Cash Balance Plans are Ideal for Professional Service Practices

by GruffyGoat Team | Apr 30, 2015 | Uncategorized

Cash balance plans, or hybrid retirement plans, are defined benefit plans that are similar to defined contribution plans, but offer much higher annual contribution limits. They’re ideal for owners of professional service businesses, such as attorneys, doctors,...

Self-Employed? Here’s How to Handle an Audit

by GruffyGoat Team | Apr 21, 2015 | Uncategorized

If you’re self-employed, you’re wearing a lot of hats. Your calendar is full and so is your to-do list. The last thing you want to see is a U.S. Department of Treasury letter informing you that your business has been selected for an IRS audit. Because...

Accounting Ranked the Most Important to Small Business According to Survey

by GruffyGoat Team | Apr 20, 2015 | Uncategorized

Small business owners can’t do it all themselves, and many take advantage of professionals to help them with HR, legal, and financial/tax guidance. But just how valuable are they to those that use them?  The Journal of Accountancy reported the results...

What You Need to Know About Employee Business Expenses

by GruffyGoat Team | Apr 8, 2015 | Uncategorized

If your employer doesn’t reimburse you for work-related expenses, you can sometimes deduct them from your taxes. You can claim allowable expenses on Schedule A, Itemized Deductions. The IRS recently sent out a reminder about what you need to know in...

The IRS and the Social Security Administration Are Both Being Sued for Confiscating Taxpayer Refunds

by GruffyGoat Team | Apr 3, 2015 | Uncategorized

If the Social Security Administration decides it payed out too much to you after the death of a spouse, you can say goodbye to your tax refunds, with no prior notice. Benefits Pro has recently reported that three people are suing both the IRS and the Social...