Kostecke CPA

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Business PlanningI have read posts by really smart people that are pretty negative on budgets. Why? Usually for two reasons: 1) Businesses spend too much time developing their budgets and analyzing variances between actual results and the budget, time that would be better spent on actions that will help the business going forward, and 2) Budgets are quickly  Read more

Are business gifts and awards deductibleMany entrepreneurs and small businesses are not aware of the tax implications of gifts given to employees, customers and business associates or awards given to employees. There are some specific limits and rules around gifts and awards that you should understand. First, you can deduct gifts to customers, clients and business associates, but you are limited to $25 Read more

Business PlanningThe 70thanniversary of the D-Day invasion, a huge military operation which changed the course of World War II, was being discussed on the radio the other day, and I heard this great quote by Dwight D. Eisenhower : Plans are worthless, but planning is essential.

I wondered how Eisenhower Read more

Self-Employment TaxCompany picnics, parties and other events can be tax deductible, provided you have good documentation and understanding of the rules for tax deductible expenses.

Companies throw parties for different reasons. Sometimes it is primarily as a morale booster for employees Read more

what can i deduct from my taxesWhat meals are tax deductible business expenses? For most types of businesses and circumstances, the deduction is equal to half the cost when the purpose is clearly for business. Read more

Self-Employment TaxSmall business people, entrepreneurs, and independent contractors should know before they start that they will probably have to pay self-employment taxes on their net income. But just in case you hadn’t heard the news, you have to pay self-employment taxes on your net income! So what is self-employment tax anyway? Read more

Can I deduct my car?There are a lot of misunderstandings about deducting your car or truck expenses for business, so it’s important to understand how you do this properly without taking too much or too little as a deduction on your tax return.  To this set of frequently asked questions, here are six guidelines on taking mileage and depreciation that you Read more

Tax planning before filing your 2013 taxesIf you haven’t filed yet, here are four reason for doing some tax planning before filing your 2013 taxes.  For 2013’s taxes, there are new tax brackets, taxes, and phaseout limits that make tax planning even more important, as follows: Read more

Saving money on your taxesIf you are a procrastinator when it comes to tax planning, you are still in luck.  Saving money on your taxes is not too difficult if you happen to have good accounting practices and you keep current with changes to the tax code. Read more

Manage inventory

You Have Inventory If…

If your business makes physical things, or sells physical things, or both, you have inventory. Your inventory enables you to meet customer demand. If you do not have an item in stock, you may lose a sale, and maybe a customer as well. If you employ people full-time to help you Read more