Assessing the S corp

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible • and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they…

Choosing the right accounting method for tax purposes

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of…

Do you qualify for the home office deduction?

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you. Home-related expenses Homeowners know that they can…

Choosing the best business entity structure post-TCJA

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities,…

The ABC’s of Reading Your Financial Statements

Do you know how to understand your numbers in a meaningful way? Do you understand the terminology? Do you know your break-even point and is there a company budget in place? Every owner should be able to determine the strengths and weaknesses of their finances by reviewing the numbers of their financial statement. Your financial…

Ten Secrets to Achieving Results in Your Small Business

Small business owner and CPA, Edward Hastreiter, sense 1979 has spent more than 34 years consulting with small business owners on how to make their small business successful and profitable. Not only has he worked with thousands of businesses on a monthly basis as a CPA but he also manages a staff of 14 CPA/Accountants…