Tax credits are important for business. For each tax credit dollar, the tax payer will receive one dollar in tax reduction. There are certain tax credits earmarked specifically for small business use. Let’s review each one as well as the definition of small business as each credit may have different assumptions. 1. Research Credits – […]
PASBA stands for the Professional Association of Small Business Accountants. It was formerly known by the name of the National Association of Small Business Accountants. This organization was founded in 1982 with the idea of strategically organizing small business accountants and bookkeepers to operate in a more efficient manner. PASBA stands for the Professional Association […]
Owners of small businesses place much emphasis on fees when choosing their accounting firm. Fees are an important factor and need to be affordable. Often, however, business owners compare fees yet fail to scrutinize big picture issues such as: Qualifications, Expertise, Reputation, Reliability, Consulting and Communication Skills and Overall Performance. Like all businesses, professional firms […]
Recent surveys show that the survival rate of new businesses average about 20% over a five-year period. In other words, if you start 100 new businesses today, 20 of them will still be in business five years from today. The other 80 will have gone out of business sometime during that five-year period. These are […]
Even with the information and technological age upon us, it is still critical for small businesses to keep a well-organized set of physical records. Often one of the first questions business owners ask when meeting with an accountant is about recordkeeping and the length of time all of those little receipts and trails of register […]
After just a few short years in business for herself, it was her first run-in with the IRS and she was panicking. Thankfully, she had used a certified public accountant (CPA) to help her set up the business and file her taxes each year. Once she calmed down she placed a quick call to her accountant and […]
Your spouse may spend a considerable amount of time helping out at the office. Sooner or later, you will probably ask yourself the question, Are there any tax advantages to making my spouse a formal employee? While the answer depends on your individual circumstances and the structure of your business, there are a few important […]
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