Are Your Books A Mess?
Just as in personal life, most of us are eager to start our businesses off on the right foot in the New Year. One of the best places to focus attention on is bookkeeping and accounting.
If you’re on top of this, you’ll have a good view of the health of your business and be able to make informed decisions as the year progresses. And yet, it’s very common, even for successful companies, to let accounting take a back seat to other operational areas.
Here are some questions you should ask yourself as 2014 begins. They may help you find out just how much work you need to do to get your books into shape. Do any of these scenarios sound familiar to you?
- If you have several businesses, is the accounting and record-keeping set up separately for each company and separate from your personal finances so that you have a clear picture of operations? This is step one to good financial management for your business and your personal finances.
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2014 – IRS Standard Mileage Rates Announced
It’s time to reveal the long-awaited IRS standard mileage rates for 2014. And they are (drumroll, please):
- 56 cents per mile for the optional business standard mileage rate
- 23.5 cents per mile for qualified medical and moving expenses
- 14 cents per each mile driven for charitable purposes
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1099s Repealed for Corporations! So Do You Need to File Them at All?
Although the IRS officially repealed the onerous expanded information reporting requirements for payments made to corporations, the stakes are higher with enhanced penalties for failing to file 1099s when required. Here’s a brief summary explaining when and to whom you do need to file Form 1099 for 2013…
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Clients In The News
We’d like to congratulate the following:
Morgan & DiSalvo, P.C. was recognized by U.S. News & World Report and BestLawyers.com as a Tier One Law Firm and a Top 20 Law Firm for “Trusts and Estates Law” in Georgia. (Press Release)
Chet Walden, President of Walden Businesses received the 2013 Darrell Fouts Award which recognizes exceptional contributions and visionary leadership to the group M&A Source. (Press Release)
