Many of our clients are pass-through entities and sole-proprietorships. Ohio tax law has been very generous to these entities over the past several years, but there are now some changes to those laws.
Part of the value of a CPA relationship is knowing that we will monitor tax law changes and always help our clients manage change.
Enjoy the article…or not. Our clients don’t have to read this!
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Reconciling your accounts is so important that Brea’s 13-year-old daughter already has it ingrained in her brain!
Take a minute to watch as she guides you through the various reasons all businesses should reconcile their books each month. We are seeing errors when it comes to QuickBooks bank downloads, and businesses need to keep an eye out for these to help ensure they have accurate records.
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According to Debbie Foster, a partner with Affinity Consulting Group in Tampa, businesses need to implement a policy of Continuous Improvement. This means periodically re-evaluating processes to ensure that they are not extraneous or outdated. Foster says value is anything a client is willing to pay for. Waste is the opposite. She cites the textbook definition of over-processing as doing more than necessary to get a job done. While it’s important to do everything needed to complete a job for a client, it’s important not to spend excessive time and resources on extraneous things that, in the long run, add […] Read more
Your hobby or your for-profit business venture? Sometimes it’s hard to differentiate how the government classifies what you are doing. Roger Russell at Accounting Today spells out the nine specific criteria used by the government to evaluate whether your business is really a business or a hobby. The criteria include: 1) the manner in which the taxpayer carried on the activity; 2) the expertise of the taxpayer or his or her advisors; 3) the time and effort expended by the taxpayer in carrying on the activity; 5) the success of the taxpayer in carrying on other similar or dissimilar activities; […] Read more
Much like downhill skiing, changing direction in business requires “committing yourself to the turn.” If you stick with the turn and work through it, you’ll find yourself heading the right direction. However, if you waiver, you might find yourself facing a steep downhill slope—literally or metaphorically. To keep your organization moving in the right direction, stick with your decisions and see them through, even if there are some consequences. Once you work through the hard parts, your journey could be down gentler slopes.
Read more at costcoconnection.com
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When establishing a business, it is important to consider what type of entity your business will be. Aren’t they all the same, you ask? Why no, they are not. Your accountant can be very helpful in determining what type of entity your business should be, as well as helping you to file the proper paperwork. According to Kelly Phillips Erb at Forbes, “entity choice can determine shareholder & partner numbers and identity; equity structure, control & management, as well as what kind of funding you might be eligible to receive.”
The following are types of entities:
Sole Proprietorship
General & Limited Partnerships
Limited Liability […] Read more