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Certified to Serve You Better
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Not All Receipts are Deductions
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If your receipts aren't adding up or you have questions on year end deductions, capital equipment purchases or need to get caught up on your bookkeeping for year-end, contact us at
(724) 359-5022.
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It All Add$ Up October News
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Greetings!
In this month's issue of It All Add$ Up, learn tips to proactively prepare for a chance IRS audit, and what to do if you are audited. If you use credit card processing, be sure to learn about the key aspects to consider when comparing agreements. And last, this year only, Section 179 of the IRS Code provides for up to a $500,000 write off for equipment upgrades for your company or business.
We put the AX to your TAX worries!
Lauri
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IRS AUDIT SURVIVAL TIPS
 Despite your best efforts, you're being audited - what do you do now? An audit notice can strike fear in the hearts of the bravest of taxpayers. While the IRS allows taxpayers numerous opportunities to save on taxes, it is ultimately your responsibility to keep accurate records to prove your deductions.
Collecting and organizing your records throughout the year will make it easier to prepare your return and reduce the likelihood of errors. It will also allow you to build your defense if the IRS chooses to dispute your return. See what you need to do to prepare. Learn more.
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 Cash is King! But sometimes waiting for cash can put a dent in your bank account. So you decide you will begin to accept credit card payments to help turn around your accounts receivable. But with those credit card payments come associated fees and a decrease in profits. So how do you choose the best credit card company? Volume of transactions, processing fees, contract terms and customer service should all play a role in your decision. Avoid these pitfalls when choosing your service. Remember - there's always room for negotiation. Learn more.
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IRS SECTION 179 AND $500,000 EQUIPMENT UPGRADES
Section 179 of the United States Internal Revenue Code allows companies to write off up to $500,000 worth of qualifying new or used equipment purchased or financed during the 2013 calendar year.
According to the IRS code, "The main benefit of a non-tax capital lease is that you can still take full advantage of the Section 179 Deduction, yet make smaller payments. With a non-tax capital lease you can acquire and write-off up to $500,000 worth of equipment this year, without actually
spending $500,000 this year. A small business that is managing cash flow can leverage a non-tax capital lease to minimize out-of-pocket cash and still take the full Section 179 Deduction".
Typically, depreciation deductions are spread out over time, but Section 179 allows business owners to write off the entire cost of a purchase the year that they buy it. Learn more.
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Our customer referral program for business referrals is officially underway. For each new client referral that becomes a Paxton client, we will either credit your monthly bill or provide you with a $25.00 gift card. This program applies to small business bookkeeping services only. Your referrals are appreciated... keep them coming!
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I hope you find these tax tips helpful. If you have a topic you would like addressed, drop me a line.
Sincerely,
Lauri
Lauri Paxton
Paxton Bookkeeping and Tax Services |
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