Sheltra Tax Blog

Improving Your Business Credit

Credit may be the lifeblood of small business, but it’s particularly vulnerable to toxins. And once you’re infected, those credit scores bring a triple-whammy of higher interest rates for loans or a possible loan denial, potential increases in insurance costs, and difficulty in securing favorable terms with suppliers. Vermont accounting firm at Sheltra Tax & Accounting, […]

Reasonable Cause Penalty Abatements for Delinquent Taxes

If your request for the First-Time Penalty abatement fails the next course of action is Reasonable Cause Penalty Abatement. The taxpayer or Enrolled Agent would submit a written request for penalty relief based on a reasonable cause. Accepted Reasons for Penalty Abatement: Natural or man-made disasters. A taxpayer’s death, serious illness, incapacitation. Tax preparer errors. Bookkeeper/accountant […]

IRS Penalty Abatements for Delinquent Taxes

It is not uncommon for a taxpayer to fall behind in their taxes. They may have started a new business did not pay estimated taxes during the year, or self-employment income has increased substantially from the prior year. Or, one spouse was unaware that the other spouse had not been paying the taxes. Whatever the […]

Tips for Choosing a Payroll Service

When business owners talk about the excitement of running their company, the joy of doing payroll almost never comes up. Payroll is meticulous, labor intensive, and riddled with the chance to make costly mistakes. That’s why more and more owners are outsourcing the task. In addition to buying the increased expertise in an atmosphere of […]

Gifts for Clients and Tax Deductions: What you Need to Know

You foster strong relationships with your customers through exceptional service and value. But a thank-you gift never hurts. In addition to the goodwill you earn as a gift-giver, you also earn a small tax deduction from the IRS. A very small tax deduction, which is limited to a maximum of $25 for each client. The […]

Windfalls

Did you know that a windfall refers to a piece of fruit that is blown from a tree? You get all the benefits of a nice snack with none of the climbing or stretching and picking. Most of us know about windfalls in connection with money—that unexpected good fortune that puts a large sum of […]

Prepare for Taxes now, Avoid Stress Later

Right now, the idea of thinking about tax filing season may sound as welcome as the hiss of air leaking from your swimming pool raft. But planning ahead may keep you from getting soaked later. So if you’re considering anything more complex than a standard deduction, this is a good time to take a look […]

Tips for Choosing a Tax Prep Service

The Internal Revenue Service and tax software people lead you to believe that your filing is getting easier and easier. Meanwhile, the tax laws remain dense and complex. The distinction is that the simple and fast way isn’t always the best way. So why should you pay to have someone file your tax return? The […]

QuickBooks for Legal Firms: IOLTA Set Up and Tracking

QuickBooks is a powerful program used by small to mid-sized companies.  It is a program used by many different industries.  QuickBooks usually needs to be tweaked a bit to work with your industry. Attorneys are unique due to the American Bar Association’s specific accounting rules for the use of retainer (IOLTA) accounts. When setting up […]

Health Savings Accounts

Health Savings Accounts are one of my favorite investment vehicles. There are many advantages, as you will see. With most Americans having high-deductible health plans, and not able to take medical deductions on Schedule A (itemized deductions), HSAs are the way to go! A health savings account (HSA) is an account created exclusively for the […]