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QUESTION 1: I volunteer my time at a local charity by delivering meals to homes and occasionally donating basic office supplies such as, pens, paper and stamps. Does this type of charitable giving qualify as a deduction on my tax return?
QUESTION 2: Every year our office manager asks me to fill out a new W-4 and every year I’m not always confident if I determined my withholdings correctly. What are some general guidelines to follow?
QUESTION 3: I am considering starting a retirement plan for my employees. I would also like to contribute to the plan. Which plan would be best for my business concerning minimizing employer contributions but also allow employees and myself to contribute the maximum?
QUESTION 4: I have always sent out 1099s to individuals who have received payments from me of at least $600.00. Last year my CPA reminded me to send a 1099 to my attorney. What are the rules on sending 1099s to attorneys?
QUESTION 5: How long should I hold on to important financial papers such as, accounts payable and accounts receivable ledgers, bank reconciliations, checks, general ledgers, and invoices.
QUESTION 6: Filing my tax return always makes me nervous and the thought of an audit worries me. What are my chances of being audited and is there anything I can do to lessen the risk?
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