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By Gary Bode CPA, on May 11th, 2014% Gary Bode CPA: the IRS expects you to keep a current mileage log. (910) 399-2705.
Schedule C CPAs always deal with business auto expense for Sole Proprietors and SMLLCs (Single Member LLCs). Business mileage is often the largest Schedule C expense. I’ll discuss the both the standard mileage method and the actual expense method for deducting auto expense on Schedule C, Profit or Loss From . . . → Read More: Schedule C CPA Discusses 2014 Business Standard Mileage Expense Method, Actual Expense Method and Documentation | SMLLC
By Gary Bode CPA, on July 30th, 2013% Which method of calculating the IRS home office deduction on Form 8829 is best? It depends. We’ll calculate it both ways each year to help maximize the deduction. (910) 399-2705.
The new IRS simplified option for home office deduction is available for Schedule C filers staring in tax year 2013.
It allows deducting $5 . . . → Read More: Schedule C CPA accountant provides an example for the IRS 2013 Simplified Option for Home Office Deduction | IRS tax Form 8829 | Rev Proc 2013-13
By Gary Bode CPA, on April 29th, 2013% Generally the Actual Cost method for deducting Auto Expense on IRS Schedule C reduces your tax bill more than using the IRS Standard Mileage Rate method. (910) 399-02705.
Schedule C CPAs get asked which technique is better to deduct auto expense; the IRS standard mileage rate or the actual cost method? I’ll run a . . . → Read More: Schedule C CPA compares 2013 Standard Mileage Rate and Actual Cost Auto deductions
By Gary Bode CPA, on February 12th, 2013% Gary Bode, CPA: IRS Schedule C can have complex tax issues. (910) 399-2705.
Schedule C CPAs don’t see Goodwill amortization that often. Probably because most sole proprietorships start from scratch and don’t purchase an existing business. Plus they often outgrow Schedule C before hiring a CPA. But every Schedule C CPA knows complex issues . . . → Read More: IRS Schedule C CPA discusses Goodwill Amortization in Sole Proprietorships
By Gary Bode CPA, on February 9th, 2013% Gary Bode, CPA: sometimes Self-Employment tax surprises the SMLLC’s Member in the first year of operation. (910) 399-2705.
SMLLC CPAs deal with many issues on Schedule C. But there’s a common tax trap for SMLLCs: self-employment tax. Especially in the first year of operation. Self-employment tax is Schedule C’s version of Social Security Tax . . . → Read More: SMLLC CPA provides Self Employment Tax example on Schedule C | SMLLC tax trap
By Gary Bode CPA, on December 30th, 2012% Gary Bode, CPA: SIMPLE is just one of several retirement plan options. (910) 399-2705.
IRS Form 5304-SIMPLE: Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) — Not for Use With a Designated Financial Institution
IRS Form 5305-SIMPLE, Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) — for Use With a . . . → Read More: 2013 IRS Form 5304-SIMPLE and IRS Form 5305-SIMPLE discussed by Schedule C CPA | Schedule C Retirement Plan
By Gary Bode CPA, on June 26th, 2011% Gary Bode, CPA: our past posts can help you decide if using the IRS standard mileage rate makes sense. For a free initial phone consult, please call 399-2705.
The IRS raised standard mileage rates for business use of a vehicle to 55.5 per mile cents starting July 1, 2011. The rate for the beginning . . . → Read More: CPA Firm in Wilmington NC comments on 2011 IRS Mileage Rates
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