Quick Books Online is Perfect for Your Business

Jon Weaver Tax Information

Raise your hand if you want to track your business finances in one place that is easy and secure to access whenever you desire. If your hand is up, you need Quick Books Online. It is an advanced accounting software that is perfect for your business because you get 24/7 online access backed by the reputation and security of Intuit. …

Business Deduction for Meals

Jon Weaver Tax Information

When it comes to food, taxes are a bit crazy especially for business owners. Food purchases are somewhere from zero to 100% deductible. It depends on whose mouth it ends up in. The full cost is deductible as an expense if the end user is: The General Public Employees that are working late Holiday office parties so tell your boss …

2020 is a Great Year to Make Charitable Donations

Jon Weaver Uncategorized

Sorry to get you down, but COVID-19 has been a miserable experience for all Americans. However it is a great feeling to help people when they are down, and now is your chance. You even get a special tax break on your 2020 tax return for your generosity. A win-win in this time of despair. To combat the negative economic …

The Low Down on Filing Your Business Activities as an S-corporation

Jon Weaver Tax Information

The S-corporation election is a tax tool that saves business owners thousands of dollars in taxes each year. If you are just starting out, have a well established business or land somewhere in between, you must investigate the election and how it applies to you.  How does the S-election work? First you must get approval from the IRS. Almost everyone …

SEP-IRA Benefits and Drawbacks

Jon Weaver Tax Information

Businesses have a wide variety of retirement account options for owners and employees. The most common example is the 401-k. This blog concentrates on a less well-known option called SEP-IRA which stands for Simplified Employee Pension Individual Retirement Account. We are going to call them SEP for the rest of this article. They are really cool and work well for …

Watch Out for Tax Penalties

Jon Weaver Tax Information

Article Highlights: Underpayment of Estimated Tax and Withholding Penalty Required Minimum Distribution Penalty Late Filing Penalty Late Payment Penalty Negligence Penalty Fraud Penalty Dishonored Check Penalty Missing ID Number Penalty Early Withdrawal Penalty Failure to Report Tips Penalty Foreign Reporting Excessive Claim Penalty Frivolous Return Penalty Failure to File Information Returns Penalty Most taxpayers don’t intentionally incur tax penalties, but …

10 Things to Know About Credit Scores

Jon Weaver Tax Information

Once you get above a certain age, you start hearing about a magical thing called a credit score. You hear that everybody has one and that you need to do everything you can to bolster it. You hear that there are things you can do to hurt your credit score and that once you’ve messed up your credit score it …

Thinking of Dumping Old Tax Records?

Jon Weaver Tax Information

Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Records to dump Record to Keep Longer Tired of having all those old tax records taking up drawer or closet space and collecting dust. Want to dump as much as you can? People often ask how long records …

You Should Be Keeping Home Improvement Records

Jon Weaver Tax Information

Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Individuals who meet the 2-out-of-5-year use and ownership tests can exclude up to $250,000 ($500,000 if both filer and spouse qualify) of gain from the sale of their home, and generally don’t need to keep a record of improvements made to the home. …

Big Tax Breaks for Hiring Your Children in the Family Business

Jon Weaver Tax Information

Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business. Financially, it makes more sense …