Finding the right CPA to help address your specific needs can be a big decision and one that should be taken seriously. It is sad to see someone spend more time looking for the right summertime swimsuit with the perfect fit than trying to align with a CPA that is Read more…
I’ve had clients who make 14 million dollars a year ask me this question and clients who made 14 thousand dollars ask me this question. Let me give you a phrase to remember. The phrase is simply “Ordinary and Necessary.” This is a phrase the IRS often uses during an Read more…
Even the smallest of businesses often have the letters “LLC” after them. Family owned diners, hair salons, even freelance workers often incorporate themselves when they are operating with a lot of volume. If you are one of the many considering an LLC, there are some pros and cons to consider Read more…
Almost everyone has some form of tax anxiety, whether it is for your personal or business taxes. This anxiety can stem from the fear of audits, the unknown of what may happen, or the amount paid in or owed in taxes. These are all very real and justifiable emotions as Read more…
As the name implies, a living trust is a trust created during the lifetime of the trustor. A living trust transfers legal ownership of property from a person into the guardianship of the trust during their lifetime. As you are the creator and contribute assets to the trust, you are Read more…
Side hustles are getting to be as common as some of the hobbies which lead people to try to make a little extra from home. Some have used the layoffs of our uncertain economic climate as a push to take it to full-time. With all of the technology at our Read more…
The IRS has a special schedule on a tax return for rentals. A schedule is normally an appendage to either a business or a personal tax return. A Rental is reported on a Schedule E. This is where you can locate where your accountant took expenditures related to the rental. Read more…
We all know the old saying: if you fail to plan, you plan to fail. This is true in business. It seems that most people let out a collective sigh after April 15th. This is not true with business owners. If you are running a business and you are only Read more…
CPAs are often trusted because of their accreditation, not because of what they can do. This sounds harsh but is simply the truth. Taxes for a business are not equivalent to personal taxes. Like Medical professionals, each CPA can have a different “specialty” and not all are equal in their Read more…