Profit Statements: The P&R Blog
Hiring your kids this summer could save you money!
If you’re a business owner seeking summer employees, you may find good value in hiring your children (who are old enough for employment, of course). Despite the economy’s improvement, students may struggle to find a summer job. Absent any reasons for your kids to gain experience working outside the family environment, and assuming you have …read more.
Non-Profits: Did you file your 990 return yet?
The filing deadline for tax-exempt organizations is four months and 15 days after the group’s year end. So if you handle non-profit accounting or serve on a non-profit board with a calendar year end (December 31), the deadline is May 15 (this Friday!). Remember: for most organizations, tax-exemption is not filing exemption! (Churches are the …read more.
Do you understand the tax rules of bartering?
CPA rules 101: Your individual income tax return can include more than just monetary transactions…such as bartering. Bartering is the act of trading goods or services for other goods or services, usually without using cash. You can barter on an individual or business level, or through a barter exchange company. Bartering stands as a solid …read more.
Took the Extension and Still Need to File? Avoid Red Flags in Your Tax Returns
At Patrick & Robinson CPAs, we strongly encourage our clients to report honestly and accurately on their business and individual income tax return. After all, you and we both signed your tax return under penalty of perjury! Many people, though, admit they enhanced the truth in their tax bookkeeping, perhaps only slightly to improve their …read more.
Preparing for ‘Extension Season:’ Threats & Consequences
Completed your individual income tax return yet? Until April 15, we controlled reporting our annual income properly and filing available deductions and credits to minimize what we owe Uncle Sam in fulfillment of our civic duty. Beginning April 16, the IRS took control. The IRS checks the math and analytics of each return against the …read more.