Insights: Client Accounting Services

Starting a business? How expenses will be treated on your tax return

July 17, 2023

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re…

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Strengthening Business Operations: The Importance of Internal Controls for Vendors, W-9 Tax Forms, and Issuing 1099s

July 6, 2023

Written By: Saudra Uy, CPA CVA CGMA Effective internal controls are the backbone of any well-managed business. They play a crucial role in safeguarding assets, ensuring accurate financial reporting, and mitigating the risk of fraud. When it comes to vendor management and tax compliance, implementing robust internal controls is vital. In this article, we will…

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Hiring family members can offer tax advantages (but be careful)

July 5, 2023

Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring your children or spouse,…

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Rules of Thumb: 1099s for Legal Settlements and Attorneys

June 15, 2023

Written by: Saundra Uy CPA, CVA, CGMA For most businesses, 1099 rules are the same across the board. In general, business payments made for services of $600 or more in a calendar year to a non-incorporated vendor require that the business issue a Form 1099 to that vendor. However, 1099s rules for attorneys are unique…

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Use the tax code to make business losses less painful

May 9, 2023

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction The net operating loss (NOL) deduction addresses the tax inequities that can…

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Retirement saving options for your small business: Keep it simple

April 13, 2023

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended…

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The tax advantages of hiring your child this summer

April 12, 2023

Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a win-win! Here are four tax advantages.…

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3 ways your business can uncover cost cuts

March 23, 2023

Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability.

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Have employees who receive tips? Here are the tax implications

March 21, 2023

Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform services. They can be cash or noncash. Cash tips include those received directly from customers, electronically paid tips distributed to employees by…

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Do you run a business from home? You may be able to deduct home office expenses

March 16, 2023

Many people began working from home during the COVID-19 pandemic — and many still work from their home offices either all the time or on a hybrid basis. If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your…

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