Tax Strategy for Small Business
Our tips and tricks to get you on track
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…
For many business owners, paper checks feel familiar, straightforward, and tangible. But in today’s business environment, this method creates hidden risks, inefficiencies, and expenses that you didn’t see coming. As bookkeeping systems, banks, and vendor processes have evolved, checks haven’t kept pace. What once felt simple is now one of the most cumbersome, expensive, and fraud-prone ways to move money. Here’s what every business…
When to Create a Second Legal Entity Separate from Your Main LLC Most small businesses begin with a single LLC, and that is usually the right approach. One entity is usually simpler, cheaper, and easier to manage. But as a business accumulates assets, expands activities, or engages in more complex transactions, sometimes a second LLC is not only reasonable, but strategically…
Having a healthy fear of debt is good thing—it can ruin lives if it’s used recklessly. But debt can also create positive results when it is used responsibly. Debt is a tool. Just like a chainsaw. Use it the right way, and you can clear a path. Use it wrong, and you can lose a leg. Here’s what too many people miss: debt magnifies everything. It…