Category Corporations

12
Sep

How to Build a Successful Company: Lessons from the Jacksonville Business Journal Fast50

As sponsors of the Jacksonville Business Journal’s Fast50 awards, we evaluated all of the applications and had the privilege of learning what the fastest-growing companies are doing to make their numbers. Sure, a smart business plan, adequate cash flow, and a growing customer base are all prerequisites to build a business. As we zeroed in …

25
Jul

Small businesses and audits

It’s a well-known truth that running a small business is considered an audit risk for taxpayers. Auditors have found that self-employed people often claim too many deductions and write off expenses that aren’t strictly related to business purposes. Even if you’re keeping everything on the up and up, you’re lumped in with all the other …

27
Jun

Are you still managing your own small business books?

I heard a staggering statistic at last week’s Xerocon conference: 50% of small businesses fail without a financial advisor to help them understand their books. I looked deeper into the research and found another surprising statistic from Xero’s Make or Break survey of small businesses. Of 2,000 small business owners whose businesses failed, 65% of …

23
May

Tax deductions for business purposes

One of the most misunderstood concepts that our clients find confusing every year around tax time has to do with business expenses, assets, and depreciation. Specifically, when you spend money on something for your business, how does that get reflected at tax time? Many people are familiar with the concept of depreciating assets, but it’s …

4
Feb

Will I owe tax when I trade in my business vehicle?

Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers could exchange like-kind business property (such as trading in a business vehicle) and defer any gain until the property was ultimately sold. Property that was eligible for this tax-free exchange included both real and personal property. If you traded in a business vehicle in 2017 …

3
Dec

Preparing for Year End

Preparing for Year End As the end of the year approaches, it can be confusing to decide what information you need to get together and send to your accountant. We all know that January 1st will be here before we know it, so we have put somethings together to help your business out. To Prepare …

26
Jan

New Email Phishing Scam Targeting QuickBooks Users

On January 25, the Better Business Bureau issued a warning about a new email phishing scam that targets the users of Intuit’s QuickBooks accounting software programs.  The scam email contains a subject line of “QuickBooks Support: Change Request” and looks like a legitimate email from Intuit.  The body of the email requests a confirmation about …

1
Sep

Upcoming Deadlines

Can you believe it is September already?  As we head towards the fourth quarter, it’s time to start thinking about the upcoming deadlines remaining this year.  There are tax deadlines coming up, and the deadline for implementing new Department of Labor regulations. September 15th: Third quarter estimate – If you have business income, investment income,  1099 income, or …

18
May

Overtime Regulations Have Passed!

The new overtime regulations for full-time workers have passed.  Employers will now be required to pay time and a half for overtime if a full-time worker makes less than $47,476 per year.  While this is less than the originally proposed amount of $50,400, it it about double the previous threshold of $23,660.  If an employee works …

4
Jan

Capitalization De Minimis Safe Harbor

A common question we deal with is when to capitalize and depreciate assets rather than expensing them.  It is often advantageous for a client to be able to expense smaller purchases rather than setting them up in depreciation schedules and either dealing with Section 179 rules or delaying the full deduction.  The IRS has provided …

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