Different types of contributions require different types of recordkeeping. If you want to deduct charitable contributions, you need to substantiate those deductions with good records. Here are the requirements for different types of contributions: Cash Contributions This includes donations made using all forms of cash and cash equivalents - cash, checks, electronic transfer, online payments, debit cards, credit cards, payroll…
Year-end brings lots of payroll considerations to the forefront. Regardless of whether Kindred CPA processes your payrolls or you do it in-house, if you provide any of the following benefits, you'll need to gather this information to properly account for taxable income on W-2's: Group Term Life Insurance If you pay group term life insurance premiums for yourself or your…
To download a handy chart of 2023 dollar limits for employee benefit plans and various tax items, click on the link below: 2023 Dollar Limits Flyer
The first rule of running a business is to keep your personal and business finances completely separate from each other. Your business is a distinctly separate entity and needs to be treated accordingly. If you don't follow this rule, your personal finances could be in jeopardy. How to Keep Finances Separate This includes keeping separate bank accounts for yourself and…
Every good movie has a sequel. In this case, the "movie" is SECURE Act 2.0 - a sweeping piece of legislation that if passed, will affect both individual and company-sponsored retirement plans. The Back Story In 2019, Congress passed the SECURE Act, which affected many aspects of retirement plans. One of its most memorable scenes was increasing the required minimum…
It's time to replace your Form 941 with a new one. Just in time before the end of Q2, the IRS has now issued a new version of Form 941 and its related schedules. If you have a March 2022 version sitting around, it can only be used for first quarter 2022 reporting. The new June 2022 revision should be…
You've probably seen or heard the phrase ‘student loan crisis’ in the news recently, along with a lot of discussion about whether all or a portion of federal student loans should be forgiven. It’s no surprise student loans have become a popular topic, as the total amount owed by the American public has soared in recent years. How Much Debt…
You may have noticed that gas prices are climbing. And climbing. And climbing. And where they'll stop, nobody knows . . . ? Our friends at the IRS are paying attention. They've increased the standard mileage rates for the rest of 2022. These mileage rates can be used to value deductible expenses when you drive for business, medical, or moving…
When you start your business, you determine whether you'll recognize expenses when they occur – cash basis – or in the period to which they belong – accrual basis. Let's say you pay your May rent bill in April. If you use the cash basis of accounting, this expense will be recognized in April. That's when the money actually leaves…
Here's a list of resources for small business owners, whether you’re just starting out or have been around for a while. Got a business idea? Check out these “10 Steps to Start Your Business”. It can help you research your target market, find financing, and write your business plan. It also includes a guide to choosing your entity structure. Looking…