Category Archives: Taxes

Don’t Go with the ROTH!

This 2020 tax season, we are seeing a lot of people contribute to ROTH IRA’s/401k’s when they should be contributing to a Pre-tax/Traditional retirement account. It’s even worse when a financial professional convinces a new client to convert their pretax IRA/401k into a ROTH. This is throwing buckets of money out the window! Here are […]

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 […]

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

*This article is addressed to those business owners who have been in business at least one year.  After running a business for several years, I’ve realized that no matter what a business owner charges, there will always be people complaining that the price is too high.  On the contrary, when a business owner charges low […]

Are You a Successful Business Owner That Never Filed Your Tax Returns? Here’s How to Get Back on Track!

When I started preparing tax returns and gaining a client here and there, I had no idea how many business owners needed help getting back on track with filing their past due tax returns. Over the last several years, we have helped many business owners with their back-taxes and greatly reduced their fears. Here is […]

Choosing the Right Accounting Firm: You Get What You Pay For

Every business owner knows that accounting services are an essential part of their business, however, oftentimes these services don’t get the attention that they deserve. Why? Because accounting tasks aren’t the sexiest part of a business, and they typically aren’t any fun for a business owner to pay for each month, but they are extremely […]

There’s Nothing Wrong with Filing a Tax Return Extension!

Have you heard the business advice that goes like this: “You can have fast, good, and cheap, but you can’t have all three of these at the same time.” This advice applies to getting your tax return completed, as well. If you think about it, rushing to get your tax return completed within the last […]

Local Warrior Award Presented to Sgt. Sewell, by Josh Simpson, CPA

This past week, Simpson & Simpson Accounting LLC, humbly presented a “Local Warrior Award” to Combat Veteran Sergeant, Jeremy Sewell. Sergeant Sewell served in the 3rd Battalion,  2nd Marines, as infantry.  Sergeant Sewell completed combat tours in the following:  Operation Iraqi Freedom 06-08.2 (Iraq) Operating Enduring Freedom (Afghanistan) After serving on those two tours with the Marines, […]

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 […]