10 things accountants want clients to know.

We surveyed hundreds of accountants about what they want their clients to know. Here are the most common responses. We see many disastrous returns prepared by ill-trained preparers When selecting a preparer, many people shop price and not experience. There are some companies that put their newly hired preparers through a six-week, evenings-only tax course,Continue reading “10 things accountants want clients to know.”

When is a hobby actually a business?

During the pandemic, we’ve had a lot of clients pick up an income producing hobby. Having hobby income does impact your taxes. There is the issue with sales tax and that is a confusing mess of thousands of tax jurisdictions. But today, we are going to focus on income taxes and how your hobby (andContinue reading “When is a hobby actually a business?”

Just in time for Halloween – Zombie Expenses

At My Fiscal Office we starting using the term zombie expenses to refer to those expenses our clients don’t realize they are paying month after month. For example, one of our client’s Amazon Prime account was compromised and haunted by “zombie” accounts. Simply by unearthing and cancelling the “zombie” accounts, this client is now saving hundredsContinue reading “Just in time for Halloween – Zombie Expenses”

Don’t loose you home office deduction – set up an accountability plan

Many people have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction. This deduction allows qualifying you to deduct certain home expenses on their tax return when they file their 2021 tax return next year. The most important thing to note is that employeesContinue reading “Don’t loose you home office deduction – set up an accountability plan”

Employee or independent contractor and why it matters

The pandemic has changed who we hire. In some cases it is about hiring contractors vs employees and in other cases it is about from where employees are located. In this article, we will focus on hiring contractors vs employees. As states look to replenish depleted unemployment funds, I suspect that more audits around workerContinue reading “Employee or independent contractor and why it matters”

What To Know About Tax Deductions For Homeowners In 2021

Homeownership can be expensive and may even feel out of reach for many Americans. The down payment, property taxes, maintenance, and utilities, plus mortgage payments and the cost of ownership can really add up. Throw in a real estate market with sky-high home values; you may be wondering if owning a home is worth it.Continue reading “What To Know About Tax Deductions For Homeowners In 2021”

How to Manage Multistate Tax Planning as a Small-Business Owner

The majority of small businesses don’t file taxes outside their home state. This is simply because they are typically local and don’t have physical locations or connections to any other states. But in our current interconnected and virtual world, small businesses have access to employees not only in other states, but also across the globe.Continue reading “How to Manage Multistate Tax Planning as a Small-Business Owner”

The Basics Of Small Business Money Management

One of the best ways you can ensure your business is financially healthy is understanding a few key accounting rules and terms. The following are the basics of financial management that small business owners should know about: Don’t Mix Personal and Business Finances It’s recommended that you separate your personal and business finances. Why isContinue reading “The Basics Of Small Business Money Management”

Questions To Ask Your Accountant This Year

It’s not news that this has been a crazy year. Many small businesses have been negatively impacted by the pandemic. And yet, there are a number of businesses that have continued to operate profitably, some that have even thrived. Millions of government loans were received. Some businesses took advantage of tax credits and payroll taxContinue reading “Questions To Ask Your Accountant This Year”