December 27, 2018

Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following:

  • Monitor the progress of your business

  • Prepare your financial statements

  • Identify sources of your income

  • Keep...

December 27, 2018

Step 1: Determine Your Eligibility

  • You may apply for an EIN online if your principal business is located in the United States or U.S. Territories.

  • The person applying online must have a valid Taxpayer Identification Number (SSN, ITIN, EIN).

  • You are limited...

December 27, 2018

Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as a sole proprietorship or through partnerships, S corporations, trusts, and estates. The deduction may also be claimed on certain dividends. 

Eligible...

December 27, 2018

Most taxpayers no longer have the option to carryback a net operating loss (NOL). For most taxpayers, NOLs arising in tax years ending after 2017 can only be carried forward. The 2-year carryback rule in effect before 2018, generally, does not apply to NOLs arising in...

December 27, 2018

Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018,

  • 20 cents per mile driven for medical or moving purposes, up...

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Why Should I Keep Records?

December 27, 2018

Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following:

  • Monit...

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