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Business Performance Insights

Can I Afford to Hire an Employee?

Can I Afford to Hire an Employee?

Determining whether your business is ready to hire an employee requires careful analysis and consideration. You need to assess your company's financial position and calculate return on investment before ultimately deciding if hiring is the best path forward for your...

8 Tax Penalties Your Business Should Know About

8 Tax Penalties Your Business Should Know About

The IRS (Internal Revenue Service) imposes various tax penalties on businesses for non-compliance with tax laws and regulations. It's important for businesses to be aware of these penalties to avoid costly consequences.  We've compiled a list of the eight most common...

What Do Payroll Services Cost?

What Do Payroll Services Cost?

Managing payroll is a fundamental aspect of running a business, and many companies opt to outsource this task to professional payroll service providers. While outsourcing payroll can save time and reduce the risk of errors, one of the critical questions business...

Is an S-Corp The Best Option for My Business?

Is an S-Corp The Best Option for My Business?

Choosing the right entity for your business is a crucial decision that can have significant outcomes for your financial, tax, and operational aspects. Among the various options available, the S-Corporation, or S-Corp for short, is a popular choice for many small...

Financial Success for Law Firms: A Case Study

Financial Success for Law Firms: A Case Study

An esteemed attorney began his legal practice in 2018 with the goal of using his law degree and prior experience to continue to serve his existing and new clients while also providing for his family.  As his practice rapidly expanded, the demands of running a growing...

1099 Reporting: Everything You Need to Know

1099 Reporting: Everything You Need to Know

As another year has quickly passed, it’s time for our business clients (and landlords) to prepare for issuing 1099’s. The 1099 reporting window from year end to due date is short, with reporting due no later than January 31, 2024.  Here is what we think you need to be...

How Do Health Savings Accounts Work?

How Do Health Savings Accounts Work?

  Health Savings Accounts (HSAs) are tax-advantaged savings accounts designed to help individuals and families with high-deductible health insurance plans cover their medical expenses. Here's how HSAs work. Eligibility  To open and contribute to an HSA, you must...

An Overview on Retained Earnings

An Overview on Retained Earnings

Am I Retaining Enough Income In My Business? At the end of the month, quarter, and year, business owners and executives review the profit and loss statement to determine the net income the business earned during the specified timeframe.  The net income is the income...

Tax Free Income

Tax Free Income

The Augusta Rule You may have heard of the Augusta Rule over the last year or so because it has become increasingly popular on social media lately. The Augusta Rule is part of IRC Section 280A that allows a taxpayer to rent out their home tax-free for 14 days or less...