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How to max out education-related tax breaks

| Tax Briefs

By Bennie the Bean Counter     If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you can take only one break per student, and, for some breaks, only one per tax return. Credits vs. deductions Tax credits can be especially valuable because they Read more [...]
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Deduct home office expenses — if you’re eligible

| Tax Briefs

By Bennie the Bean Counter     Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just your own. If you’re self-employed, generally your home office must be your principal place of business, though there are exceptions. Whether you’re an employee or self-employed, Read more [...]
Is it time to get accountable with your employees' expenses

Is it time to get accountable with your employees’ expenses?

| Business Briefs

By Bennie the Bean Counter Many companies start out, and get pretty far down the road, using the “per diem” approach when reimbursing employees for lodging, meals and incidental expenses. Doing so involves the use of either IRS tables or a simplified high-low method to reimburse workers up to specified limits. The per diem approach is relatively simple and doesn’t involve too much record keeping. But it also puts businesses at risk if they exceed the per diem limits, exposing them to IRS Read more [...]
IRS Email Phishing Scam - 2-5-16

Beware of the latest IRS Phishing Scam

| Alerding Alerts

This fraudulent email was just brought to our attention.  If you receive this email, DO NOT respond to it or click on any links.  The IRS will ONLY contact you via US Mail, not in an email such as this.  If you have any questions or concerns, please contact us at 317-569-4181 or visit our website: www.alerdingcpagroup.com.   Read more [...]
The tragic tale of a troubled business photo

The tragic tale of a troubled business succession

| Business Briefs

By Bennie the Bean Counter It’s a tragic tale that plays out in many businesses across the country. The owner of the company believes he’s finally ready to trigger his succession plan and retire. So he names his daughter as his successor, enjoys his retirement party and departs for his vacation home. Reluctant retiree For six months of the year, the now-former business owner lives at that vacation home while his daughter toils away at establishing control of the company. Although her father Read more [...]