Bookkeeping & Accounting | Outsourced Services | Small Business | Nonprofit | Foster Results, LLC

Are Employee Gifts Tax Deductible?

With the end of the year rushing towards us, many business owners are starting to think about gifts for their employees to show appreciation for a year’s worth of hard work.  As you are working on your budget for gifts this year, make sure to familiarize yourself with the IRS rules. The IRS determines tax [...]

Individual Year-End Tax Planning

Year-end tax planning for 2010 presents new challenges for individual taxpayers like you to reduce or defer your federal income tax liability. Although it is generally beneficial to defer income and accelerate expenses, with tax reform on the horizon, the focus shifts to balancing overall tax rates in 2010 and beyond. As you know, the [...]

Business Year-End Tax Planning

Year-end tax planning for businesses received a welcome boost recently when Congress passed the Small Business Jobs Act of 2010. The new law extended some valuable and well-publicized business tax incentives, such as bonus depreciation and Code Sec. 179 small business expensing. At the same time, businesses can benefit from many other tax incentives, some [...]

Hiring Family Members to Save on Taxes

Own a small business in which your family helps you out?  Make sure to hire your family members and you can end up saving on taxes.  Hiring a child or another family member in a family business can save taxes for both the business and for the family as a whole.  The business saves taxes [...]

Small Business Tax Tips for Year-End

The middle of the fourth quarter of the year hardly seems like time to think about taxes, but a little planning now can payoff come April.  Here are a few tips your small business can use to save on taxes: Buy! It may seem contradictory to buy things now to save money later, but every [...]

Nonprofits: Partner for Success

With all the reasons we have discussed this past month regarding why nonprofits should outsource their accounting operations, the one that sums it all up is having a dedicated partner for the success of the organization’s charitable endeavors. Most in-house accounting departments are not nearly as productive as outsourced firms. Outsourced accountants conduct bookkeeping and [...]