Six things for extension filers to remember Oct. 15 is almost here, and it’s the last day to file for most people who requested an automatic six-month extension for their 2017 tax returns. These taxpayers should remember that they can file any time before Oct. 15 if they have all their required tax documents. They […]
If meals or entertainment are provided for the benefit of your employees, you can write off 100% of the cost as a business expense with some exceptions. These are exceptions to the usual 50% write-off rule for meals and entertainment. Common examples of expenses that can be written off at 100% include: Meal and entertainment […]
“In The Loop” Magazine Nov – Dec, 2016 Issue Don’t Skip These Business Year-Enders It’s a fact, there’s only a few weeks left of the year, and they will likely be hectic for you and your business. Before you dive into the holiday season and relax, it’s important to get your business in good shape […]
LKM Accounting Specializes in providing services to small businesses and individuals with their accounting and income tax needs. We provide our clients with the necessary expertise and services most small businesses or start-ups can’t always afford from larger firms or internal personnel. We want you to achieve your business and personal goals. Our philosophy is […]
Important changes coming in 2017 to deadlines for business tax filings including: W-2 and 1099 filings are due on January 31, 2017 – This is 30 to 60 days EARLIER than past years. These forms are still due to your employees and contractors by January 31, so it is still a good idea to prepare […]
The IRS has strengthened its penalty phase of the reporting requirements. These penalties are effective beginning January 1st for the 2015 tax year filing period. The penalties are as follows: 1-30 days late: $30.00 each penalty per return not filed with a maximum of $500,000.00 per year ($175,000.00 for small business maximum) 30 days – […]
