by John Reddall | Jan 6, 2023 | Tax
If you deduct your vehicle mileage for business purposes, you will want to be aware of new standards going into effect. The IRS released new standard mileage deduction rates for 2023. If you have already met the requirements for deducting your vehicle for your...
by John Reddall | Dec 24, 2022 | Accounting, Tax
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...
by John Reddall | Dec 9, 2022 | Tax
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...
by John Reddall | Oct 14, 2022 | Accounting
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...
by John Reddall | Sep 22, 2022 | Accounting
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...
by John Reddall | Aug 18, 2022 | Tax
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...
by John Reddall | Aug 12, 2022 | Accounting
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...
by John Reddall | Mar 26, 2022 | 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...
by John Reddall | Dec 10, 2021 | Tax
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...
by John Reddall | Nov 5, 2021 | Tax
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...
