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Processes

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...

Fractional VS Traditional CFO

Fractional VS Traditional CFO

The Fractional CFO is a role that is well-known in the accounting world, but it is still gaining traction within other industries.  Hiring a fractional CFO offers the same level of experience and financial expertise as a traditional CFO but for a fraction of the...

How A Modern CPA Firm Can Help You

How A Modern CPA Firm Can Help You

A MODERN CPA WILL HELP YOU LOOK FORWARD. As a business owner you are constantly worrying about how you can increase your income, make payroll, hire new employees, and a million other things. I get it.  I’m a business owner too.  But what I have found to be the most...

Employee VS Contractor

Employee VS Contractor

When hiring, you may find yourself considering whether to hire a new employee as just that, an employee, or hire them as a 1099 independent contractor.  Before you make a decision, know that there are specific guidelines surrounding each type and what your...

Questions to Ask Your CPA

Questions to Ask Your CPA

Tax time is over and if you're like most people, you probably don't even want to think about your taxes right now, but now is the best time to start thinking strategically. Working with a proactive CPA, instead of with someone who prepares your taxes and you discuss...