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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...

If you’re running your business from home, it’s important to understand how home office tax deductiions impact your taxes. Deductions related to a home office are frequently under-utilized, often due to confusion at to whether you qualify for them. Here are a few home office tax deductions you should know about: 1. The Expenses for Your Home or Apartment In the past few years, there have been...

How a Restaurant CPA is Beneficial When Taking Restaurant Equipment Depreciation To keep your construction company running as efficiently as possible, it’s essential to work with a construction CPA. Not only does a construction CPA have all the knowledge and certifications required to work as a CPA, but they have an in-depth knowledge of the construction industry. As a restaurant owner, you face...

Why You Should Hire a Construction CPA (and How to Find One) To keep your construction company running as efficiently as possible, it’s essential to work with a construction CPA. Not only does a construction CPA have all the knowledge and certifications required to work as a CPA, but they have an in-depth knowledge of the construction industry. This allows them to better manage your financial...

Your Guide to Deducting a Vehicle for Your Business Tax Deductions As a business owner, it’s important to utilize all available business tax deductions to lower your overall tax liability. One deduction that some business owners fail to take advantage of is the vehicle tax deduction. Some forgo the deduction because they worry it will trigger an audit, or they may not know if they’re eligible to...