Insights: Client Accounting Services
Strengthening Business Operations: The Importance of Internal Controls for Vendors, W-9 Tax Forms, and Issuing 1099s
Written By: Saudra Uy, CPA CVA CGMA Effective internal controls are the backbone of any well-managed business. They play a crucial role in safeguarding assets, ensuring accurate financial reporting, and mitigating the risk of fraud. When it comes to vendor management and tax compliance, implementing robust internal controls is vital. In this article, we will…
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Hiring family members can offer tax advantages (but be careful)
Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring your children or spouse,…
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Use the tax code to make business losses less painful
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction The net operating loss (NOL) deduction addresses the tax inequities that can…
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Retirement saving options for your small business: Keep it simple
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended…
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The tax advantages of hiring your child this summer
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages.…
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3 ways your business can uncover cost cuts
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability.
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Have employees who receive tips? Here are the tax implications
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform services. They can be cash or noncash. Cash tips include those received directly from customers, electronically paid tips distributed to employees by…
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Do you run a business from home? You may be able to deduct home office expenses
Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your…
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Everyone should check their withholding
By: Saundra Uy Did you or your employees get your W-2 or file your income tax return, only to notice that your federal or state income taxes withheld from your paychecks were too low, or even zero? Especially in the day and age of direct deposit, many employees do not take a close look at…
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Are You Using KPIs to Monitor the Health and Well-Being of Your Business?
By: Matt Lane When managing a business, it is essential to have benchmarking standards to evaluate the overall health and condition of the operation. The most common method of tracking benchmarks is establishing key performance indicators, also known as KPIs. KPIs are specific and quantifiable representations of benchmarks presented over a period of time. Simply…
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