Background What I want to offer in this article is a conversation about how to think about reducing your taxes and creating family wealth with that savings. The fact of the matter is that nobody enjoys paying taxes and we would all appreciate a zero-tax bill. I have over thirty years of experience as
Author Archives: Whittaker
Advisory|Strategic Guidance|Value Building, Financial Reporting|Strategic Guidance
What is the Difference Between an Audit, Review, and Compilation
02
Aug
Aug
Audit, review, and compilation are three different levels of services provided by accountants or auditors when examining financial information. Each level offers a varying degree of assurance regarding the accuracy and reliability of financial statements. Let’s explore the differences between an audit, review, and compilation. Compilation A compilation is the simplest and least extensive of
26
Jul
Jul
When it comes to choosing an accounting firm for your business, making the right decision is crucial. Entrusting your financial matters to professionals who understand your unique needs and can help you achieve your goals is essential. In this blog post, we will explore the top questions that should be asked when selecting a new
19
Jul
Jul
As a business owner, it’s essential to stay informed about the various tax provisions that can impact your company’s growth and financial success. Section 1202 of the Internal Revenue Code, commonly known as the “qualified small business stock” is one of them. What is Section 1202 Stock? Section 1202 was introduced as part of the
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Jul
Jul
If you are a business owner, then chances are you have heard of a buy-sell agreement. What most people don’t understand is what it really is, or why it is important. Simply put, they are exit strategies for business owners. To fully understand what it is, you must know what they entail. What Is It
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Jul
Jul
How does it work when a C-Corporation has double taxation? When we say that a C-corporation is subject to double taxation, it refers to the fact that the corporation’s profits are taxed twice. Once at the corporate level and again at the individual shareholder level when the profits are distributed as a dividend. Here’s a
Financial Reporting|Strategic Guidance, Strategic Guidance|Tax
How to Handle IRS or other Tax Agency Notices
28
Jun
Jun
Receiving a notice from the Internal Revenue Service (IRS) or any other tax agency can be a stressful experience for most individuals. However, it’s essential to approach these notices calmly and systematically. Just because you have received a notice doesn’t mean you are in trouble. Understanding the Purpose of Tax Agency Notices Tax agency notices
Advisory|Financial Reporting|Strategic Guidance, Advisory|Tax, Strategic Guidance|Tax
How do I know if my tax return is correct?
21
Jun
Jun
This is not a question that we hear often, but I want to address it because it has led to many people seeking our services and occasionally client frustrations. I would preface this with the fact that when you are signing your tax return or authorizing your CPA to electronically file your tax return, you
14
Jun
Jun
A Certified Public Accountant (CPA) who prepares tax returns and a CPA who focuses on tax planning have distinct roles and responsibilities. While both are knowledgeable in tax matters, their primary areas of expertise and the services they provide differs. CPA That Prepares Tax Returns A CPA who prepares tax returns is primarily focused on
07
Jun
Jun
Intro Financial metrics are very important when it comes to analyzing how efficient your business is. Both cash cycle and operating cycle are a great way to measure your businesses financials. Often people think they are the same thing. While they are very similar, they have small differences that make them each very useful. What
