Year-End Small Business Tasks

Year-End Small Business Tasks

As we enter the new year, many small business owners focus on tax obligations and how they can reduce the current year’s taxes. However, after the year is over, little can be done to change a business’s tax situation. It is best to get a jump start on next year’s...
6 IRS Red Flags for Small Businesses to Avoid

6 IRS Red Flags for Small Businesses to Avoid

Audits by the Internal Revenue Service (IRS) are rare, but there are certain behaviors the IRS tends to keep an eye out for. The reasons for an audit are not always clear, but here are six of the most common IRS red flags for small businesses to avoid. Small Business...
What’s the Difference Between a CFO and a Controller?

What’s the Difference Between a CFO and a Controller?

Three common roles in a company have the most influence over financial affairs and functions: the Certified Public Accountant, the Chief Financial Officer, and the Controller. Some might find it difficult to know the difference between a CFO and a Controller. These...
When Should My Business Hire a Controller?

When Should My Business Hire a Controller?

The best time to hire a financial Controller depends on the business’s size, current staffing, projected future growth, and organization of the firm’s accounting function. What Is a Controller? A Controller is an employee in a management position responsible for some...
Moving a Business to Nevada

Moving a Business to Nevada

In recent years, many owners have been increasingly moving a business to Nevada. There are several reasons for this, but the primary reason is the perception that Nevada has no income tax.  While this is true at the individual level, tax requirements affecting...
Tips for Small Business Financial Management

Tips for Small Business Financial Management

Small businesses exist for many reasons, but they all share 3 common purposes: They must be worth pursuing, as envisioned by the person or persons starting them Once pursued, they must continue To continue, they must earn a profit For a small business to succeed, it...
How to Deduct Your Vehicle for Your Business

How to Deduct Your Vehicle for Your Business

Clients often ask what vehicle expenses are tax deductible. While this may seem a somewhat complicated aspect of business ownership, this article aims to help clarify the process. The use of a vehicle is often an ordinary and necessary expense of conducting business...
4 Reasons a Small Business Should Outsource Accounting

4 Reasons a Small Business Should Outsource Accounting

When it comes to a business’s financials, much depends on the type of business and the needs and motivation of the business owner(s). Accounting is essential to all small businesses.  Many small businesses that pay little or no attention to their accounting...
7 Common Reasons the IRS May Audit a Tax Return

7 Common Reasons the IRS May Audit a Tax Return

The IRS may audit a tax return for a variety of reasons. Surprisingly, most individuals will never face one, and only the IRS knows for sure how they select a tax return for audit. However, experience shows several reasons the IRS might select a tax return for an...
What to Do When You Receive a Tax Notice

What to Do When You Receive a Tax Notice

A taxpayer can receive a notice from any taxing agency. This could be a state agency for income, sales or payroll (including unemployment) matters or, of course, the Internal Revenue Service (IRS) for federal income or payroll tax matters. Here’s what to do if...