2018 Tax Changes for Small Businesses When it comes to taxes, there have been a lot of rumors and speculations in the past year regarding what will change. At the close of the tax year, it is hard to know…
Read MoreWhat Does Section 199A Qualified Business Income Mean for S Corp Shareholders?
What does Section 199A Qualified Business Income mean for S Corp Shareholders? There have been a lot of changes and uncertainties with the 2018 corporate tax changes. Since an S Corporation (S Corp) is a pass through entity, the corporation…
Read MoreThe Balance Sheet
The Balance Sheet The balance sheet is important because it’s essentially a company’s statement of financial position at a specific date. Investors, creditors, and other businesses use it to: calculate financial ratios, determine how much money the company has and…
Read MoreMaintaining Payroll
Maintaining Payroll The beginning of the year is behind us, but we still have a lot to look forward to. For one thing it means learning from last year’s mistakes and starting fresh. Chiefly, the payroll process is one area…
Read MoreGetting Away from ‘Shoebox Accounting’ (Reasons to Computerize)
Getting Away from ‘Shoebox Accounting’ (Reasons to Computerize) In the business world, time means money. Accounting systems, or lack there of, can be extremely costly especially for businesses that use ‘shoebox accounting’. The colloquial term refers to the practice or habit…
Read MoreCan a Business Fully Deduct a “Luxury” Vehicle?
Can a Business Fully Deduct a “Luxury” Vehicle? The Internal Revenue Service provides criterion and regularly updated tables as guides for business vehicle deductions. The deductibility of a vehicle used for business purposes is subject to various limitations and rules. The examples…
Read MoreShould Internally Developed Software Costs be Expensed or Capitalized?
Should Internally Developed Software Costs be Expensed or Capitalized? This appears to be a simple question, however, the answer is more complicated than one would expect. There are many factors that affect how internally developed software costs should be treated. …
Read MoreAre CPA’s Solely Tax Gurus?
Are CPA’s Solely Tax Gurus? The simple answer is no. Certified Public Accountants (CPA) are much more than just tax gurus. These professional accountants are trusted business advisors whose services are only limited by the expertise and experience of each…
Read MoreWorking Capital
Working Capital What is Working Capital? Working capital measures a business’ ability to pay its short term liabilities. This is measured by subtracting the total current assets from the total current liabilities. Current assets include cash, inventory, receivables, and other assets which…
Read More1099 or Employee?
Is your worker a 1099 or an Employee? The holidays will be over before you know it and it will be time to issue forms 1099 and W-2. How do you know which one you should issue? Have you paid…
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