Tax and Accounting
How Cutting SALT Deductions Affects Your Taxes
As part of the new Tax Cuts and Jobs Act, Congress placed a $10,000 limit on deductions for state and local taxes, commonly called SALT. If you typically pay less SALT than that, then no…
Bookkeeping vs. Accounting
If you own or manage a small business, you know the importance of accurate financial records. You also know that your business success often depends on having a clear financial path forward. Bookkeeping and accounting…
Payroll Tax Errors: Who Does the IRS Hold Accountable?
If you are an employer or employee who has fallen behind on payroll taxes and are now facing a hefty bill from the Internal Revenue Service, ignoring it will not make it go away. When…
Accountant vs. CPA: The 5 Main Differences
The terms “accountant” and “certified public accountant” or “CPA” are often used interchangeably. But they’re not exactly the same thing. All CPAs are accountants, but not all accountants are CPAs. Here’s a look at the…
Tax Planning for Pass-Through Business Entities After Tax Reform
Tax planning under the TCJA for pass through entities is a post for small business owners everywhere paying US income taxes. Now that the Tax Cuts and Jobs Act (TCJA) is in full swing, many of you…
Can Starting a Bitcoin Business Help You Save on Taxes?
Whenever you start in business, detailed financial planning is paramount. You need to make accurate sales and expenditure forecasts to understand if and when your enterprise is expected to become profitable. While it’s a given…
Best Business Entity Structure After Tax Reform: S Corp and C Corp
There’s no easy answer to this question, though the entity choice considerations have undergone some changes due to the new tax law. For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs…
Rejoice! Business Meals Are Still Deductible
If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, you were no doubt saddened by the part of the tax reform that passed…
Tax Planning for Gig Economy Workers: Everything You Need to Know
Whether you’re an Uber driver or a financial consultant, a private fitness trainer or a freelance graphics designer, you’re part of the expanding gig economy. As a self-employed person, you essentially have your own business….
3 Payroll Nightmares You Might Have
Vampire Digit might not be too scary, but you know what is? Making payroll mistakes. *gasp* Payroll is a necessary and recurring task for all businesses with employees. So making mistakes can be detrimental for a…
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