Third Hand Bookkeeping Service

Retirement Contribution & Social Security Limits for 2016 Retirement Contribution planning is upon us.  If you haven’t already done so, now is a good time to plan for your 2016 retirement account contributions. As you determine your various funding levels for next year, remember to account for any matching programs offered by your employer.

If you take business mileage deduction, then you know the IRS requires you to track your mileage. There are a couple of apps that make this process easier and no fumbling around for that mileage log. MileBug – This app costs $3 and is available for Android, IOS and Windows smartphones. MileBug allows you to […]

The IRS has just released the standard mileage rates for 2016. For business use of an automobile, the rate will decrease to .54 cents per mile. For medical and moving expenses, it is decreased to .19 cents per mile. For services to charitable organizations, the rate stays at .14 cents per mile. You can read the […]

The Social Security wage base remains unchanged for 2016.  Maximum taxable earnings will stay at $118,500, and the tax rate will stay at 6.20% for both employees and employers. The Medicare tax on all wages and self-employment income also remains the same at 1.45%. (Note:  Despite the reallocation of Social Security retirement and survivor’s trust fund money to […]

Simple moves to make your giving go further These days, we all want our money to go further and charitable donations are no exception. Yet sometimes, even well-intentioned gifts may end up going to a poorly run charity or the charity does not receive the full benefit of your gift. Here are some tips to […]

As 2015 winds to a close, there are a number of tasks that should be reviewed. To help you plan accordingly, here are some things to consider. Employee benefits. Most employer benefit plans have enrollment periods that coincide with the calendar. Please review your benefit options with your employer and make any necessary changes. Common […]

A great way to start the New Year is to get clear on exactly how you can make your revenue goal number.  A revenue plan is the perfect tool.  You’ll need to be proficient in Excel, and if not, you can work with your accountant on this very important and enlightening spreadsheet. Start by listing […]

It’s good to know some basic accounting terms, and here are ten terms with friendly definitions for your review.  Asset:  Essentially, assets are what you own.   These include your bank accounts, business equipment, and even the amounts that customers owe you. Revenue:  Revenue is what you make.  Another word for it is Sales.  You generate […]

Small business owners have a lot on their plates, and time simply does not allow you to become an expert in all the areas required for running a business.  Here are a couple of common mistakes that we see all the time.  Correcting them will help you be more productive and profitable in your business. […]

While official numbers for 2016 are not yet released by the Internal Revenue Service (IRS), many figures are formulas set within the Internal Revenue Code (IRC) or are based on the Consumer Price Index (CPI) published by the Department of Labor. Using the release of recent CPI figures, a number of reference sources are projecting […]