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...
by John Reddall | Sep 17, 2021 | Tax
At some point in time, a business owner has to decide whether to seek help growing their business. They may need employees or independent contractors or both for the business to grow. A business hires an employee to perform a specific task or tasks. So is a...
by John Reddall | Jul 3, 2021 | Tax
Virtual currency is very much in the news today. Unfortunately, many people don’t understand what it is, how it works, and, most importantly, how the Internal Revenue Service (IRS) views it. Many often overlook virtual currency and taxes in the overall conversation....
by John Reddall | Jun 25, 2021 | Accounting, Administration
Owning a business is part of the American dream, but starting or running a business is not easy. There are six critical small business financial mistakes a successful business needs to avoid. Top 6 Small Business Financial Mistakes Many new businesses start every...
by John Reddall | May 8, 2021 | Administration
If you own a small business or thought about starting one, the question of business planning usually comes up. Yet, most small businesses rarely have a written business plan in place at any time during their existence. So do you need a business plan? There are several...
by John Reddall | Apr 10, 2021 | Tax
The choice of entity is one of the most important decisions a new business owner faces. Many new businesses automatically set up as an S-Corporation as part of the overall formation process. This happens without any thought given to the potential risks or benefits of...
by John Reddall | Apr 10, 2021 | Tax
Small business owners often wonder what they can deduct in their business. Just because you own a business does not mean you can take advantage of all sorts of tax write-offs (loopholes). However, tax laws do favor businesses in what they can write off compared to...
by John Reddall | Feb 6, 2021 | Tax
The 2020 tax filing season (for 2019 tax returns) was unique. Tax filing deadlines were pushed back in the middle of the preparation period, including the dates for making estimated tax payments. Many of the same factors that led to that situation are still in place...
by John Reddall | Nov 13, 2020 | Accounting
Owning a small business is a dream of many Americans. Being your own boss is attractive and can be financially rewarding. The truth is that it is not easy, and many businesses fail or do not meet the expectations of the owner(s) that were present at the beginning....
by John Reddall | Oct 22, 2020 | Accounting
A financial statement can take many forms. The first question to ask is whether the financial statement is for personal or business use. Individuals often have to prepare personal financial statements if they are looking to obtain credit, usually for a large purchase...
