Monthly Archives: February 2016

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24 02, 2016

GMLCPA TAX FAQ: Better To Sell Or Trade A Business Vehicle

By | 2016-02-24T17:15:21+00:00 February 24th, 2016|Accounting, Blog, Business Advice|Comments Off on GMLCPA TAX FAQ: Better To Sell Or Trade A Business Vehicle

From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer’s return as an above-the-line gain or [...]

12 02, 2016

Self-Employed Taxes: The Silent Tax Costing You Money

By | 2016-02-12T09:57:38+00:00 February 12th, 2016|Accounting, Blog, Business Advice|Comments Off on Self-Employed Taxes: The Silent Tax Costing You Money

The wonderful life of self-employment includes many things including autonomy, ability to earn as much money as you want, self-sufficiency and the feeling of accomplishment that comes with creating something.   I have owned my own firm for 12 years and every year there is a new challenge. In the first years it was how [...]

4 02, 2016

IRS Announces 2016 Standard Mileage Rates

By | 2016-02-04T12:01:16+00:00 February 4th, 2016|Blog, Monthly GAB, Small Business GAB|Comments Off on IRS Announces 2016 Standard Mileage Rates

As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (or a van, pickup [...]

4 02, 2016

Household Help: Employee or Contractor?

By | 2016-02-04T11:18:55+00:00 February 4th, 2016|Blog, Monthly GAB, The Tax GAB|Comments Off on Household Help: Employee or Contractor?

Frequently taxpayers will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question is whether or not that individual is a household employee. Whether a household worker is considered an [...]