New Business Accounting Checklist

Understanding your accounting and reporting requirements can be daunting for any startup owner. Compliance is time consuming, and mistakes can lead to hefty fines. This new business checklist will give you the framework necessary to educate yourself on accounting processes for startups and small businesses. Following these steps can help you launch your business [...]

By |2018-12-27T17:48:15+00:00December 27th, 2018|Accounting Services, Entrepreneurship, Startups, Taxes|0 Comments

Pass-Through Deduction: A New Wrinkle in Choosing to Form an S-Corp

Accountants have often recommended that entrepreneurs convert their growing businesses into an S-corporation. This is due to a combination of legal and tax benefits. However, after tax reform and the new Section 199A pass-through deduction, S-corporations may not have the same tax benefits. Here's what happened.   The Traditional Tax Advantage of S-Corporations The main [...]

By |2018-12-14T17:49:17+00:00December 14th, 2018|Financial, Taxes|0 Comments

Making the Most of R&D Tax Credit

If your business isn't claiming R&D tax credit, you could be throwing money away. You don't have to be a huge company to take advantage: In fact, many small businesses can even use the credit to cover Social Security employer taxes. The definition of research and development is also wider than you might realize. Here's [...]

By |2018-12-14T17:37:50+00:00December 14th, 2018|Financial, Taxes|0 Comments

Cryptocurrency Taxes: Navigating an Uncertain Environment

Cryptocurrency Taxes: A Brief History Upon my introduction to the idea of cryptocurrency, I promptly put on my CPA hat and realized the importance of educating clients on the short-term tax and compliance ramifications of cryptocurrencies in the broader marketplace.  More specifically, it is imperative to understand that the tax implications of cryptocurrency can [...]

By |2018-01-29T21:52:14+00:00January 25th, 2018|Cryptocurrency, Taxes|0 Comments

A Guide to Prepare 1099-MISC Forms Before the Due Date

You only have a a few days left to prepare and distribute your 1099-MISC forms to your contractors from 2016.  The forms are due to your contractors by January 31st, 2017. The 1099-MISC form reports the total amount of payments you or your company paid to a single person or entity during the previous calendar year. Contractors use [...]

The Iterative Cycle of Startup Accounting

As an Adjunct Instructor at Northwestern University teaching startup accounting, I'm tasked with helping students understand accounting as it relates to startups.  Although the foundational mechanics of accounting are the same across all different business types, there are some special considerations for startups.  Specifically, startups have to develop and implement accounting policies and procedures [...]

Small Business Tax Preparation Checklist

2017 is here, meaning it is crunch time for your small business tax preparations. The beginning of the year is a hectic time for most small businesses and makes it difficult to gather all of the appropriate documents and expenses you will need to file taxes. Most small businesses will have started preparing your taxes, but [...]

25 Small Businesses Tax Deductions You should Know About

Finding answers to your small business tax questions within the mountains of documents on IRS.gov can be a tiresome task. Often your answer will be spread out among various documents and cluttered with information you wish to sift out. This happens to be the case for anyone searching for a comprehensive list of small business tax deductions [...]

By |2017-03-03T14:57:57+00:00December 20th, 2016|Accounting Services, Taxes|0 Comments