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Van Elkins and Associates

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Service charge reporting deadline postponed

Tuesday, December 18th, 2012

The Internal Revenue Service has given businesses an extra year to comply with new rules on how to treat service charges, until January 1, 2014. The new rules had been scheduled to take effect January 1, 2013, but the deadline was extended in response to public comments to allow companies time to make their accounting […]

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Tags: deduction, income, payroll, small business, tax, tax credit, tax preparation, tax tips, tips, withholding



Employee or independent contractor stakes rise

Thursday, November 29th, 2012

Employee or independent contractor? Sure, we understand that treating workers as independent contractors is easier in so many ways. If you are struggling with the question of which classification your workers fall under, it is more important than ever to consider the consequences if the government disagrees with your stance. This article in Forbes magazine […]

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Tags: business consulting, deduction, hiring, payroll, small business, tax, tax tips, withholding



Medicare premiums are business deductions

Wednesday, July 18th, 2012

A self-employed person may get a business deduction for health insurance premiums. The IRS has clarified that Medicare premiums paid by self-employed persons qualify as deductible health insurance premiums. If you did not include Medicare premiums in your self-employed health insurance deduction, you may want to consider amending your tax returns to include them. Before […]

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Tags: deduction, Medicare, small business, tax, tax preparation, tax return, tax tips



5 tax myths (part 2)

Thursday, June 7th, 2012

Last time, we talked about tax myths regarding investments such as your house, business assets,  and financial instruments. The mantra, “Don’t let the tax tail wag the dog,” applies to many decisions. Tax impact should be a consideration, but not the most important factor in a decision involving your money. Here are a couple more […]

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Tags: business consulting, deduction, refund, tax, tax planning, tax tips



5 tax myths (part 1)

Wednesday, June 6th, 2012

We got a call recently from a client asking if he should finance an equipment purchase to lower his tax bill. First, I commended him for thinking ahead about taxes and for calling us for feedback about his financial decision. Then I asked him if it made good business sense for him to do this […]

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Tags: business consulting, deduction, tax, tax planning



2012 standard mileage rates

Thursday, December 22nd, 2011

The IRS has announced standard mileage rates for 2012. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven […]

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Tags: deduction, mileage, small business, tax, tax preparation, tax tips



6 Year-end tax reduction tips

Wednesday, December 21st, 2011

Use these six tax reduction tips to reduce your 2011 tax bill, but act before December 31, 2011. Make charitable contributions by December 31. Keep a canceled check, a bank statement, credit card statement or a written statement from the charity, showing the name of the charity and the date and amount of the contribution […]

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Tags: deduction, small business, tax, tax credit, tax preparation, tax return, tax tips



Bathroom as home office?

Thursday, August 18th, 2011

The Tax Court ruled that a taxpayer cannot claim his bathroom as a home office in Bulas v. Commissioner, T.C. Memo. 2011-201 (Aug. 17, 2011). (Insert your own joke or mental image here….) The taxpayer had a home-based business, a tax practice for which he used one bedroom of his home as an office. He […]

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Tags: business consulting, deduction, home office, small business, tax, tax planning, tax tips



Plan now to save taxes

Tuesday, August 9th, 2011

Summer is a good time to talk with us about planning to save taxes next year. We have more time to help you take stock of the first half of the year and explore options before it’s too late in the year for them to make a difference. Among those options: Consider equipment purchases, to […]

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Tags: business consulting, deduction, tax, tax planning, tax tips



Standard mileage rates change

Friday, July 1st, 2011

The IRS has adjusted the standard mileage rates beginning July 1, 2011, in response to higher gasoline prices. The new standard mileage rates will apply through the end of 2011. Mileage Rate Changes Purpose Rates 1/1 through 6/30/11 Rates 7/1 through 12/31/11 Business 51 55.5 Medical/Moving 19 23.5 Charitable 14 14 You have the option […]

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Tags: business consulting, deduction, mileage, small business, tax, tax audit, tax preparation, tax tips



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800 S. Gay Street, Suite 1919 Knoxville, TN 37929

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