Read More

Money Saving Ideas for the Holidays

By AccountingNo Comments

By Chris Miles (guest blogger)  Are you feeling a little stressed with the holiday season coming up and wondering how you will afford a nice Christmas without running up credit cards? Would you like to have some extra cash to take that nice getaway with your family? To help you have more money this holiday season, here are some easy money saving tips that have…

Read More

Reverse Mortgage…What is that?

By BusinessNo Comments

A reverse mortgage is a home loan that provides cash payments based on home equity. Homeowners normally “defer payment of the loan until they die, sell, or move out of the home.”  Upon the death of homeowners, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortgage company There are people who are for…

Read More

Small Business Owners Should be confused about medical benefits to Employees

By Business, Tax Strategy, TaxesNo Comments

Weren’t the pre ObamaCare days wonderful?  No one argues that the insurance system was broken (it still is by the way).  But at least the rules of providing insurance to employees and what was deductible and not deductible were clear. In the past, as a business owner you could utilize a section 105 medical reimbursement plan to make your medical expenditures a tax write off. …

Read More

Disabled Access Credit – maybe you qualify

By Business, IRS, Payroll, Tax Strategy, TaxesNo Comments

We had a client buy a piece of equipment for his business.  This piece of equipment happens to be handicap accessible.  So we looked into it and there happens to be a tax incentive in doing this. IRS code sections 44 and 190 explain how a business owner can get a tax credit and/or tax deduction if they improve accessibility to their facility.  So let…

Read More

Captive Insurance – does it fit in your strategy?

By Business, Tax Strategy, TaxesNo Comments

By Guest Blogger Bo Brower What is a captive insurance company and how can a small business take advantage of a captive? A captive is an insurance company established to insure the specialized risks of an affiliated business entity.  It issues policies, collects premiums and pays claims. A captive can be owned by one or more business owners and can be a financially efficient tool…

Read More

Basic Info About Entity Types – Business Structures

By Accounting, Business, IRS, Tax StrategyNo Comments

At Incite Tax, we do our best to not use acronyms or industry jargon that others won’t understand.  After all, we are tax geeky and we spend all day doing this stuff.  Our clients spend all day running their business. When it comes to the type of business structure you should have, also known as entity type, there are some terms you need to know…

Read More

Stock Trades and how they Effect Your Taxes

By Tax Strategy, TaxesNo Comments

by Dustin Griffiths and John Briggs Stock Trades and the IRS At a quick glance, buying and selling stocks is pretty straight forward. If you dabble in options, it can be a little more complicated but still fairly straight forward. When it comes to tax implications however, it can be fairly complicated with the IRS. We will address three issues. Are reporting on the correct…

Read More

IRS Loses Billions – really? Crappy Data leads to these ridiculous claims.

By IRSNo Comments

Accounting Today posted an article by Michael Cohn early July 2014.  The article summarizes a report from the Treasury Inspector General for Tax Administration(TIGTA).  (A position created in 1998 to provide independent oversight of IRS activities.)  http://www.accountingtoday.com/news/irs_watch/irs-loses-billions-on-erroneous-amended-tax-returns-71263-1.html I have four major issues with this report. First – The title itself is a sign of everyone’s misunderstanding of the IRS.  The IRS collects money for the…

Read More

3 Reasons to Consider an S Corporation

By Accounting, Business, Tax Strategy, TaxesNo Comments

The tax code is very complicated with thousands of rules and exceptions.  Because of that, there is no such thing as a one size fits all solution.  That being said, if you are a small business owner or an independent contractor (meaning you get a 1099-MISC) you should look into the benefits of an S Corporation. Benefit One: Payroll Tax Savings Ordinary income (that’s the…

Read More

Don’t Believe the IRS

By IRS, TaxesNo Comments

You don’t have to believe the IRS The IRS mails millions of letters out to taxpayers every year.  We kindly refer to these as nastygrams.  There are around 76 different types of letters you could get.  http://www.irs.gov/Individuals/Understanding-Your-IRS-Notice-or-Letter. Each has a notice number that only the IRS seems to know about.  They tend to treat you like an idiot if you don’t know what notice number…

Read More