Tax & Accounting Tips That Save Money

Quick Tips

Deadlines - Quarterly Estimated Taxes

Self-employed and 1099 earners generally owe estimated tax four times a year. Missing a due date can trigger IRS penalties even if you pay in full come April.

Deductions - The Home Office Deductions

The space must be used regularly and exclusively for business. Two calculation methods exist. One is far simpler, but not always the bigger deduction.

Hiring - 1099 vs. W-2: The Quick Test

Ask one question: do you control how the work gets done, or just the result? Control the process = employee (W-2). They run their own show = contractor (1099).

Bookkeeping - Skip the Year-End Scramble

Reconcile accounts monthly, tag expenses as they happen, and review your P&L before month's end, not in a panic every April.

Deadlines - Nonprofit 990 Deadline Basics

Form 990 is due the 15th day of the 5th month after your fiscal year ends. May 15 for calendar-year nonprofits. Miss it 3 years in a row, and the IRS automatically revokes your tax-exempt status. Need more time? File Form 8868 for a 6-month extension before the deadline hits.

Taxes - IRS Red Flags to Avoid

Mismatched income (what's reported to the IRS vs. what you filed), large deductions relative to income, and round-number estimates instead of exact figures are common triggers. Cash-heavy businesses and home office deductions also draw extra scrutiny. Keep documentation for anything you claim. It's your best defense if a notice does arrive.

”In this world, nothing is certain except death and taxes”

- Benjamin Franklin

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