General rules. For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a bank record or a written communication from the donee organization showing its name, plus the date and amount of the contribution. Any other type of written record, such as a log of charitable donations, is insufficient. [...]
The Internal Revenue Service issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations
As a business owner, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll.
Beginning October 1st, employers are required to provide written notices to all employees - regardless of benefit enrollment status or full / part-time status - about health coverage options. This includes notifications about federal and state health insurance marketplaces. These government-run marketplaces will be open this fall. Employers can send the notices by mail [...]
Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 cents per mile for business miles driven. 24 cents per mile driven for medical or moving purposes. 14 cents per mile driven in service of charitable organizations.
Win an Xbox 360 in our Facebook Drawing!
Since 1993, Fox Peterson has fostered entrepreneurial spirit by providing a wide range of accounting, consulting and tax services to small businesses throughout Arizona and the United States.
the theory and system of setting up, maintaining, and auditing the books of a firm; artof analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. (distinguished from bookkeeping).
By becoming educated on the what our tax liability is and what things affect it we can then adjust our daily lives to reduce the tax liability that we have.
