Tax/Accounting
5 Top Tax-Saving Tips
GoSmallBiz has partnered with AFM CPAs and Advisors to bring you a range of tax preparation and filing services. Learn more at www.gosmallbiz.com/afm! Tip #1: Qualified Business Income One of the most significant consequences and opportunities of The Tax Cuts and Jobs Act of 2017 (TCJA) is the new Internal Revenue Code section 199A, which…
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Ready for Mobile Accounting?
Mobile technology has affected so many aspects of business, from sales and marketing to human resources. Accounting is no exception. Mobile services are changing, and will continue to change, common accounting practices, especially for small accounting firms. Don’t get left behind by these innovations! Learn about how you can start thinking with a mobile mindset…
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Consultant’s Corner: Hiring Your First Employee
Updated January 2020 Question: I’m growing and am thinking about hiring my first employee. What should I do? When growing a business, entrepreneurs typically reach a point in the process where they must consider the prospect of adding staff. There are several important things to consider when hiring employees, which include: labor laws, compensation structure,…
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Are You Limiting Your Unemployment Tax Exposure?
State unemployment taxes are a little different from other taxes, in that businesses can take specific steps to limit their exposure. With proper research and preparation, a business can save substantial amounts of money. It’s important to understand your responsibilities, the obligations you have to government requests, and the actions you can take to put…
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Correcting Prior Year Tax Mistakes
Situation #1: You’re preparing your income tax return for the current year and notice that you forgot to claim a large charitable contribution. Situation #2: You prepared your tax return and filed it on time, then you receive a corrected Schedule K-1 from an LLC in which you are a member. What to do: In…
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Consultant’s Corner: Do I Have to Pay Employees When Bad Weather Closes the Business?
Q. Are employers required to pay employees for days they could not come to work due to inclement weather and the building was closed? While you may want to consult your local labor lawyer to confirm your employee compensation requirements for particular business closure situations, as a general rule, exempt employees will need to be…
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2020 Trends in Accounting
2020 is almost here—what should you be looking for in the new year as a business owner? There are always new trends and innovations going on in every part of business, and accounting is no different. So what kinds of trends are likely to impact the accounting world in the next year? We’ve got a…
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Small Business Mythbusters: The Final Paycheck
Myth: All employers must provide final pay to employees on their last day on the job. Some business owners are required to provide a final paycheck on an employee’s last day with the company. Whether that is true depends on the state in which your employee is working. Under federal law, a final paycheck must…
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What is Involved in Forming a Non-Profit Company?
If you’re looking to form a non-profit corporation, there are several important steps for you to follow. Incorporating a non-profit corporation is often similar to a for-profit corporation, but there are some differences to be aware of. Here are some general guidelines for incorporating a non-profit. Pre-Incorporation Matters Prior to incorporation, you should have a…
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Consultant’s Corner: Business Entity Selection
Question: “How should I go about choosing a business entity type?” Many small businesses are structured as unincorporated sole proprietorships and General Partnerships due to their formation and maintenance simplicity and costs; however, the primary disadvantage with a sole proprietorship or General Partnership is that it is not a separate legal entity, even when it…
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