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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



Two new taxes in 2013

Wednesday, December 12th, 2012

Two new taxes are scheduled to take effect in January 2013. These taxes were instituted by the Affordable Care Act to help pay for health care reform. Congress may change these taxes as they negotiate ahead of the tax rate and sequestration deadlines at the end of 2012 – the so-called “fiscal cliff”. Few politicians […]

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Tags: CPA Knoxville, income, small business, tax, tax planning, tax tips



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



Act now to get tax credit for hiring a veteran

Tuesday, June 12th, 2012

Did you recently hire an unemployed veteran? Make sure you secure your tax credit now. The IRS provides this information: Employers that hired unemployed veterans during late 2011 and early 2012 had an expanded period to request the required certification for claiming the expanded Work Opportunity Tax Credit (WOTC). That expanded period ends on Tuesday, […]

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Tags: payroll, small business, tax, tax credit, tax tips, veteran, work opportunity credit



Think like Google

Wednesday, May 30th, 2012

Google, as huge as it is now, was a two-person startup not so many years ago. Google thrived not only because its owners had a killer search engine app, but because they created a corporate culture of creativity, innovation, and employee empowerment. Julie Clow, who joined Google in 2006, writes at CNBC.com about core lessons […]

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Tags: business consulting, small business



Effective audit representation saves money

Thursday, March 15th, 2012

The local IRS office has stepped up its audits on individuals and businesses. More and more people are coming to us for effective audit representation. Several of them had suffered costly outcomes after their initial meetings with auditors, and they came to us for help. We were able to improve upon their original assessment through […]

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Tags: business consulting, small business, tax, tax audit, tax preparation



Hire a veteran, get a tax break

Friday, February 10th, 2012

The IRS has provided new information (and paperwork!) about the newly-expanded tax credit for hiring veterans. The VOW to Hire Heroes Act of 2011, enacted Nov. 21, 2011, provides an expanded Work Opportunity Tax Credit (WOTC) to businesses that hire eligible unemployed veterans and for the first time also makes the credit available to certain […]

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Tags: hiring, payroll, small business, tax credit, tax tips, veterans



What's a 1099-K?

Friday, February 3rd, 2012

Have you received a 1099-K this year? This new form reports electronic financial transactions. If your business takes debit or credit card payments, then you will receive a 1099-K if you process more than $20,000 AND more than 200 transactions. Business tax returns contain a new line to report 1099-K amounts. For this tax season […]

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Tags: 1099, business consulting, income, small business, tax preparation, tax return



LLC vs. corporation

Wednesday, February 1st, 2012

We received this question from a budding entrepreneur about setting up as an LLC or a corporation: I am looking to set up a small business. I am debating on whether an LLC or S-Corp would be better. I am looking to decrease taxes and limit my liability. I, as the owner, will work in the […]

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Tags: asset protection, business consulting, entity, small business, startup, tax, TSBDC



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