• Cost Segregation

    COST SEGREATION = TAX SAVINGS Cost Segregation is a VERY BENEFICIAL tax angle used by real estate owners to ACCELERATE DEPRECIATION deductions. In the past it was primarily used by large accounting firms and larger clients.  The ability for smaller building owners to utilize these techniques is now becoming popular. It takes an engineering study and…

  • Social Security Information

    Download Form SSA-4004  –  to obtain Earnings History (you create an account.. easy to do) […]Read More… from Social Security Information

  • How Long to Keep Records

    How Long Do I Keep Records Our standard answers… 3 years is the Statute of Limitations for audit purposes (from the due date of the return or the filing, whichever is later). 4 years for Employee Records 6 years if there is a 25% understatement of income (accidental, misinterpretation of tax law, bookkeeping error, involved in one…

  • Independent Contractor or Employee

    Click here for discussion of Independent Contractors (or not) versus Employee […]Read More… from Independent Contractor or Employee

  • Cash vs. Accrual Basis

    In the Simpliest Terms……. CASH BASIS REVENUE means you declare it when you RECEIVE the money. ACCRUAL BASIS REVENUE means you declare it when you EARN the money (usually that is when the invoice is generated whether you receive a portion of the money or none at all at the time the invoice is generated). CASH BASIS EXPENSE means you expense it when you PAY it.…

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