3 min read
From Flights to Meals: A Guide to Business Travel Tax Deductions
As a business owner, you may travel to visit customers, attend conferences, check on vendors, and for other purposes. Understanding which travel...
Small Business Blog
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Small Business Accounting
2 min read
How Businesses Can Prepare for and Respond to an IRS Audit
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit...
3 min read
IRS Explains the Differences Between Tips and Service Charges
Employers in restaurants, hotels, casinos, and other service industries must comply with the tax rules associated with tips. To assist them, the IRS...
3 min read
Tax-Smart Way to Hold Investment Real Estate
Real estate can be an attractive long-term investment. However, the legal entity you select to own property can have important tax implications....
3 min read
Most Small Businesses are Required to Report "Beneficial Ownership Information" (BOI) to Feds by the end of 2024
The Corporate Transparency Act (“CTA”) was enacted into law and requires most businesses to report certain “beneficial ownership information” (“BOI”)...
2 min read
Three Areas of Focus for Companies Looking to Control Costs
Controlling costs is fundamental for every business. However, the location and method of addressing this challenge can change over time based on...
2 min read
Four Ways Businesses Can Better Control Cash Flow
From the minute they open their doors, business owners are urged to monitor cash flow closely. For good reason, even companies with booming sales can...
1 min read
You May Need to Make Estimated Tax Payments
You may have to make estimated tax payments if you earn income that's not subject to withholding, such as income from self-employment, interest,...
7 min read
Updated Guidance on Business Vehicle Depreciation
The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain...
2 min read
Business Owners, Your Financial Statements Are Trying to Tell You Something
Business owners are commonly and rightfully urged to generate financial statements regularly in compliance with Generally Accepted Accounting...
4 min read
Chart a Tax Course for Business Travel
Are you planning to take a business trip this year? If your destination is known for its cultural or recreational attractions, you might want to...
4 min read
Eight Red Flags for IRS Audits
The number of people being audited by the IRS isn't that high. For many years, less than 1% of taxpayers undergo face-to-face audits (although...
3 min read
Withdrawing Cash from Your C Corporation
C corporation owners often need to take cash out of the business to pay personal expenses or to shield excess cash from creditors. Paying dividends...
3 min read
Do's and Don'ts for Business Expense Deductions
As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is...
1 min read
The Value of Using One Service Provider for Accounting, Payroll, and Taxes
Navigating the landscape of accounting and payroll decisions is an essential choice for small business owners. There are advantages to bringing these...
2 min read
What is Bookkeeping, and Why is it important for Small Businesses?
Running a small business requires you to understand the financial health of the business. Most people know that a business’s financial statements...
1 min read
What Accounting Services Does My Small Business Need?
One of the most common statements we hear from prospective clients is, “I don’t know what services my business needs.” At first glance, accounting...
1 min read
Payroll Deduction IRAs Are a No-Cost Benefit
If you've considered setting up a retirement plan for your employees and decided it was too costly or too much trouble, there is an alternative. No...
3 min read
LLC: A Blueprint to Limit Liability and Cut Taxes
There is generally no one legal structure that works best for all businesses. The most favorable choice depends on a number of factors, including the...
2 min read
The IRS Has Announced Increased Retirement Plan Benefits for 2024
With the 2024 tax year right around the corner, there's good news coming from the IRS. According to a recent announcement from the tax agency (Notice...
2 min read
Be a Hands-On Owner to Maximize Profits
Over the years, McDonald's has been able to sell hundreds of billions of hamburgers. The business started with a single drive-in burger stand started...
1 min read
Have You Outgrown the Year-end Accounting Approach?
When you start a small business, many items are on your to-do list. While bookkeeping, accounting, taxes, and payroll may not be your favorite...
2 min read
Year-End Bonuses: Tax Issues for Employers and Employees
The holidays are often referred to as "the most wonderful time of year" — and, for some people, that's due in part to their year-end bonuses. While...
2 min read
Six Reasons TMA May Not Be a Good Fit for Your Business
We believe that investing in good accounting processes can benefit most small businesses. While we love helping small business owners, not everyone...
3 min read
Hit the Ground Running: 7 Tips for New Business Owners
Launching a new business can be a daunting endeavor. As soon as you form the company, you'll face many important decisions — ranging from the mundane...
2 min read
Leveraging the Power of Your Company's Managers
The strength of every business is its people. But if your top managers aren't getting the most from their respective teams, your company is operating...
1 min read
Tips to Boost Hiring Success
It's the goal of every boss: Hire the right person to fit the right job. To achieve this goal, put more time and energy into a job analysis, which...
1 min read
Ask the Right Questions When Growing the Family Business
Profit growth and business expansion are two key goals for many family businesses. In order to successfully reach your targets, however, you must...
2 min read
Advantages of Group Term Life Insurance as an Employee Benefit
Tax-favored fringe benefits can help your business attract and retain skilled workers. One benefit that's been around for decades and is typically...
6 min read
5 Ideas to Help Small Business Owners Reduce Taxes for 2023
As year-end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax...
2 min read
What Makes TMA Accounting Different from Other Accounting Firms?
Each accounting firm or service provider has their own way of operating and serving their clients. While the goal for each is ultimately the same,...