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Documentation of Business Mileage

September 22, 2017
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The qualifying mileage deductions permitted by the IRS does not include your commute from home to your permanent work location. However, if you travel to and from off-site meetings, business events, or even lunch or dinner with a current or prospective client, you can take the mileage deduction. Documentation for these eligible miles has to be thorough in order to comply with the strict IRS standards in case you are audited in the future. Every time you use your vehicle for business purposes, you should doc
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Does Your Dependent Need to File a Tax Return?

September 15, 2017
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Whether or not your dependent is required to file a tax return depends on a few factors. When deciding if your dependent is required to file their amount of income, type of income, and dependency status should all be taken into consideration. Types of income and taxes: Earned income only: A dependent is required to file a separate tax return if their earned income is above the standard deduction – $6,350 for 2017. If they earned less than that, they would not be required to file. However, if federal i
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How valuable is my Inventory?

September 13, 2017
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A recent standard passed by the Financial Accounting Standards Board (FASB) more closely aligns accounting standards for companies in the United States with standards observed by companies under international accounting standards. This standard goes into effect for all companies with fiscal years starting after December 15th, 2016, so the current fiscal year is affected by this standard. The standard will be applied prospectively, so no changes are needed to be made to the previous year when comparative fin
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Missouri Use Tax

August 17, 2017
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The State of Missouri, along with other states, imposes a use tax on businesses for purchases of tangible products purchased without sales tax. Common examples of purchases where use tax would be due include purchases from internet sellers/sites and purchases from out of state retailers/suppliers that ship directly to you. Use tax is not imposed on purchases made for intangible goods like services. In Missouri, businesses have an exemption up to $2,000 before they have to start paying use tax on taxable pur
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Tax deduction

Meals & Entertainment Expense Deduction

August 11, 2017
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Many businesses have a difficult time determining which meals & entertainment (M&E) expenses are 50% deductible and 100% deductible. Informing your employees to keep proper documentation in order to prove amount, date and place, the business purpose, and who attended will help with the aforementioned situation. Being able to pin point which types of M&E expenses are 50% vs. 100% deductible will benefit your business once it comes time to pay Uncle Sam. Refer to the chart below, which highlights
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