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  • IRS Standard Mileage Deduction or Actual Expenses? Which One is Better for You?

    One of the most common trouble spots that business owners incur is how to treat vehicles for business purpose. Most business owners ask about deducting mileage and then also the payments on the vehicle and are shocked to learn you can only do one or the other. Also, once you choose one method on that vehicle, you are locked into that method with some exceptions. Knowing the proper way to deduct [...]

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    US Tax Laws Continue to Stifle Bitcoin Mainstream Usage

    With the announcement of the new cryptocurrency, Libra, being developed by Facebook, this stablecoin once again shows that tax laws are out-of-date with how the current market works. We have seen time and time again that our legal system is outdated in the way that they handle digital matters by trying to apply old laws to new technologies. This is true in cryptocurrency as well, as the only [...]

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    Blockchain in the Accounting Industry

    What’s the state of blockchain in the accounting industry today? It truly is in a disruptive state right now due to many different reasons, such as accountants needing to learn about the tech to new technology making the industry more transparent. The blockchain has the potential for being the basis of many accounting systems, as it is essentially an accounting-based technology. However, it is [...]

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    Should I Change my Business Entity Type?

    The Tax Cuts and Jobs Act of 2017 changed the tax code in many different areas, and the business tax code did not escape the changes. In fact, businesses of all entity types actually gained from this new law. So, with these changes, should business owners start to look at changing their business structure so that they can pay less in taxes? Business Structures To understand the new tax laws, you[...]

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    When are the 2019 Tax Season Filing Deadlines?

    2018 is almost over, and that means the 2019 tax season is almost upon us! This is my favorite time of the year, as taxes are truly my passion and I just love working on them. It is always good to know the deadlines to file your taxes, whether you file an individual return, a partnership/s corp return or non-profit return, knowing the deadline is imperative to keeping your tax bill low. Here are [...]

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    Accounting for Network Marketing Businesses

    Network marketing is huge and has changed the lives of so many people around the world. It is an amazing business model for businesses that are starting out without a ton of capital to invest in marketing, and it is wonderful for people looking to leverage their personal market to make an income first as a side business and eventually a full-time one. No matter where you are at in your network [...]

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    How Will Crypto Derivatives Affect the Crypto Market?

    Here is a little Q&A on my thoughts on crypto derivatives by Citigroup and how they will affect the crypto markets in the very near future. In your opinion how will it affect the crypto market?   I don't feel as this will move the needle yet, as this is mostly a test project that Citigroup is launching with little fanfare. Only those following crypto-related news will really hear about [...]

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    New Tax Reform Deduction for Businesses

    The Tax Cuts and Jobs Act of 2017 has been a hot button topic for over a year now, and many people still do not understand what the benefit of it was. Most taxpayers have seen their paychecks get bigger due to favorable withholding rates for the middle class. However, one area most taxpayers do not truly understand is a new business deduction worth up to 20% of your business income, or also known [...]

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    Cost Accounting for Construction Companies

    Many companies in the construction industry start off small and as long as there is more money in their bank account at the end of the job, they are happy. Most companies do not know the true cost of a project, whether they do not take into account the true cost of labor or materials. Cost accounting is crucial for any business in the construction business that wants to grow the proper way. Proper[...]

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    Taxation of Gift Cards in Pennsylvania

    The taxation of gift cards in Pennsylvania is a fairly simple answer, but, as with most things in taxation, there are many little nuances that you have to watch out for. There are many situations where gift cards are in fact taxable in Pennsylvania and knowing how to properly apply the law will help you stay compliant in your business. So, let us look at some situations where gift cards are [...]

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