Anyone who uses or holds cryptocurrency should be aware that the IRS is beginning to require individuals to report it on the 1040 Tax Form. Cryptocurrency regulation has been an issue of debate for some time now, and the IRS is ramping up enforcement of crypto activity. Currently, tracking of all crypto asset activity [...]
For a small business to survive in today’s competitive environment, its finances should be set up in a profit-driving way. Sound financial resources are the foundation of any effective, profit-generating business. Creating a solid financial foundation takes time and effort, especially when it comes to accessing capital and finding ways to grow without losing profit [...]
For the first time in two years, the optional standard mileage rate is going up, as announced by the IRS. Beginning on Jan. 1, 2022, the increase affects businesses and organizations using a car, van, pickup, or panel truck for company, medical, moving or qualified active-duty purposes. Here’s why the IRS is increasing the [...]
If tax season tends to throw your business into a panic, you’re not alone. Taxes require careful planning if you want to avoid stress and reduce the risk for audits. Tax planning is the secret weapon for small business owners who want to enjoy tax savings with minimum effort. Let’s take a look at [...]
Regardless of your size, accounting is a basic need for all businesses. It keeps you on top of your finances; ensures you are able to cover payroll and also keeps you organized when tax time arrives. Having access to knowledgeable accountants who can help you become more strategic in your approach to accounting can [...]
A certified public accountant (CPA) is a state-licensed accounting professional. They are specially trained in accounting procedures, and stay caught up with state and national tax laws. As a small business owner, you might work with a bookkeeper, or even keep track of expenses and revenue in-house. However, bookkeepers or accountants without certification may [...]
‘How much does a small business tax accountant cost’ is a common question small business owners ask. However, there really isn’t a simple answer. Each small business has unique needs, different ways they manage their accounting, and specific business types, all impacting the costs associated with filing taxes. Here we look at those factors [...]
As a small business owner, you wear many hats. It’s always good to save here and there, but it can sometimes interfere with your ability to grow. When it comes to your business’s planning and accounting, it requires constant attention and an experienced eye to see trends and red flags. When you push accounting [...]
The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take these 4 steps to fund the retirement you desire. Here are four things to consider. 1. Establish Your 2021 Retirement Plan First, a question: As you read this, do you and your accountant [...]
When you have plans to expand your business into multiple states, it’s always a reason to celebrate. When that expansion includes hiring new employees in the new location, there are a few payroll tax considerations to think about. Here’s what you need to know about multi-state payroll taxes. Tax Responsibilities for Employees in [...]
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