Category Archives: Taxes

End of the Year Accounting and Tax Tips

End of the Year Accounting and Tax Tips It’s almost the end of the year, and it’s a great time for business owners to think about the accuracy of their accounting records and 2018 tax returns. Yes, accounting and taxes are fun! In case you haven’t heard, there are some major tax changes that came […]

Are You Using QuickBooks Online? Beware of These Common Errors!

Check for these potential problems with your QuickBooks Online software.  Are you frustrated with QuickBooks Online? Oftentimes, this convenient portal for online bookkeeping can cause big problems for small business owners. Here are a few examples of accounting mistakes that we caught at our office, after clients asked us to review their books. Recently, we […]

MASTER THE FUNDAMENTALS

FUNDAMENTALS– Isn’t it interesting when the sports analyst mentions that an NBA player has amazing fundamentals. Fundamentals are not fun or exciting like Michael Jordan flying through the air, oops meant to say Lebron James. But, fundamentals are extremely important. We receive many phone calls each day from business owners needing accounting/tax assistance. If we […]

2018 Tax Law Changes

2018 Tax Law Changes Please note these changes do not apply for 2017 tax returns! Here are some but not close to all of the 2018 tax law changes: Lower individual tax brackets until 2025 nice….. (see 2018 tax bracket below) Corporate tax rate changes from 35% to 21% That is a HUGE change! Hopefully Corporate America will […]

Are tax credits more valuable to business owners than tax deductions?

Often, they are. Credits are dollar-for-dollar reductions in the amount of taxes owed. For example, if your business qualifies for a $12,000 tax credit for expenses incurred to develop a new or improved product or process, the IRS may give your business a credit for having already paid $12,000 in taxes, and that amount is […]