Our newest team member, Alexandra, is already impacting our clients! We have a new client who is an Interior Designer. The client was concerned about the subtleties of sales taxes for her particular industry. She is correct to be concerned – sales tax is not as straightforward for Interior Designers as it would be for...
The new changes impact what can be deducted in the meals and entertainment expense category. The old law allowed a 50% deduction for business-related meals and entertainment expenses and a 100% deduction for meals provided for employees at the employer’s convenience while on the premises of the employer’s place of business. However, the new tax...
Most business people know how important it is to keep receipts when entertaining. But, did you know that this might not be enough? Documentation is key. It is important to document who, why, when, and where. Here are a few tips we find useful. Send out an e-mail invitation or have a guest book at...
Now is the time when you are finding out what you owe in taxes for the success you created in 2021. Hopefully, you had a lot of success! But the downside is that if you did have solid profits, you likely owe taxes on those profits now. And far too many business owners get “caught”...
If you haven’t already, you will want to book a check-in with your CPA to review your 2021 performance and see the tax implications. To have a complete conversation, you will need to be sure that your books are up to date and accurate. So review your books thoroughly before the call. Make sure things...
The IRS requires you to keep receipts for basically everything you spend on your business. Collecting, and managing those receipts is a critical workflow to determine for your business. Done well, this just becomes a way everyone works. Not done well, this becomes a time-consuming reconstruction effort well after the fact, and the potential to...
I know, I know … you are sick of taxes! And you just paid them (or at least an estimate of what you will owe). But here’s the thing – smart businesses save for taxes all throughout the year. Month by month, or week by week they are putting money away for the tax payments...
2018 is closed. Your taxes are in the capable hands of your CPA, or already complete. So what’s next for the business who is on top of their bookkeeping game? Tracking their business property! Most localities require you to report all business property that you keep at your business location. Sure, this means your computers...
Now that your 1099s have all been filed, it’s time to wrap up your 2018 books. In addition to the regular monthly activities of reconciling all your bank and credit card accounts, and reviewing your A/R and A/P reports for accuracy there are a few additional items we recommend you do to ensure your 2018...
One of our clients knew in mid-December exactly what their remaining income and expenses were going to be for 2018. Their account manager, Megan, then used that information to provide them very accurate projected final financials for 2018. Result? The client was able to make last minute decisions on expenses, incentives, and partner distributions well...