Tax Tips Archives - Kallas Restaurant Accounting

3 Tax Benefits You May Not Be Getting

Aug 1, 2019 | Article | Tagged: Tax Tips

In prior years the home office deduction was somewhat risky. The IRS seemed to audit that deduction frequently and there were complications due to apportionment of expenses between personal and business and depreciation on your home.

Tax Planning Now More Important Than Ever

Feb 1, 2019 | Article | Tagged: Tax Tips

Small businesses can reduce their tax bills significantly. Huge Opportunities if planned properly! The new tax law which begins January 1, 2018, includes many opportunities and significant benefits for small businesses. The law fundamentally changes many of the tax...

Your Tax Returns – We Do More Than Just Preparing

Feb 1, 2019 | Article | Tagged: Tax Tips

Throughout the year we pick up new clients – many from other accountants. We always review the prior work to see if there is anything that was missed or can be done to better your situation. One of the recurring things we notice is that many accountants and tax...

Health Insurance for S-Corp Shareholders

Nov 1, 2018 | Article | Tagged: Tax Tips

S Corporations have always had unique issues with respect to health insurance for owners. The Affordable Care Act (ACA) created more complexity for S Corporation owners. Here are the basic rules: Group health insurance non-discriminatory plans that cover all eligible...

Foreign Reporting Requirements for U.S. Taxpayers

Aug 1, 2018 | Article | Tagged: Tax Tips, Warnings

DO YOU HAVE A FOREIGN BANK ACCOUNT OR INCOME PRODUCING PROPERTY? In the past several years, the IRS has been vigorously pursuing taxpayers who fail to comply with foreign reporting requirements. The IRS has instituted banking treaties with almost all sovereign...

Tips to Lower Your Sales Tax

Nov 1, 2017 | Article | Tagged: Business Tax, Tax Tips

Kallas bookkeepers and tax preparers are trained to look for every dollar we can to reduce your taxes. One way to reduce sales tax is to deduct tax-exempt sales, discounts, and giveaways. Tax-exempt sales are allowed when a charitable organization or a governmental...

Unemployment Taxes- Avoiding Penalties and High Tax Rates

Aug 1, 2017 | Article | Tagged: Employment Law, Tax Tips

For a business owner, unemployment taxes are not thought of as an important item to be concerned about but in recent years, the UIA (Unemployment Insurance Agency of Michigan) has instituted a new web-based computer system and as a consequence, has increased its...

Tax Advantaged Savings for Children and Grandchildren

May 1, 2017 | Article | Tagged: Tax Tips

If you are a parent or grandparent who is thinking ahead and want to save money for your minor children and grandchildren there are a few ways to save that come with some tax benefits The easiest way to save money for a child or grandchild is to set up a simple bank...

9 Important Tax Tips and Reminders

Feb 1, 2017 | Article | Tagged: Business Tax, Tax Tips

If you have the U.S. equivalent of $10,000 in a foreign bank in any day of 2016 you must file FinCen form 114. Remember to tell your tax preparer. If you have the U.S. equivalent of $50,000 in assets located in foreign countries on the last day of the year or more...

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