Accounting

In their landmark decision in the South Dakota v. Wayfair case, the Supreme Court of the United States (SCOTUS) just radically changed the sales tax landscape for online sellers. But don’t panic! This blog post will take a look at what has changed and how online sellers can determine next steps to remain sales...

Numbers are boring. I get it. You’re driven by the thrill of making sales, out-maneuvering your competitors, and putting together the perfect product. What doesn’t drive you, on the other hand, are the mind numbing hours spent staring at Excel trying to debug a formula you don’t understand. This is completely normal. If you’re not...

Understanding Statute of Limitations on Tax Audits Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS is going to audit them. Luckily, there is a statute of limitations on IRS audits and tax assessments. This time period is called the...

Introduction The Augusta Rule is a tax exemption that has received much attention in recent years. It is often used by homeowners to reduce their tax liabilities and increase their tax-free rental income. Essentially, the rule allows owners of properties that are used for fewer than 15 days per...

Are you one of those business owners who hates looking at their bank statements? If you’re in business to make money, why wouldn’t you want to look at your numbers? Have no fear: you’re not alone. Money is a huge stressor for business owners, in part because they get confused over the...

Since 1986, lawmakers have limited business meal deductions: first to 80 percent, and then to 50 percent (unless an exception applies). But on December 27, 2020, in an effort to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new, temporary 100 percent business meal deduction...

When it comes to creating a budget, it's essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. 1. Not Setting Goals. It's almost impossible to set spending priorities without clear goals for the coming year. It's important to identify, in...

Introduction Real estate accounting can be a daunting task for beginners. There is so much to learn and understand! However, with a little bit of guidance, you can be on your way to mastering real estate accounting. In this blog post, we will provide an overview of real estate...

Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts have been around a long time, so many people are used to them and may even be resistant to moving...

Hiring an accountant is widely considered best practice for small business owners.  But delegating financial analysis and reporting doesn't mean completely checking out of the process each month or quarter. On the contrary, it's recommended that business owners work closely with their accountants throughout the year to better understand their financial position,...