Whether you have a business or not, keeping receipts can help ensure you claim all your possible deductions. Here are a few standard tips on keeping up with receipts.  Take a photo/ make a copy - Many receipts fade over time, making it challenging to read dates and amounts. Capturing a picture or...
Did you Know Bernadine Gines was the first black woman CPA in New York? She gained her MBA from New York University, and after getting licensed in 1954, she expected to find a job with ease. However, it wasn't until 1956 that a firm would hire her and helped her pave the way for other women and m...
"Today, it takes more brains and effort to make out the income-tax form than it does to make the income."                                        -Alfred E. Neuman
Did you know the first woman who chartered a bank was black? Maggie Lena Walker was born in 1867 to former slave parents. She took many accounting and business classes during school, and after she graduated, she chartered the St. Luke Penny Savings Bank in 1903.
Do you have children that work while attending college?If you have children working while attending college and you provide more than half of their support, you may be able to claim them on your tax return provided certain conditions are met. During tax season, college students often rush to file...
Did you know Mary T. Washington Wylie was the first black woman Certified Public Accountant? After she graduated from Northwestern University in 1941 with her bachelor’s degree in business, she started an accounting firm. To honor the 75th anniversary of her becoming a CPA, Chicago declared Septe...
With tax season in full swing here are the top 7 considerations you should have when seeking a tax professional:   Qualifications – Although an individual doesn’t need to be a CPA or an enrolled agent to prepare taxes, it’s important to keep in mind that both CPAs and enrolled agents can represen...
Depends! In the spirit of the giving season, here are few tips when it comes to business gifts: You can deduct up to $25 per gift per person Gifts that could be considered entertainment are not deductible Keep your business gift receipts! Here are a few business gift suggestions: Coffee mugs/tumb...
Generally, Individuals, including sole proprietors, partners, and S corporation shareholders, are required to make estimated tax payments if they expect to owe tax of $1,000 or more when their annual federal tax return is filed.You don't have to pay estimated tax for the current year if you meet ...
Self-employed individuals and small business owners with excess income should consider setting up SEP IRA. There are 7 different types of IRAs including the Traditional, Roth, SEP, Nondeductible, Spousal, SIMPLE, and Self-directed. Each IRA has its advantages and disadvantages, however for this b...

Krystin Mitchell, CPA CFE

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