The Beneficial Ownership Information Report (or BOI Report) is brand new – and if you own a business, you need to know about it sooner rather than later. Here’s what we know about the newest mandatory US filing. What is the BOI Report? The BOI Report was created by the FinCEN (Financial Crimes Enforcement […]
As one tax season ends, the next begins – which means it’s time for you to get organized for 2023. The best way to avoid stress and frustration during tax season is to be prepared and do your part to make your 2023 taxes a breeze. Get Started for 2023 Taxes The first step in […]
What is net worth? Generally it’s a term you hear most commonly when discussing celebrities and millionaires. But everyone has a net worth, and it’s important to understand and know what yours is. What is Net Worth? It’s simple! Think of it as your personal balance sheet. Essentially, it’s the value of everything that you […]
December is right around the corner which means it’s time to start planning your office holiday party! Holiday parties are a great opportunity for you and your employees to bond and relax outside of work. But are office parties deductible? Office Parties Are Deductible… Sometimes Office parties in general can be deductible, but as is […]
What is a 1099? As a business owner, you should understand the basics of 1099s: who gets them, why it’s important for you to stay on top of them, and the possible pit falls. What are 1099s? 1099s are informational forms used to report payments that a business makes throughout the year to anyone who […]
Good financials are important – and not just for you, but for your entire professional circle! But what constitutes “good” financials and how do they help your professional relationships? Good Financials are the Key Your financials provide an accurate account of where your finances stand. They should cover your profit and loss statements, balance sheet, […]
Do you know how to reduce your audit exposure? Do you know what audit exposure is? Does reading the word “audit” just kind of stress you out? Then keep reading to figure out how to minimize your likelihood of being audited. The Basics on Audit and Audit Exposure A tax audit is basically a deep-dive […]
Should you employ your kids? There’s recently been a renewed interest in this strategy on social media. People say that the rich “save money” by employing their kids – but is that true? And is it worth it for you to consider putting your kids on the payroll? Who Can Employ Their Kids? Technically speaking, […]
Setting quarterly goals is a great tool to help keep your business and your life on track. As we enter Q4, we have an excellent opportunity to review our year so far and set ourselves on-course for a successful year-end. Why Setting Quarterly Goals is Important Setting goals helps you build a framework for your […]
If you’re a small business owner, you’ve probably heard about passthrough entity tax – but what is it? Benefits of the PTET The PTET allows business owners to pay state taxes through their business and receive a credit for the tax paid on their individual return. It doesn’t change the amount of state tax owed […]