George V. Famiglio, Jr, CPA/PFS, CFP, CFS, CGMA. Est. 1971
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| Keep Business Accounts & Personal Accounts Separate |
Commingling Funds is more than messy accounting—it is dangerous. Paying personal bills, cashing checks to yourself when they were written to your business, or having shared bank accounts is an abuse of your corporate entity and may remove the protection of limited liability. |
| Keep Clean & Accurate QuickBooks Files |
The IRS has begun to request QuickBooks or Peachtree files from taxpayers who are being audited—and they want them unaltered. The IRS Stated< in response to a letter from the AICPA<: |
| Know The Benefits of Being Your Own Boss |
There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed. See our special list of tax tips< for the self employed or those who wish to be<. |
| Know Your State & Federal Green Tax Incentives |
When looking for new appliances or planning changes to your home or business, it pays to know the available tax incentives before you finalize your purchase. Salesmen or contractors may know of rebates, and can point you in the right direction, but often zealously push a credit you may not qualify for or one that may no longer exist. |
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