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Tax Season Isn’t Real – Really!
Tax season isn’t real - really! You’ve definitely heard of tax season, aka the first few months of the year where everyone is scrambling to gather their documents, get those documents to their accountant, and pray that they manage to get everything done by the deadline. But what if we told you that the deadline isn’t even real? Proactive Planning is #1 The best way to avoid stress around tax season is to PLAN for tax season! Make sure you meet with your accountant to get the ball rolling and...
Buying Assets the Smart Way
Buying assets is simple - but knowing when and how to buy is a little more complicated. That’s why communicating with your accountant about your asset strategy is pivotal. What is an asset? To put it simply, an asset is a resource or item with quantifiable value. You can have personal assets, which generally contribute to your net worth (read more about net worth here INSERT LINK), or business assets. Assets can be tangible like office supplies or intangible like a patent. Assets represent a...
What is a BOI Report?
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 Network) in order to prevent illicit business activities. This includes...
2023 Taxes To-Do List
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 preparing for your 2023 taxes is getting an accountant on your team. Every accountant or tax preparer has different rules for what they need from their clients to get their tax engagement started. If you have a trusted...
What is Net Worth?
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 own, minus any debts you hold. If you decided today to sell everything you own and pay off all of your debts, the remainder would be your net worth. To calculate your own,...
Are office parties deductible?
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 the case with most deductions, the IRS has certain rules you’ve got to follow to get those deductions. The rules can be a bit confusing. So what are the rules and...
What are 1099s?
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 ISN’T an employee. This includes contractors, outside vendors, landlords, and more. The business is responsible for providing a 1099 to any non-employee who they have paid throughout the year. The...
The Benefits of Good Financials
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, and cash flow. Often, your communication with outside professionals hinges on this information. Your financial advisors and accountants use...
How To Reduce Your Audit Exposure
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 into your tax return where the IRS makes sure that what was reported on your return was accurate. There are a lot of things that may flag your business for an audit, which is why it’s important for...