Are Trust Funds Taxed? What You Need to Know
One of the most common questions we hear about the administration of trusts is, “Are trust funds taxed?” Like so many other financial matters, the answer is, it depends. Many people get confused that the taxable income of trusts and trust income are not the same things. Typically, a beneficiary (and sometimes a trust itself) […]
Legal Professionals: What to Look for in Accounting Services
Accounting for law firms can be intimidating, even for seasoned law practitioners. If you are like many, you’ve spent all your years sharpening your law skills, so accounting and bookkeeping are areas you are not skilled at. Still, you should employ legal accounting services to ensure your firm runs smoothly and you are on track […]
Distributions From Irrevocable Trust: Taxable to Beneficiary
When planning your estate to transfer to heirs, you can choose between revocable and irrevocable trusts. It’s important to know the difference to understand if distributions from the trust are taxable to the beneficiary. Trusts are entities you set up to hold your assets during your lifetime and ensure they are used appropriately. Usually, the […]
What is a K-1 Form and How Does it Affect Trust Distribution?
A schedule K-1 is a commonly used Internal Revenue Service (IRS) tax form issued to individuals who have a beneficial interest in certain types of entities. If you’re the beneficiary of a trust or you have a trust as part of your estate plan, it’s important to understand your tax liability, including when you’re likely […]
A Quick Guide: How to Be Financially Stable
Financial security is the cornerstone to achieving many of life’s goals – owning a house, retiring early, or taking a few years off work to travel and see the world. Learning how to be stable financially starts with financial literacy. The better you understand all aspects of money management, the better you’ll be at analyzing […]
Trust Funds & Taxes: What You Need to Know
Trust funds can be a great way to provide ongoing support or to pass on wealth to spouses, family members, or charities while offering significant tax advantages to both the creator of the trust and the beneficiary. Many trusts can also avoid probate in the event of the creator’s death. But are trust funds taxable? […]
6 Steps to Take Toward Becoming Financially Stable
Financial stability is a dream goal for many. While it may not necessarily translate to being rich, it means you can comfortably handle your bills, pay your debts and have savings for emergencies and future endeavors. To achieve financial stability and live the lifestyle you desire, you have to cultivate healthy financial habits and put […]
What is Payroll Processing?
Payroll processing is an essential part of any business. In this article, we will discuss what payroll processing is, steps it entails, and tips for effective payroll processing for your Dallas business. What is Payroll Processing? Payroll processing is the entire process of how a business compensates employees. It includes determining payroll scheduling, calculating employee […]
How to Stay Financially Stable when Money’s Tight
When you’re on a tight budget, an unforeseen emergency or even a small, unexpected bill can create a major issue. With everything from housing and utilities to gas and groceries costing more than it used to, finding financial stability can sometimes feel like an uphill battle. Taking the time to learn how to be financially […]
How to find the best accountant for your construction firm
Most business owners can benefit from working with a professional accountant, but if you’re in the construction industry, it’s even more important to make sure you’re getting great advice. Due to the nature of the business, construction accounting requires a unique approach. And since the rules are ever-changing, you need an expert who is well-versed […]
What is double taxation and what does it mean for a business
If you’re operating a business in the United States, you know that paying taxes is something you can’t avoid. However, for businesses that are structured as C-corporations, an issue known as double taxation can make you feel like you’re paying more than your fair share. The following guide takes a look at how double taxation […]
Why Your Small Business Needs to Partner with a CPA Firm
Running a business can be a tall order, especially if you wear many hats while simultaneously trying to expand and hit new milestones. And while most business owners will say they want to minimize costs as much as possible, this shouldn’t come at the expense of convenience and efficiency. Working with a CPA firm is […]
How to Streamline Your Restaurant Accounting
A restaurant business, like any other, relies on good accounting to ensure growth and profitability. Keeping up with the restaurant accounting process can help with financial reporting and overall business planning. We have highlighted three tips that can help streamline your restaurant accounting. 1. Be Aware of Your Overhead Cost Ultimately, every restauranteur wants to […]
Why Your Small Business Needs to Partner with a CPA Firm
Running a business can be a tall order, especially if you wear many hats while simultaneously trying to expand and hit new milestones. And while most business owners will say they want to minimize costs as much as possible, this shouldn’t come at the expense of convenience and efficiency. This is why your small business […]
Tips on How to Run Accounting for IOLTA Bank Accounts
If you handle a law firm, you are familiar with the legal requirement 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 […]
Are Sponsorships Tax-Deductible? 3 Things You Need to Know
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 are sponsorships 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 […]
A Quick Guide to Taking Out a Business Loan
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 […]
4 Important Benefits of Outsourcing Your Accounting Services
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 […]
How Do Business Taxes Differ From Independent Contractor vs Employee
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. Whether an individual is classified as an employee or independent contractor also impacts your business taxes. […]
3 Things to Know If You’re Thinking of Selling 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 […]
