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Working with a certified public accountant (CPA) firm is an absolute necessity for most businesses. Whether you are just getting started or running a successful business, it may be essential to hire a CPA firm because they handle bookkeeping, are in charge of financial planning, and will take care of tax filing. While CPA firms are easy to come by, choosing one that fits your requirements is...

As a small business owner, you’re expected to wear many hats, dealing with a wide variety of tasks at any given time. While it’s typical for business owners to handle many aspects of their business on their own, those that are truly successful understand the value of seeking expert advice where it matters most. That’s where a business CPA comes in! A certified public accountant (CPA) is a highly...

Good accounting is invaluable to the management and growth of any business. However, accounting tasks can be daunting if you lack financial expertise or your business is experiencing rapid expansion. You may need to hire extra hands, such as a Certified Public Accountant (CPA), to help you keep track of your finances. However, finding the right CPA might be tricky. As of August 2022, there were...

Let’s face it, the vast majority of millennials and Gen Zs grew up in households where money was seldom discussed. It also doesn’t help that schools don’t teach learners the basics of how to be financially stable. As a result, many young people come into their twenties not having the slightest financial literacy, which sets them up for many years of financial hardship. But there’s still hope if...

A trust is an arrangement that allows a third party known as a trustee to hold assets for a beneficiary. Trusts may be used as part of your estate planning, or you might form a trust to assist with controlling money for your heirs. Trusts can also help you prepare a strategy for financial management if you anticipate not being able to make decisions in the future; by setting up a trust now, you...

US tax law requires people with foreign financial accounts to report them to the US Treasury Department, even if the accounts don’t generate taxable income. While the requirement is often portrayed as something to fear (especially by people who’ve missed or skipped reporting their accounts), the reality is there are multiple options you can take to get back in compliance with IRS rules. How to...

Maybe you’ve heard of charity calls to make tax-deductible donations and wondered what that meant. Or perhaps you’ve listened to a discussion about mortgage interests and tax write-offs but couldn’t link the two. This quick guide will show you what purchases are tax deductible so you can reduce your tax burden through deductions. When you hear of deductions, think of subtraction. Tax deductions...

The federal law allows pass-through entities to report their income, losses, and deductions using a unique tax document that transfers the responsibility of paying taxes to individual partners or shareholders. While all these entities use Schedule K-1 to report their financial standings, the distribution varies depending on whether it is an S corporation, Trust, or business partnership. For...

Sponsorship and advertising can appear quite similar, and they both may have an important role in your business’s marketing strategy. The Internal Revenue Service defines each differently, however, understanding the IRS’ different definitions can help businesses and nonprofits when filing taxes. Official IRS Definitions of Advertising and Sponsorship The IRS defines both advertising and...

Running a small business is a challenging endeavor, with countless tasks that need to be managed daily. One of a small business owner’s most important responsibilities is ensuring payroll is handled correctly. From calculating wages to filing taxes, payroll is a complex process; mistakes can result in fines and other penalties. Knowing how to navigate payroll can help a small business owner stay...