Profit Statements: The P&R Blog
New to business accounting?
Whether you’re a small business owner or an aspiring entrepreneur starting your first business, you may feel overwhelmed with business taxes, accounting and bookkeeping in general. Not to worry, we can help! First, consider what accounting method to use. The IRS defines accounting methods as “a set of rules about when to report income and …read more.
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.