Our Blog

An Ounce of Prevention – Protect Yourself Against Identify Theft

According to the most recent U.S. Department of Justice data, approximately 7 percent of U.S. residents age 16 or older are victims of identity theft each year. While the overall percentage of Americans affected by identity theft has held steady since 2008, identity theft related to tax information is increasing rapidly. In fact, the Federal Trade Commission (FTC) recently released statistics...

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Don’t Spend Your Tax Refund Unless You’ve Considered These Tips!

April 14, 2014

Hopefully you have already filed your tax return and are anticipating at least a modest refund. But, before you get too excited about splurging with your IRS check, stop for a moment and remember that you earned that money! While many people view a tax refund as ‘bonus’ cash—it isn’t. It is simply a return of the funds that you earned and paid as tax beyond what your actual obligation...

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Does Your Business Need a Post-Tax Season Tune-Up?

March 31, 2014

With the business tax return deadline behind us, this is an ideal time to think about giving your business a little post-tax season tune-up with the intention of making next tax year easier and improving your financial situation. Here are a few key areas to consider analyzing now that your business taxes are filed:

Day-to-day accounting. With the rush of preparing...

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The Child Tax Credit Can Give Parents Some Relief

March 17, 2014

There’s no disputing the fact that raising children today is a costly endeavor. However, the American Taxpayer Relief Act of 2012 (ATRA) has eased parents’ tax burden and put a few dollars back in their pockets with the Child Tax Credit, which ATRA made permanent. This tax credit can be worth as much as $1,000 per qualifying child depending upon a parent’s income.

Because it...

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Is the New Simplified Home Office Deduction Right For You?

March 4, 2014

A nice home office is often one of the biggest perks of being a freelancer, and it can also provide you with a significant tax deduction if you qualify for it. Up until this tax year, the calculations needed to claim the home office deduction were complex and required meticulous record keeping and a separate form (Form 8829). However, starting with your 2013 tax return, the IRS has introduced...

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Take Advantage of the Invaluable Learning Opportunity Your Tax Return Provides

February 14, 2014

With tax season in full swing, you are likely busy compiling all of your tax documents and expense receipts to support the preparation of your return. When you think about it, there is a lot you can learn from preparing to file your tax return. It provides the perfect snapshot of where you stand financially, which can offer important insights into your money management habits. While there are...

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Business Owners, Be IRS Audit Savvy this Tax Season

February 1, 2014

With tax season here, you might be wondering just how likely you are to hear from the IRS after you file by means of an audit notice. While the chances you will be audited are relatively low if you file a straightforward personal tax return, the more complex your tax situation becomes (reporting business income or graduating to a high-income tax bracket, for example), the more likely it is...

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Does Your Business Need to File 1099s? The Initial Deadline of January 31 is Fast Approaching!

January 17, 2014

If your business spends $600 or more for services from another business or an individual contractor during the tax year, you may have to report the amount on a Form 1099. The requirement to file 1099s applies to all types of businesses, C-Corporations, S-Corporations, LLCs, all partnerships, and sole proprietorships. Forms 1099 are normally issued to unincorporated...

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This Tax Year Includes a Baker’s Dozen of Changes to Digest

January 3, 2014

Happy New Year! Now that the holidays are over, it’s time to get serious about reviewing where you stand from a tax perspective. As you may recall, in 2013 Congress and President Obama made a budget deal to avoid the fiscal cliff which resulted in seven tax increases. In addition to these increases, the introduction of the Affordable Care Act (also known as Obamacare) also included six...

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IRS Eases the “Use-it-or-Lose-it” Rule for Flexible Spending Plans

December 17, 2013

With the end of the year on the horizon, many individuals with flexible spending accounts (FSAs) are scurrying to spend residual funds to avoid “losing” them, in accordance with IRS regulations. However, the regulations have now changed with the IRS easing the “use-it-or-lose-it” rule for health flexible spending plans. Individuals with FSAs can now carry over a maximum of $500 to...

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Should You Apply for Social Security When You Apply for Medicare?

November 27, 2013

If you’re nearing the customary retirement age of 65, you may be considering when to apply for Medicare and Social Security benefits. This is an important decision that can have significant impact on your financial situation down the road, so it is important to understand how these benefit programs work. In particular, if you are not planning to retire at the full retirement age (FRA) of 65...

