The IRS increased the business standard mileage rate from 50.5 cents per mile to 58.8 cents per mile effective July 1, 2008. They also raised the standard mileage rate for medical mileage from 19 cents-per-mile to 27 cents-per-mile. Charitable mileage...

Direct from the IRS: For tax returns filed and processed by April 15, 2008. Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. People who use direct deposit also will be...

It is no secret that you can get more done if you delegate tasks. Delegation is most important to small business owners who wear several hats in their business and work 50, 60, or 70 hours each week. So if...

The first task you perform in setting up a bookkeeping system is to create a chart of accounts. A chart of accounts is simply a list of categories you use to record and group your business transactions. [E.g., account 101-...

The Official Weblog of Potts & Company ~ Certified Public Accountants

Organization is a valuable skill. The realization of its value is felt by many when gathering documents needed to prepare their income tax returns. Organization saves time. It can save money. If you fearful of the IRS examining your income...

In addition to cash rebates (previously discussed), the Economic Stimulus Act of 2008 included a couple of business incentives - a more generous Section 179 deduction and bonus depreciation. Most business owners are familiar with Section 179. Section 179 is...

FREE MONEY- LET'S PARTY!!! President Bush signed the Economic Stimulus Act of 2008 this past Wednesday. It has been all over the news for the last month. Our government is giving us free money and they want us to spend...

A charitable non-cash contribution deduction of clothing and household items is allowed only if the donated property is in "good used condition or better". "Good used condition or better" has not been defined by the IRS so its going to...