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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

7 Simple Tax Breaks Small Businesses Always Overlook

August 19, 2013 by Ed Becker

Tax return preparation is a daunting task for Fortune 500 companies and sole proprietors alike. Every business has a unique financial strategy, but one goal is consistent across the board – pay less taxes! There are literally thousands of potential breaks hidden in federal tax code; it just takes some digging to find them. Let’s […]

Deducting Non-Cash Charitable Gifts – a Word of Advice

May 29, 2013 by Ed Becker

Do you have a dusty piece of machinery taking up space in your business warehouse? Or perhaps the neighbors are complaining about that car parked on your front lawn? Charitable gifts are an excellent way to reduce tax liability, but unfortunately, are closely scrutinized by the IRS. The following tips will help ensure you report […]

How Dwindling Tax Incentives for Green Energy will Impact your Business

May 1, 2013 by Ed Becker

Synopsis: The impact of expiring green energy tax incentives for small business and what to expect in the future. As traditional fuel prices continue to climb, green energy tax incentives have failed to keep up with the pace. Over the past decade, tax breaks for solar, wind, and alternative fuels have made clean energy a […]

Can I Receive Interest On A Sales Tax Refund?

January 23, 2013 by Ed Becker

The simple answer is “yes,” but each case is different.  Check out the article I found pertaining to this at the following link: Elusive Sales Tax Refunds

Mileage Rates for 2013

January 7, 2013 by Ed Becker

The IRS has announced its rates, found a quick blog on this that is worth checking out if you reimburse your employees

Fiscal Cliff Averted- New Tax Rates

January 3, 2013 by Ed Becker

The fiscal cliff was avoided late Tuesday evening so what does this mean to your tax rates. Here is a brief summary Tax rates For tax years beginning after 2012, the income tax rates for individuals will stay at 10%, 15%, 25%, 28%, 33% and 35% (instead of moving to 15%, 28%, 31%, 36% and […]

Are Holiday Bonuses Taxable?

December 5, 2012 by Ed Becker

Every year I receive questions on what to do for bonuses for employees.  It appears that everyone has there own ideas on how to handle bonuses and whether they are taxable. Short answer: Bonuses are taxable to your employees, but deductible expenses for your business.  For a longer answer, including the best way to handle […]

What Expenses Can I Deduct as a New Business?

November 30, 2012 by Ed Becker

New business owners want to sleep soundly at night, but sometimes an endless array of questions circles in their heads as they prepare the logistics of operating a new business. Typical questions that startup business owners ask are: What type of entity do I set up? Where do I incorporate? Can we hire subcontractors? Does my […]