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If you run a law firm, you are familiar with the legal requirements for running bank accounts. Unlike other businesses, private practice law firms must bank clients’ funds in a separate account. That’s because you’ll handle money from settlement checks, overpayment of bills, escrow funds, or advance payments for court. Separating the accounts makes it easier to track usage and any interest...

If you’ve heard that sponsorships are an effective way to support a community group or event or expose your name to more members of the community, you may wonder if sponsorships are tax-deductible. Here are a few things to consider to help you decide if your sponsorship qualifies as a tax deduction. A Qualified Sponsorship Isn’t Considered Advertising One of the rules that the IRS uses to...

At some point, you will need to access capital to grow or expand your operations through business financing. Taking out a business loan can provide a much-needed capital infusion and can be a lifeline for small and large businesses alike when used responsibly. It can be the fuel your company needs to reach the next level. Business owners need to understand how business loans work, as taking a...

Let’s face it, running a business is no easy feat. There are numerous processes and functions that you need to handle on an ongoing basis to ensure your enterprise runs seamlessly. From sorting out finances to managing your employees and making strategic plans for the future, the demands of operating a successful business can leave you feeling overwhelmed. To avoid fatigue and potential failure,...

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 an independent contractor also impacts your business...

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...

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, including the CARES Act programs...

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...