Category Archives: Business Owner

What it Takes to Have Accurate Financial Statements for Your Business

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 […]

Does Your Company Need a Financial Statement Review or an Audit? Be Careful!

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 […]

Is it Time to Raise Your Prices? Here’s How to Tell

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 […]

The Veteran CPA – Hurry and Get these Tax Deductions Before 12/31/21

It was a very difficult year, but many businesses in GA still improved their bottom line in 2021. People forget that when the economy goes down there is also a direct correlation to lives lost. December is the month to get some of the biggest (and the most fun) deductions. We have until 12/31 as […]

Is Your Business Failing? Here Are 6 Ways to Tell

Many business owners often wonder, “Is my business doing well, or is it failing?” Just looking at your sales and revenue can be very misleading. Here’s what you need to know… Net income is what really matters. Net income is your revenue/sales, minus ALL of your business expenses. Too often business owners only look at […]

Cryptocurrency Taxes 101: Myths and Misconceptions of Owning It

Cryptocurrency is here to stay. Bitcoin has now been around since 2009, and even with many hard knocks it continues to grow substantially in value. Other cryptocurrencies, such as Ethereum have also become good investments. A lot of people are now putting their money on Cardano, (I am hoping to win big from Cardano!) but […]

1099 Income Troubles

Are you a 1099 paid Contractor and stressed about paying Taxes? We can help! Were you paid over $100k as a 1099 Contractor? To pay less in taxes, it’s time to get an S Corp and be on payroll. We can help you with this, too! Did you know that if you paid a 1099, you […]

The Most Common Mistakes on the Profit & Loss

Two of the most common mistakes we see on the profit & loss are expensing owner draws/distributions and having cost of goods sold on the profit & loss when it should not be there. If you are a business owner, here are the correct ways to account for draws/distributions and how to pay yourself: Paying […]

Business Owners: Get Creative with Your Purchases and Enjoy More Tax Deductions!

This year has been very different for the business owner. Many businesses struggled during 2020, due to COVID-19. But if your business was one of the fortunate that had a sizeable 2020 profit, then you may want to find out how you can pay less in taxes! There are some creative ways you can get […]