Insights
Are Essential Parts of Your Business Being Neglected? Consider Outsourcing
By: Steve Morgan CPA, MBA Whether you own a small business or lead a larger organization, understanding accounting and financial position can be confusing. Most businesses and organizations often have the appropriate staffing to deal with the complexities of specialty operations; however, critical tasks such as budgeting, resource planning, financial management, and long-term strategic financial…
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Year-end tax planning ideas for your small business
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely produce the best results for most businesses, as will bunching deductible expenses…
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The Inflation Reduction Act: Construction Firms
By: Chris Lambert, CPA, CGMA, CCIFP The Inflation Reduction Act of 2022, signed into law on August 16, is designed to address energy, tax, and health policy. The act dramatically increases the Internal Revenue Code (IRC) Section 179D energy-efficient commercial building deduction, making it especially impactful for architecture, engineering, and construction industries and commercial building…
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Home sweet home: Do you qualify for office deductions?
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses under current federal tax law. To qualify for a deduction, you…
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Expenses Related to Making Your Business More Accessible? Learn About the Disabled Access Credit
By: Andrew Uy & Ryan Mink, CPA The Disabled Access Credit allows a credit for small businesses that have expenses related to making their business more accessible to people with disabilities. This includes website accessibility improvements. The credit provides for up to $5,000 in tax credits for a small business. As a reminder, a tax…
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Tax Implications of the Inflation Reduction Act (IRA)
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden sign into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit.…
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How to treat business website costs for tax purposes
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide business taxpayers launching a website with some guidance as to the proper treatment of the costs. Plus, businesses can turn to…
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Is your withholding adequate? Here’s how to check
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means you’re giving the…
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Probate and How to Avoid it
By: Layne Blasingim, CPA & Elaine Daugherty, CPA What is it? Probate is the formal legal process that recognizes a will (if one exists) and appoints a representative/administrator/executor to distribute assets to all intended beneficiaries and creditors. Some states require a “formal” probate where an estate is settled under the supervision of a court. “Formal”…
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Inuit Announces Phishing Attacks for QuickBooks Customers
Tax software vendor Intuit has warned that QuickBooks customers are being targeted in ongoing phishing attacks impersonating the company. The phishing attacks are attempting to lure users with fake account suspension warnings. Today’s alert from Intuit comes after multiple users reported receiving phishing emails notifying them that their QuickBooks accounts were suspended following a failed…
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