Author Archive

‘Tis the season for charitable contributions!

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‘Tis the season when donating to charitable organizations becomes something we actively consider, if for no other reason than society reminds of those that are less fortunate.  After work, when we stop at the market to pick up dinner, the Salvation Army has bell ringers stationed outside.  Once inside, food drives are being organized to allow us to provide a nice meal for a needy family.  Along with the holiday spirit comes the winter season and the associated ...

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What is Corporate Inversion and Does it Apply to Me and My Business?

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Corporate Inversion

Corporate inversion is a term that has been bandied about in the media quite a bit since the Obama Administration came to office.  This has politicized a financial tool available to corporations seeking to reduce tax payments.  In order to increase the bottom line for shareholders, a corporation basically has to fundamental options; increase revenue or decrease expenses.  Corporate inversion can be used to achieve the latter.

What is it?

Offshore holding companies ...

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What are estimated taxes? Do I have to pay them?

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“…in this world nothing can be said to be certain, except death and taxes.”  The prescient words of Benjamin Franklin never seemed more appropriate than when we pay our share of taxes to the government.

Most taxpayers are used to receiving a regular paycheck with taxes removed before they get the check.  When it is time to file your annual tax returns, if you don’t have any other income, it is a very simple task and you ...

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The lazy days of summer are over, it’s time for a tune-up.

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Many businesses, their owners, and employees enjoy a relaxed work atmosphere during the summer months.  Companies large and small often offer their staff the option of reducing their schedules in order to take advantage of their hard-earned vacation and beautiful weather. Owners may decide to take extra time off, leaving most tasks to their employees.  Others may simply succumb to the lazy dog days of summer.  Prioritizing our tasks becomes central as there is often less time to ...

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When it comes to business expenses, what can you actually deduct?

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Successful businesses know that one method they can use to offset otherwise unavoidable income taxes is to deduct their business expenses.  This basically reduces the amount of taxable net income.  The first question asked by most business owners is which expenses count as “business expenses”.  Well, the IRS says deductible business expenses are those which are “ordinary and necessary.”  For small business owners, this explanation can actually be more confusing than helpful.  

The IRS says ...

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How to prevent fraud from happening within your small business.

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Fraud is a major concern for many businesses, not least of which are local small businesses that deal in cash, or are too small to pay for an adequate accounting staff, or even worse, cannot afford to delegate tasks to more than one employee.  After pouring your heart and soul into a business, succeeding against external economic forces and carving a niche for your business, the last thing a small business owner needs to deal with is the ...

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What is Capital Gains Tax and do I have to pay it if I sell my home?

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For many Americans home ownership is the largest investment they will make in their lives.  Equally, selling a home may be the biggest sale they will ever make.  Often, homeowners find themselves concerned with ramifications of the sale of their house. Once the sale is complete, there are many fees including those to banks and mortgage companies. The seller must also consider the purchase of their new home and the needed improvements, moving costs, and legal fees they will ...

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I am starting my own business. How should I organize it?

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When creating a business, there are different organizational forms from which you can choose.  Traditionally, you may be aware of three types, sole proprietorships, partnerships and corporations.  There are, in fact, other kinds and knowing what each form has to offer is integral when choosing the type of business organization that is best for your company.  

Sole Proprietorships and Partnerships

Sole proprietorships and partnerships are similar forms of organization and together comprise about 80% of ...

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Should your business use financing or cash to make a purchase?

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Small businesses are considered the “backbone” of the American economy.  Every President tells us that in numerous speeches, newspapers and websites report on that, and most Americans pass by dozens of small businesses every day.  In many ways, they are the most visible features of the community that make up where we all live.

Because of this, it is easy to lose sight of the complicated decisions small business owners must make on a daily basis.  One of ...

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Why do you need a CPA?

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Are you starting a business?  Are you growing a nonprofit organization?  Are you an individual that owns property?  

A large segment of society relies on the services provided by Certified Public Accountants.  Without our specialized skills, problems with the IRS may arise, as well as paying considerably more in taxes than you may otherwise owe.  CPAs can advise their clients on the proper financial decisions they need to make in order to maximize the earning potential ...

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