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In This Issue
Cash Countdown
Avoid Tax Surprises With A Summer Review
Lauri Paxton
Lauri Paxton
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NOT ALL RECEIPTS ARE DEDUCTIONS

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 August News


In this month's issue of It ALL Add$ Up, learn how to keep your cash drawer in check to accurately reconcile your day-to-day activities. Don't wait....now is the time for your summer review. By following the guidelines below you can prepare responsibly for the upcoming tax season and avoid unexpected consequences.
 
Need help getting started or updating your books? Don't delay; give us a call at 724-359-5022.
  
We put the AX to your TAX worries!
 
Lauri
CASH COUNTDOWN
  
Cash Flow
Manage your cash drawer to avoid unexpected tax repercussions.
Is your cash drawer bleeding money?  At the end of a day or a shift change, does your cash drawer balance?  Petty cash and cash drawers that are intermingled often lead to a loss of cash for your business and a tax liability for you.

It's easy to pull a $20 here or there to run and pick up a few office supplies, or some produce, but often those little incidental trips without receipts can leave you short on cash.  This practice will translate into an owner's draw or shareholder loan used for personal use resulting in income versus an expense.  See what POS systems have worked for our clients and the best way to countdown your cash drawer.
AVOID TAX SURPRISES WITH A SUMMER REVIEW
  
Prescription
Review your Health Care Flexible Spending Account
Life happens and when changes in your circumstances occur do you also consider what tax implications that can mean for your 2014 tax return?   Why hold to chance what you may owe when there's time to take control over the estimated tax you might pay during the latter part of 2014.
  
It's also a good time to review your Health Care Flexible Spending Account balance to see what purchases may need to be made before year end.  This is a tax-free account that can save up to 40% pretax and allows you to pay for essential health care expenses that are not covered by your medical, dental and vision insurance plans, but many plans require a spend down by the end of the year.

See what life changes the IRS states that can affect your tax responsibility.  

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