I often see things like this from other impersonal tv/radio-advertised firms, “We helped a client save $500,000 in taxes!” But I want to be clear on this. I am not going to be like the over-promising firms you hear on TV and radio. Obviously, there is no person attached to these statements by the tax […]
18
Apr
Apr
*Note: This article was written before the 25% tariffs were announced. Unfortunately, more and more businesses showed an overall loss for the 2024 calendar year compared to past years. Having personally reviewed many 2024 profit & loss statements this 2024 tax season, it is apparent that annual net losses are running rampant. I am referring […]
27
Jan
Jan
Following all the IRS rules can be a pain, some things take time out of your day and don’t really seem worth the effort. It’s also common to get bad advice. A business owner finds a new worker and that person says “Don’t send me a 1099”. It might not seem like a big deal […]
24
Jan
Jan
Following all the IRS rules can be a pain. Some of their rules take time out of your day and don’t really seem worth the effort. It’s also common to get bad advice in this regard. Here’s an example: A business owner finds a new worker and that person says “Don’t send me a 1099”. It might […]
11
Dec
Dec
Half of our business activity comes from cleaning up QuickBooks online accounting, bank reconciliations and financial statements. Oftentimes, we assist business owners with this process for multiple years, if the client has not filed business tax returns for several years. The usual progression for a business owner is they start recording the accounting themselves in […]
15
Nov
Nov
Even when I was very young, I was fascinated with studying money and how it worked. Luckily, my best friend’s mom was (and still is) a very successful business owner. When I had the right opportunity, I would ask her what to do next with my career and money.When I graduated from business school and […]
26
Jul
Jul
During this summer of 2023, it seems the marketplace has had a tremendous demand for financial statement reviews. Only a CPA has met the professional and legal requirements to complete a review of financial statements and provide an official accountant’s review report. Some of the financial statement reviews we are currently working on at Simpson […]
15
May
May
As the Veteran CPA and someone who works with many small business owners in service industries such as home remodeling, lawn care services, heating & air, etc. this often becomes the most important message a business owner needs to hear: We strongly recommend raising your prices 10% to 20% so that your business can turn a profit. Here […]
28
Dec
Dec
Knowing who or what companies should be sent a 1099 from your company can be very confusing. On top of that, it can be difficult to determine what type of 1099 should be sent from your company to the contractor or vendor (1099-NEC, 1099-MISC, 1099-K, 1099-INT etc.) The most important 1099’s that need to be […]
04
Jul
Jul
About everyone has heard the radio or tv advertisements saying “they can settle your IRS debts for Pennies on the dollar”. If this sounds too good to be true, it’s because it is too good to be true. Isn’t it interesting that these same advertisements have a radio voice, not a real attorney or CPA’s […]