I recently posted an overview of the changes for small business in the recent tax law. We’ve delved into the detail a little more, and have an update with some thoughts on strategies going forward: Estate Taxes The basic exclusion for estate and gift taxes was raised to $10 million per person, but revert back… Read More


The deadline for turbo charging your tax deduction for next year is quickly approaching. Small businesses with existing SIMPLE IRA accounts have until November 1st to notify their employees of changes for the new year. IRS rules prohibit small businesses from having a SIMPLE IRA and a 401k in the same tax year, so if… Read More


Even taxpayers who try to stay on top of filing can find themselves unable to complete their returns by the deadline. Fortunately, qualifying taxpayers can file for an IRS extension and so avoid any late fees or penalties. Filing an Extension If you need more time to track down missing tax documentation or had an… Read More


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There are three basic paycheck options available to employers, direct deposit, paper checks, and pay cards. There are benefits to each type of payment, although which one fits a company best will depend on a variety of factors, including the number of employees and the size of the payroll staff. Paper Paycheck Many companies still… Read More


Automatic Check Signing | Tulsa Tax Services | Oklahoma City Tax Services

Over the last decade, more and more large companies have adjusted their payroll systems to enable automatic check signing. Whether a company uses its own check signing machine or downloads a software program, automatic check signing has become nearly universal in some industries and is an efficient method of cutting down on the time and… Read More


9 Common Tax Filing Mistakes | Tulsa Business Consulting | OKC Tax Services

As Tax Day creeps closer, it can be tempting to dash through your return. Don’t. Rushing tends to result in mistakes – and those errors can slow processing of your tax return, resulting in delayed tax refunds or worse, a second glance from Internal Revenue Service (IRS). The IRS has identified the nine errors that… Read More


7 Reasons Not To File Your Taxes Early | Tulsa Business Consulting

If the IRS owes you a refund, you want to file your taxes immediately, right? Not really. In fact, resist the temptation to file until you’re sure you are ready. You’ll save yourself grief and possibly significant money too. 1. Tax returns are like lumber. Measure twice, cut once. The best way not to have to amend is… Read More


Profit Sharing Plans | Tulsa Business Consulting | OKC Tax Services

Profit sharing plans allow employers to make discretionary contributions to an account for each employee based on a set formula. Profit sharing plans are used by large and small businesses alike, although they do require employers to file Form 5500 once a year. Allocating Funds Although employers are given the discretion to decide how much… Read More


Direct Deposits | Tulsa Financial Services | Oklahoma City Tax Services

Some employers issue physical paychecks to their employees, whether on a bi-weekly or monthly basis. However, more and more employers have begun using direct deposits to pay their employees. One of the most attractive characteristics of direct deposits is that they eliminate the risk of losing a paycheck or having it damaged or stolen. For… Read More


Importance of Accurate Timekeeping | Tulsa Business Consulting

Under the Fair Labor Standards Act (FLSA), businesses are required to adhere to specific record keeping practices. The law allows employers to use any method of timekeeping they choose, which could include utilizing a time clock, employing a timekeeper, or requiring workers to record their own times. To satisfy the law, a timekeeping plan need… Read More