THE PROFIT FIRST FORMULA – The GAAP (Generally Accepted Accounting Principles) formula for determining a business’s profit is Sales – Expenses = Profit. It is simple, logical and clear. Unfortunately, it’s a lie. The formula, while logically accurate, does not account for human behavior. In the GAAP formula profit is a left over, a final […]
Financial
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8. The qualified medical expense deduction improves. One of the few itemized deductions kept under the tax reforms also has a lower threshold this year. You can now deduct any out-of-pocket medical expenses exceeding 7.5% of your adjusted gross income (AGI). This applies to qualified medical expenses in 2017 and 2018. (The old deduction threshold […]
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With the tax preparation season winding down, either you complied and filed by March 15 or April 15, 2019 or extended your tax returns until September or October 2019, regardless of your choice, the common discussion during this period has been: “How did the new tax laws affect you?” The only way to find out […]
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Bookkeeping is a task known to every business. I will be sharing some tips that we practice here at Andy’s Glass to ensure the process is running smoothly daily. Keeping your bookkeeping updated is key! To some, the idea of accounting and bookkeeping can be intimidating or, just outright boring! You can always hire an […]
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With tax season here, chances are you are probably asking yourself which tax deductions and tax credits will you be able to claim for your 2018 tax return, unless of course you did some tax planning before the end of 2018 and you have an idea of what to expect this tax season. Tax credits […]
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The legislation popularly known as the Tax Cuts & Jobs Act did not exactly “rewrite the book” of federal tax laws, but it almost seems that way. On January 1, a host of important, new tax provisions entered the Internal Revenue Code, and others were suddenly repealed. Due to these reforms, federal tax law has […]
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It’s important that a taxpayer uses the right filing status because it can affect the amount of tax they owe for the year. It may even determine if they must file a tax return at all. Taxpayers should keep in mind that their marital status on December 31st is their status for the whole year. […]
