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When you need to staff your company, you have the option of hiring an employee or outsourcing the work to an independent contractor. Both options can get the work done, but there are key differences between the two classifications. Accountant Women At Desk Using Calculator For Accounting Whether an individual is classified as an employee or independent contractor also impacts your business taxes....

After years of hard work, you’re ready to use your assets to fund less labor-intensive goals. Or, maybe your small business is no longer suitable to your lifestyle. Selling your business allows you to turn your investment into income. However, it’s essential to understand the tax consequences associated with selling a business. Here’s what you need to know. Real estate agent holding house key to...

As a business owner, it’s essential to know what expenses are business tax-deductible. Otherwise, you risk paying more in taxes than necessary or potentially getting into trouble with the IRS for taking inappropriate deductions. Here are some tax-deductible expenses every business owner should know about. ⦁ Utilities If there’s a utility that you use solely for your business, it’s completely...

A report from the ACFE (Association of Certified Fraud Examiners) states that occupational fraud often lasts 14 months before it’s detected, resulting in a median loss of $8,300 each month. Over a year, this results in a loss of almost $100k. It’s essential to take steps to protect your company from occupational fraud. Here are a few safeguards for your company to put into action. ⦁ Require...

Though the COVID-19 pandemic has ravaged many industries, the restaurant industry was hit particularly hard. Government-mandated lockdowns, social distancing requirements, COVID restrictions, high food prices, and a labor shortage left many restaurants struggling to keep their doors open. To help restaurants survive, multiple federal aid packages were approved, included the CARES Act programs and...

If you need help preparing your taxes or making the best moves to minimize your tax bill, consulting with an experienced tax pro will help you accomplish these goals. In your search for a professional to work with, you’ll see that there are business CPAs and general tax services. While the two are similar, there are some key differences. Here’s what you need to know about how a business CPA...

While it’s unpleasant thinking about an IRS audit, it’s important for taxpayers to understand what activities can potentially trigger an IRS audit and when they need to consult a tax accountant in Dallas for assistance. Here are some of the most common tax situations that increase your chances of being audited. 1. Filing a Tax Return with Errors When you file your tax return, it’s imperative to...

How Furloughs Impact Small Business Taxes When a small business faces an economic downturn or other adverse financial conditions, one option to temporarily reduce its expenditures is to furlough employees. A furlough is different than laying off or terminating an employee; it also has an impact on the small business’s taxes. Meeting with a small business CPA can help you understand how...

Tips From Business Accounting Firms in Dallas Most small business owners spend at least 41 hours each year on tax preparation. Whether you do your own taxes or utilize the services of business accounting firms in Dallas, it’s essential to take the necessary steps to lower your tax obligation and situate your business so it’s in a strong financial position. Here are some helpful tax tips from...

How is Virtual Currency Taxed by the IRS Virtual currency is becoming increasingly common as an alternative source of compensation or payment or as an investment. Bitcoin, ethereum, dogecoin, litecoin, and utility tokens are a few common forms of virtual currency. With more individuals and businesses utilizing virtual currency, you may wonder how the IRS treats it for taxation purposes. Here’s...