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Don’t Let the Delayed Tax Season Stop You from Being Prepared

November 14, 2013

The IRS recently announced that, for the second year in a row, it will delay the start of tax season. However, the April 15 filing deadline, which is set by statute, remains in place. Last year it was the fiscal cliff negotiations that pushed back the start of the tax filing period. This year, of course, it is the 16-day government shutdown that put the IRS approximately one to two weeks...

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LLC Owners and Participants: Be Aware of IRS PAL Regulations

October 30, 2013

If you own a Limited Liability Company (LLC) that you are not actively managing, but you claim tax deductions, this blog post will be of interest to you. Close to 30 years ago, the IRS passive activity loss (PAL) rules (I.R.C. Section 469) were enacted to limit the degree to which money-losing LLCs could be used as tax shelters by their owners claiming losses—such as depreciation, interest,...

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You Get What You Give: Tips for Motivating Your Employees Through the Holidays

October 17, 2013

Halloween is just around the corner and in a few short weeks the calendar will flip to November 1—the unofficial beginning to the winter holiday season that can seriously reduce employee productivity. After all, who has time to put in a solid eight hours a day at the office when there is seasonal shopping, schmoozing, and socializing to be done?

Many business owners have a...

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The Medicare D Notification Deadline is Oct. 15 for Employers Providing Prescription Drug Coverage

October 4, 2013

Employers providing healthcare insurance that includes prescription drug benefits are required to notify Medicare-eligible employees by October 15 of each year whether their drug benefit is "creditable coverage," meaning that it is expected to cover, on average, as much as the standard Medicare Part D prescription drug plan.

The Centers for Medicare and Medicaid Services (CMS)...

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Get a Head Start on Tax Season in Four Simple Steps

September 30, 2013

While the end of the year may seem like it’s a long time from now, it’s only three short months away. When you factor in the hectic weeks of the coming holiday season, that really only leaves a few weeks to pull your tax information together to avoid the stress that being unprepared for tax season can bring.

Now is the time to think about what information you will need for the...

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Employers Must Provide Notification of Health Insurance Options to Employees by October 1, 2013

September 13, 2013

The opening of the government’s Health Insurance Marketplace (HIM) on October 1 is fast approaching and with it comes a new requirement to Section 18B of the Fair Labor Standards Act that all businesses should be aware of. By October 1, 2013 employers must provide written notices about health insurance options, including notification of the new health insurance marketplace, to their...

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College Tuition and Taxation 101

September 4, 2013

The beginning of September is synonymous with the back-to-school season. If you have a child attending college, or if you are a student yourself, September is also likely to be synonymous with the beginning of annual tuition payments. While attending and paying for college may be taxing in many ways, there is some good news when it comes to tax deductions and credits related to college...

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Employee Theft: 4 Tips for Protecting Your Business

August 16, 2013

Given the tough economy over the past few years, it has been particularly difficult for business owners and the individuals they employee to thrive financially. Couple the poor economic climate with the fact that many businesses, especially small ones, have few controls in place to prevent employee theft and you get statistics like these reported by the National Federation of Independent...

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The Third Stage of Accounting

August 8, 2013

Introduction

At the heart of a highly efficient accounting department is technology. Today, however, with ever-changing mandates and the need for ‘always-on’ access to data, it’s not enough to simply implement advanced applications. Technology alone cannot deliver significant results—in terms of...

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Rest Easy: Know the Tax Implications of Renting Your Vacation Home

July 31, 2013

If you’re lucky enough to own a vacation home, or are thinking about investing in one, you should be aware of the tax implications associated with this type of property, particularly if you are planning to rent it at least some of the time. It is also important to note that the IRS definition of a vacation property encompasses not only houses, cottages, and condominiums, but also mobile...

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Mid-Year Tax Planning Can Save You Time—and Money

July 16, 2013

As hard as it is to believe, the year is already half over. Although it may seem like the April tax deadline was just a few weeks ago, the reality is it’s time to start thinking about your 2013 taxes. And, if you spend some time now on mid-year tax planning, it can really pay off next April—which is only nine short months away. In addition, taking stock of where your business is halfway...

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Obama budget contains tax provisions

April 11, 2013

President Obama released his 2014 budget plan earlier today, and as you might expect, it stands in stark contrast to the Republican budget offered up by House Republican Paul Ryan last month in terms of spending and projected tax revenue.

Ryan’s budget sought to completely eliminate the deficit by 2023. It did so by conceding no additional tax revenue over the next...

