Dollars & Scents Accounting Services

Here's a tax tip for year end planning. If you itemize deductions consider paying your 4th Q STATE tax estimate before the end of this year.

The proposed tax legislation would be great for many of my small business owner clients. Before listening to all the political rhetoric touting that this bill is bad for middle income families, run the numbers and see how much the changes will save you. Facts are always better than fictitious claims.

As we draw closer to year end, remember, between now and December 31 is the best time to speak with your accountant to implement tax savings strategies. If you wait until after the new year, it will be too late to do anything about it for 2016.

Reminder.....3rd Quarter Estimated Taxes are due on Sept. 15th. Don't forget to make yours!

Reminder.....2nd Quarter estimated tax payments are due Monday, June 15, 2015

Congress is considering making all small businesses change from the cash method of accounting to the accrual method. Accrual accounting requires you to recognize income when a service is performed as opposed to when cash is received. Business owners who carry Accounts Receivable will be impacted the most as they will be required to pay income and self employment taxes before they ever receive the money for those services. The Accounting industry has been lobbying Congress NOT to pass this legislation as it will have a detrimental effect on many small businesses and its owners. Stay tuned.

Check out the APDT Chronicle this month for my new series The Tax Corner. The digital version is available today. Also of note in the APDT newsletter this month is Dollars & Scents 15% discount program for APDT members.

Be on the lookout for my new series for dog professionals entitled "The Tax Corner" beginning with the September/October issue of Barkleigh's Pet Boarding and Daycare magazine.

My next webinar on August 27th at 11:00 a.m. PST for The Academy of Dog Trainers' students and alumni will focus on tax strategies and options available for paying your taxes. Contact Jean Donaldson for registration and availability.

Want to know more about the differences between Independent Contractors and Employees? Thinking about hiring your first employee? Learn more during my live seminar "Tax Answers for Employers" on Sept. 18th at 5:00 p.m. PST. Registration through www.dogtec.org.

Have you checked out the webinar I did for dog*tec a couple of weeks ago entitled HELP! What do I do with my taxes? It's filled with insights and strategies for managing and paying your tax bill.