It’s always the same story. Revenue looks fine. Maybe even great. But cash is missing and nobody’s sure what went wrong… until it’s too late to fix it. By then, it’s Q4. The numbers are messy, the tax bill is ugly, and someone’s scrambling. This is why June matters. It’s the halfway point. You still […]
Most Business Owners Don’t Do These 5 Things. Then They Call Us in a Panic Read More »
You check your profit and loss report. Looks solid. Then your bank account tells a different story. And when it’s time to apply for financing, sell the business, or file taxes, someone’s raising their eyebrow at your numbers. That eyebrow? It’s pointed straight at prepaid expenses. This is one of the most common accounting mistakes
Banks, Buyers and the IRS All See the Same Red Flag. Do You? Read More »
Breaking up a business partnership? Sorry to say it, but the IRS doesn’t believe in clean breakups. Even if everyone agrees to walk away like grown-ups, the tax side can still sneak up and bite you. Here’s what to watch out for before you call it quits. 1. You Might Owe Tax on “Phantom Income”
How a Business Breakup Becomes a Full-On Tax Nightmare Read More »
Hiring an intern or some short-term help might sound like a simple way to lighten the load this summer. But if you don’t get the payroll and tax stuff right, you’re asking for an expensive mess. We’ve seen it too many times. Someone brings on a student, a neighbor’s kid, or a part-time cousin and
Before You Hire an Intern, Read This or Regret It Later Read More »
Look, we get it. June is not exactly tax season. You’re thinking about vacations, client projects, maybe fixing that weird rattle in the work truck. But the IRS? They’re thinking about estimated taxes, and they expect your next payment by June 16. Miss it, and you’re basically handing them late fees on a silver platter.
Don’t Feed the IRS Late Fees: Pay Up by June 16 Read More »
Thinking about hiring help? Maybe you’re drowning in tasks. Maybe you’re missing growth opportunities. Or maybe you’re just sick of doing everything yourself. Totally fair. But before you post that job listing or message your cousin’s friend who “needs something part-time,” slow down. Can your business actually afford to hire? Here’s how to use your
How to Tell (Fast) If You Can Afford to Hire Without Guessing Read More »
We’re not saying we enjoy upsetting the IRS. But when we can legally write off walls, windows, flooring, parking lots… even toilets? Yeah, we’re gonna keep doing that. This little-known tax move is called cost segregation, and it’s one of the most powerful (and underused) tools available to property owners. If you own commercial property
The IRS Hates This Strategy (But Property Owners Love It) Read More »
Most business owners pick their accounting method without realizing how much it messes with their numbers. Cash basis sounds simple. Until it hides your real profit. Accrual sounds complicated. Until you realize it gives you a way clearer picture. The wrong choice can lead to overpaying taxes, bad decisions, and confusion every time you check
Accrual vs Cash Basis: Choose Wrong, Watch Your Profit Vanish Read More »
Mixing business and personal money might feel convenient, but it’s a giant red flag. To your CPA. To the IRS. To your future self when you’re neck-deep in tax drama wondering where your deductions went. When You Mix It All Together, Nothing Makes Sense This is not just a recordkeeping issue. It can create legal
Separate Your Finances or the IRS Will Do It for You (And They’re Not Gentle) Read More »
