Office In Home and Mileage Deductions

There is often a lot of confusion surrounding an office in home and the mileage deduction and the difference between commuting and business miles.  I have heard many accountants over the years selling the deductions like in an infomercial, claiming that by simply setting up an office in the home used exclusively for the business [...]

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Travel Expenses and Business Planning Trips

It is the that time of year again, when most people are on vacation – or at least they wish they were.  With the current heat wave in Portland, many would probably go for an Alaskan cruise right about now.  Whether it is colder weather you are looking for or a tropical paradise, if you [...]

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Single Member LLC Owner Liable for Unpaid Employer Payroll Tax

Single member limited liability companies seem to be the popular choice these days for small business owners that want limited liability protection without the extra cost  and hassle of an S-Corporation or a two-member LLC.  However, SMLLC owners need to be aware of the court case listed below regarding payroll tax liability as they are [...]

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LLC vs. S-Corporation, Round 1

When setting up a business and deciding on entity type, most people are looking for 1) liability protection and 2) tax savings – specifically lowering self-employment tax liability.  For small businesses, the two best options are the LLC or the S-Corporation, and many tax or legal professionals seem to advocate for one team or the [...]

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Tax Return Adjusting Entries

When you get your corporate, LLC, partnership, or other business tax return from your CPA or tax preparer, do they give you adjusting entries to import or manually input into your accounting system?  Do they review your QuickBooks file and advise you on how to record the transactions in a more effective manner?
Adjusting journal entries [...]

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City of Portland Tax Extension Reminder

We are at the 11th hour for filing tax returns today – hopefully you have filed already or have sent in an extension.
Just a quick, last-minute reminder for those of you who have not yet filed the 2008 return for your corporation, LLC, partnership, or sole proprietorship business and do business in the City of [...]

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The IRS Does Not Value Your Time

This is a simple tax issue but surprisingly one that I get a lot of questions on.  Here is the common scenario…
I get a call from a small business owner who recently provided their services to a school at no cost as a “charitable contribution” (or at least in their mind).  The question is always [...]

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