Category Archives: Advisory

Rapid-Fire FAQs – Tax Laws

Throughout the year we get many inquiries on annual changes in tax laws. This post is a summary of the more frequently asked questions around tax laws in a rapid-fire format. IRS Mileage Rate First will be the IRS standard mileage rate for reimbursement. This would typically be how much a business reimburses employees if

How to read Financial Statements numbers

financial statements

Clients ask accountants quite often questions around the condition of their numbers. Business owners want to know what their financial statements are saying. There is a desire to understand what is going on with their business numerically, and how to make decisions based around that. Are my numbers good or bad? Do I need to

What does pass-through entity tax mean for my small business?

pass-through entity tax

You may recall before the 2017 Tax Cut and Jobs Act, you were able to deduct your state and local taxes on your individual tax return. The 2017 Tax Cut and Jobs Act imposed a deduction limit of $10,000 of state and local taxes on your personal tax return. This has been referred to as

What do changes in depreciation rules mean for me in 2022-2023?

depreciation rules and changes

Most taxpayers have gotten very used to taking 100% bonus depreciation. Most of the time, people have been getting used to taking 100% bonus and writing off whatever they’re spending on capEx. This has been the case since the Tax Cuts and Jobs Act in 2017 – the Trump tax cuts. You may be thinking

How to Free Up Cash by Reducing Receivables

The most effective way to manage receivables in your business is to put into place a system that allows management the ability to: Provide credit to eligible customers only Keep track of receivables in a timely manner Trigger follow-up calls/emails/letters for reminders/past due/legal action and Trigger when management intervention or legal recourse becomes the next

Four Common Financial Mistakes Small Businesses Make (and How to Avoid Them)

Many small business owners are entrepreneurs who are passionate creators that had an idea for a product or service, but they don’t always possess financial acumen. As a result, some business owners make financial mistakes which can jeopardize their dreams. Here are four of the most common mistakes and how business owners can avoid them.