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News regarding the fiscal cliff avoidance legislation

January 3, 2013

News regarding the fiscal cliff avoidance legislation


Pulling back from the “fiscal cliff” at the 13th hour, Congress on Tuesday preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. Shortly before 2 a.m. Tuesday, the Senate passed a bill that had been heralded and, in some...

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Jumpstarting Innovation in your business

October 17, 2012

To ensure success, it’s important to consistently evaluate your business and identify possible areas for enhancement. Of course, because you are an integral part of daily operations, it’s sometimes hard to visualize what enhancements may be needed or to come up with that next BIG...

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How to "Moneyball Your Business"

September 4, 2012

How to “Moneyball Your Business”

The popular and true story of how the Oakland A’s quit looking at conventional numbers and began looking at less conventional, but better indicators of success became a bestselling book and very successful movie.

From Wikipedia:

“The central premise of Moneyball...

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16 rules that apply to every business

August 29, 2012

 

16 Rules that Apply to Every Business

Bob Parsons, founder of GoDaddy.com, recently sold his company for 2.25 billion. His success has been the result of trial...

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How ObamaCare will affect your 2013 taxes

August 10, 2012

How ObamaCare will affect your 2013 taxes

Individuals

  • Beginning in 2013, an additional 0.9% Medicare tax applies to wages exceeding $250,000 for joint returns, $125,000 for married taxpayers filing separate returns, and $200,000 for all...


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Outsourced Accounting prevents fraud

July 19, 2012

Outsourced Accounting Offers Protection against Fraud

There is far more fraud protection offered by third party outsourced bookkeeping firms than any protection you could find by hiring your very own onsite accountant. Third party accounting services enforce systems of checks and balances that drastically cut back on the opportunity for fradulent activity. Here are...

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Accounting 101 for Small Business Owners

July 18, 2012

Accounting 101 for small business owners

It’s rare to find a small business owner who properly understands the company’s monthly financial statements. Most owners concentrate on sales, expenses, and cash flow. Not withstanding the importance of these terms, the stories of companies with plenty of cash and profits are legendary....

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Understanding the Functions of Bookkeeping/Accounting and Controllership

July 17, 2012

Understanding the Functions of Bookkeeping/Accounting and Controllership

To most small business owners, the functions of bookkeeping, accounting and controllership are generally a mystery.

Bookkeepers perform all of the transactional activities of a business:

Cash receipts, cash disbursements, deposits, invoicing, bank account...

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Outsourced accounting in top 45 best business ideas of 2011

May 2, 2012

2011 was the year of the cloud, and if all indications are accurate, 2012 will be no different. Recently, Business News Daily ranked outsourced professional bookkeeping as the number 22 best new business idea for aspiring entrepreneurs. With this kind of high profile validation, professional accountants the nation over will surely gravitate to offering more of their services in a remote...

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What is Virtual Accounting?

April 6, 2012

What is “Virtual Accounting”?

Virtual Accounting is an all-inclusive solution that offers small and medium size businesses relief from the day-to-day accounting hassles.

Recent advances in technology has made it possible to eliminate the need for an in-house bookkeeper or accountant. Using an outsourced managed source, a company can turn over bill paying, preparing payroll...

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Companies destroyed by fraud

March 23, 2012

Mid-South Woman Indicted for Embezzling $1.5 Million from Collierville Company

Karen Tripp allegedly embezzled $1.5 million from Seiler-Nabors Construction Company, based in Collierville, Tennessee. The indictment states that Tripp wrote checks to her personal bank account as well as the antiques store that she owned. She also allegedly used the money to buy her...

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Avoid Phony Refund Schemes Abusing Popular College Tax Credit - 9 Tips

March 15, 2012

The IRS has provided nine useful tips to help taxpayers avoid an emerging tax scheme. This new scam tempts senior citizens and other taxpayers to file tax returns claiming fraudulent refunds. These schemes promise refunds to people who have little or no income and normally don’t have a tax filing requirement.

Promoters claim that they can obtain a tax refund or nonexistent stimulus...

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It's a Brand New Day

March 5, 2012

It's a Brand New Day at OnDemand Accountant! We are excited to announce the recent launch of our firm’s new website. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around our new website and review some of our advanced features, like our Client...

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(QuickBooks and Peachtree)

Phone: 404-231-2001
Fax: 404-231-0127