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Our tips and tricks to get you on track
Many business owners would just look at inflation in terms of the standard published rate, such as the CPI (Consumer Price Index), and feel on top of things if they do an equal or greater price increase this year. But this article is going to show you how inflation specifically impacts your business and help you understand what actions…
Electing S corporation status can feel like a smart tax move, and in many cases, it is. You may reduce self-employment taxes and keep more of what you earn. Those savings come with real responsibilities though: running payroll, filing Form 1120-S, tracking shareholder basis, and following strict IRS rules. Before you file Form 2553, make sure…
If you only look at your numbers once a year, you’re trying to run a business based on financial guesses. Guessing wrong can cost you dearly. Monthly accounting is different. It turns your numbers into a tool that saves you time and money. Annual tax survival mode is sometimes enough to keep the IRS off your back, and it can seem like a…
At some point, every growing business runs into this question: “Do I need to offer a retirement plan?” What looks like an employee benefit decision is really a business and tax strategy decision. Get it right, and you can save more for yourself, reduce taxes, and improve retention. Get it wrong, and you’re stuck funding a plan…
Most business owners don’t know what to ask when hiring an accountant. And too many firms make vague promises, or set no expectations at all. So here are some clear, direct answers from Bearden Stroup CPAs to 4 key questions you should ask before you choose an accountant. What does your pricing include (and what doesn’t it)? Software: Our quotes will include subscriptions to the software that you need, so you don’t have to pay…
Business owners often ask if they can write off amounts owed by customers on unpaid invoices as deductions. The answer depends on whether the taxpayer is using the cash basis or the accrual basis of accounting. For cash-basis taxpayers, however, the short answer is no. You generally can’t take a deduction for unpaid amounts because your taxable income already shows only the cash you actually received. Cash Basis vs. Accrual Basis Accounting Why Cash-Basis Taxpayers Don’t Deduct…