Buckeye Bookkeeping Solutions

Buckeye Bookkeeping Solutions Are you a small business owner who wants to SAVE MONEY on accountant's fees or can't afford to hire a full-time in-house bookkeeper?

Call Buckeye Bookkeeping Solutions at (740)398-5726. "I have over 25 years experience in small business management and accounting services. Call me for a FREE CONSULTATION!" Sherry Wilson, Owner

12/27/2021

If you haven't donated to your favorite charity it's not too late to get a deduction on your personal taxes even if you don't itemize. From IRS "WASHINGTON – The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return.
Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions. But a temporary law change now permits them to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to qualifying charitable organizations. Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify.
Under this provision, individual tax filers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for married individuals filing joint returns.
Included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted in March 2020, a more limited version of this temporary tax benefit originally only applied to tax-year 2020. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, generally extended it through the end of 2021.
Cash contributions include those made by check, credit card or debit card as well as amounts incurred by an individual for unreimbursed out-of-pocket expenses in connection with their volunteer services to a qualifying charitable organization. Cash contributions don’t include the value of volunteer services, securities, household items or other property.
The IRS reminds taxpayers to make sure they’re donating to a recognized charity. To receive a deduction, taxpayers must donate to a qualified charity. To check the status of a charity, they can use the IRS Tax Exempt Organization Search (irs.gov) tool.
Cash contributions to most charitable organizations qualify. But contributions made either to supporting organizations or to establish or maintain a donor advised fund do not. Contributions carried forward from prior years do not qualify, nor do contributions to most private foundations and most cash contributions to charitable remainder trusts.
In general, a donor-advised fund is a fund or account maintained by a charity in which a donor can, because of being a donor, advise the fund on how to distribute or invest amounts contributed by the donor and held in the fund. A supporting organization is a charity that carries out its exempt purposes by supporting other exempt organizations, usually other public charities.
Keep good records
Special recordkeeping rules apply to any taxpayer claiming a charitable contribution deduction. Usually, this includes obtaining an acknowledgment letter from the charity before filing a return and retaining a cancelled check or credit card receipt for contributions of cash.
For details on the recordkeeping rules for substantiating gifts to charity, see Publication 526, Charitable Contributions, available on IRS.gov."

05/11/2018

Check Your Paycheck
With the new Tax Cuts & Jobs Act you may be able to change your withholding & get a bigger paycheck.

Changes to the tax law are going to reduce tax rates, eliminate personal exemptions, increase standard deductions & child tax credit, & change itemized deductions.

You can do a paycheck checkup by going to IRS.gov, search for withholding calculator and follow the steps.

To change your withholding contact the human resource department of your employer.

05/11/2018

New IRS Changes For Businesses in 2018
The new tax cuts & jobs acts increases the 179 deduction businesses can take on tangible property (except land) & non-residential property improvements (made after the property was placed in service) to $1 mil per year. Property improvements include any improvement to a building’s interior, roofs, heating & air conditioning systems, fire protection systems, alarm and security systems. Non qualifying improvements include enlargement of the building, service to elevators or escalators, and internal structural framework of the building.

03/20/2018

Ohio Sales Tax Holiday
8/3/18 to 8/5/18 is Ohio Sales Tax Holiday which means you won't pay sales tax on an item of clothing priced $75 or less, an item of school supplies priced at $40 or less and an item of school instructional material priced $20 or less. There is no limit on the number of items or total bill. It is determined by the price of the individual items and the threshold set on each type of item.

01/19/2018

New tax law changes for C Corporations -- flat tax rate of 21%. No more tax brackets based on taxable income.

12/19/2015

Are you a cash basis small business who needs last minute tax deductions? Prepay your utilities, insurance, and monthly expenses, or stock up on office supplies.

11/15/2015

Support Small Business

Support the small businesses on 11/28 and throughout the year

09/24/2015

Disaster Checklist
If you had to leave your home in an emergency, would you have the information you needed? Keep these records where you could get to in a hurry in case of an emergency:
1. Drivers license
2. Passports
3. Social security cards
4. Birth certificates
5. Marriage & divorce papers
6. Car, boat, RV registrations, titles, or deeds
7. Insurance policies
8. A room-by-room inventory of belongings
9. Investment records
10. Income tax information
11. Pay stubs & employer benefits records
12. Wills, living wills, trusts, financial & medical powers of attorney
13. A backup of your computer files--passwords, photos, & videos
14. Account #'s & customer service phone #'s for all your loans, utilities, bank accounts, investment accounts, insurance policies, & cc's
15. Business records

Be sure to secure & copy your important papers. Keep the originals in a water-tight container, fire safe, or a safety deposit box. Store copies somewhere else.

09/20/2015

Things That Kill Your Credit
Some people take their credit for granted & don’t start paying attention to it until they need it. The problem with this is that it could delay if not altogether cause the loan to be denied.

The most common:
1. Not correcting items on your credit report--a large majority of credit reports have errors on them.
2. Making late payments
3. Maxing out your cc--ideally a person wants to have an outstanding balance of no more than 30% of their available credit. As the % of available credit decreases, the credit score will go down.

Bad credit can not only keep you from getting the loan you want but can even raise your insurance rates and cause you to pay higher interest rates on loans.

Since it takes time to remove items from your credit report, it is good practice to review your free credit reports as often as possible.

Be sure you look at all 3 credit reports from Experian, TransUnion, & Equifax as the reports may not have the same information on them. Errors need to be corrected from all 3 reports as different creditors use different companies to check your score.

06/27/2015

How long are you at risk for an IRS audit?

In most cases, the IRS has three years to audit after you file your tax return.

The three years is doubled to six if you omitted more than 25% of your income or omitted more than $5,000 of foreign income.

There is no time limit if you have never filed a tax return or if fraud is suspected.

So be safe, file your tax returns on-time to lessen your chances for an audit.

12/11/2014

Employees VS Independent Contractors

Employees--anyone who performs services for you is your employee if you can control what will be done & how it will be done

Independent Contractors--if the payer has the right to control or direct only the result of the work & not what will be done & how it will be done.

As a business owner, you may be required to file Form 1099's with the IRS if you had independent contractors.

11/04/2014

Approved by Ohio Dept of Taxation
A 10 percent personal income tax cut to be phased in over the next three years. In 2013 rates were reduced 8.5 percent, and employer withholding tables were updated to reflect the lower rate.
and for small businesses
A small business tax cut that enables owners/investors to deduct from taxable income 50 percent of the first $250,000 in net business income.
For more info see www.tax.ohio.gov

Address

Fredericktown, OH
43019

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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