EFTPS – The Easiest Way To Pay All Your Federal Taxes

From www.irs.gov/uac/eftps-the-electronic-federal-tax-payment-system:

New enrollments for EFTPS can take up to five business days to process.
The Easiest Way to Pay All Your Federal Taxes
EFTPS® is a system for paying federal taxes electronically using the Internet, or by phone using the EFTPS® Voice Response System. EFTPS® is offered free by the U.S. Department of Treasury.

EFTPS® offers ...
Security You Can Count On
EFTPS® is a secure government web site that allows users to make federal tax payments electronically. Every user must have


New Standard Mileage Rates For 2018

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

54.5 cents per mile for business miles driven, up from 53.5 cents for 2017 18 cents per mile driven for medical or moving purposes, up from 17 cents for 2017; 14 cents per mile driven in service of charitable organizations.

The business mileage  and the medical and moving expense rates each increased 1 cent per mile from 2017. The charitable rate is set by statute


Separate Your Accounts

Keep your business accounts from your personal accounts.  I recommend this to all of my business owner clients.

It is not unusual for a small business owner to start off with one account. But as the business grows, incurs expenses and makes a profit using one bank account or credit card can lead to trouble.

One of my clients learned this lesson the hard way when the IRS audited her because they could not see how she was paying for her living expenses. Her CPA at the time did not


Tax-Free Meals?

Warning on tax-free meals for employees. When meals are provided “for the convenience of the employer” and are not disguised compensation, they are nontaxable to employees as long as they are provided on the employer’s premises.  The IRS is likelier to challenge daily or frequent meals than occasional ones and to be more lenient on meals for those employees who are on call during lunch for business reasons (e.g., emergency room health care professionals).

 Audit alert: The IRS believes many employers are not taxing meals that


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