Why Your Small Business Needs to Partner with a CPA Firm
Running a business can be a tall order, especially if you wear many hats while simultaneously trying to expand and hit new milestones. And while most business owners will say they want to minimize costs as much as possible, this shouldn’t come at the expense of convenience and efficiency. This is why your small business […]
Ghost Kitchen Accounting Basics: What to Know and Why It Matters
Ghost kitchens have experienced exponential growth over the last few years, giving the new restaurateur an affordable shot at success. The term “ghost kitchen” generally refers to virtual restaurants designed exclusively for online ordering and delivery. As such, ghost kitchens aren’t like your typical restaurants – these particular haunts have no seating areas or wait […]
Tips on How to Run Accounting for IOLTA Bank Accounts
If you handle a law firm, you are familiar with the legal requirement for running bank accounts. Unlike other businesses, private practice law firms must bank clients’ funds in a separate account. That’s because you’ll handle money from settlement checks, overpayment of bills, escrow funds, or advance payments for court. Separating the accounts makes it […]
Are Sponsorships Tax-Deductible? 3 Things You Need to Know
If you’ve heard that sponsorships are an effective way to support a community group or event or expose your name to more members of the community, you may wonder are sponsorships tax-deductible. Here are a few things to consider to help you decide if your sponsorship qualifies as a tax deduction. A Qualified Sponsorship Isn’t Considered […]
A Quick Guide to Taking Out a Business Loan
At some point, you will need to access capital to grow or expand your operations through business financing. Taking out a business loan can provide a much-needed capital infusion and can be a lifeline for small and large businesses alike when used responsibly. It can be the fuel your company needs to reach the next […]
4 Important Benefits of Outsourcing Your Accounting Services
Let’s face it, running a business is no easy feat. There are numerous processes and functions that you need to handle on an ongoing basis to ensure your enterprise runs seamlessly. From sorting out finances to managing your employees and making strategic plans for the future, the demands of operating a successful business can leave […]
How Do Business Taxes Differ From Independent Contractor vs Employee
When you need to staff your company, you have the option of hiring an employee or outsourcing the work to an independent contractor. Both options can get the work done, but there are key differences between the two classifications. Whether an individual is classified as an employee or independent contractor also impacts your business taxes. […]
3 Things to Know If You’re Thinking of Selling Your Business
After years of hard work, you’re ready to use your assets to fund less labor-intensive goals. Or, maybe your small business is no longer suitable to your lifestyle. Selling your business allows you to turn your investment into income. However, it’s essential to understand the tax consequences associated with selling a business. Here’s what you need […]
13 Tax-Deductible Expenses Business Owners Need to Know About
As a business owner, it’s essential to know what expenses are business tax-deductible. Otherwise, you risk paying more in taxes than necessary or potentially getting into trouble with the IRS for taking inappropriate deductions. Here are some tax-deductible expenses every business owner should know about. ⦁ UtilitiesIf there’s a utility that you use solely for your […]
Pro Tips from a Business CPA to Protect Yourself from Occupational Fraud
A report from the ACFE (Association of Certified Fraud Examiners) states that occupational fraud often lasts 14 months before it’s detected, resulting in a median loss of $8,300 each month. Over a year, this results in a loss of almost $100k. It’s essential to take steps to protect your company from occupational fraud. Here are […]
How a Restaurant CPA Can Prepare You for a Single Audit
Though the COVID-19 pandemic has ravaged many industries, the restaurant industry was hit particularly hard. Government-mandated lockdowns, social distancing requirements, COVID restrictions, high food prices, and a labor shortage left many restaurants struggling to keep their doors open. To help restaurants survive, multiple federal aid packages were approved, included the CARES Act programs and the restaurant […]
How a Business CPA is Different from a General Tax Service
If you need help preparing your taxes or making the best moves to minimize your tax bill, consulting with an experienced tax pro will help you accomplish these goals. In your search for a professional to work with, you’ll see that there are business CPAs and general tax services.While the two are similar, there are […]
5 Things That Trigger an IRS Audit (& When to Call a Tax Accountant in Dallas)
While it’s unpleasant thinking about an IRS audit, it’s important for taxpayers to understand what activities can potentially trigger an IRS audit and when they need to consult a tax accountant in Dallas for assistance. Here are some of the most common tax situations that increase your chances of being audited. 1. Filing a Tax […]
How Furloughs Impact Small Business Taxes
How Furloughs Impact Small Business Taxes When a small business faces an economic downturn or other adverse financial conditions, one option to temporarily reduce its expenditures is to furlough employees. A furlough is different than laying off or terminating an employee; it also has an impact on the small business’s taxes. Meeting with a small […]
Tips From Business Accounting Firms in Dallas
Tips From Business Accounting Firms in Dallas Most small business owners spend at least 41 hours each year on tax preparation. Whether you do your own taxes or utilize the services of business accounting firms in Dallas, it’s essential to take the necessary steps to lower your tax obligation and situate your business so it’s in a strong […]
How is Virtual Currency Taxed by the IRS
How is Virtual Currency Taxed by the IRS Virtual currency is becoming increasingly common as an alternative source of compensation or payment or as an investment. Bitcoin, ethereum, dogecoin, litecoin, and utility tokens are a few common forms of virtual currency. With more individuals and businesses utilizing virtual currency, you may wonder how the IRS treats […]
Running Your Business from Home? Home Office Tax Deductions You Need to Know About
If you’re running your business from home, it’s important to understand how home office tax deductiions impact your taxes. Deductions related to a home office are frequently under-utilized, often due to confusion at to whether you qualify for them. Here are a few home office tax deductions you should know about: 1. The Expenses for […]
How a Restaurant CPA is Beneficial When Taking Restaurant Equipment Depreciation
How a Restaurant CPA is Beneficial When Taking Restaurant Equipment Depreciation To keep your construction company running as efficiently as possible, it’s essential to work with a construction CPA. Not only does a construction CPA have all the knowledge and certifications required to work as a CPA, but they have an in-depth knowledge of the […]
Why You Should Hire a Construction CPA (and How to Find One)
Why You Should Hire a Construction CPA (and How to Find One) To keep your construction company running as efficiently as possible, it’s essential to work with a construction CPA. Not only does a construction CPA have all the knowledge and certifications required to work as a CPA, but they have an in-depth knowledge of […]
Your Guide to Deducting a Vehicle for Your Business Tax Deductions
Your Guide to Deducting a Vehicle for Your Business Tax Deductions As a business owner, it’s important to utilize all available business tax deductions to lower your overall tax liability. One deduction that some business owners fail to take advantage of is the vehicle tax deduction. Some forgo the deduction because they worry it will […]
