Category: small business

  • How to allow TD Bank to send us accounting data

    How to allow TD Bank to send us accounting data

    We have a number of small business clients that use TD Bank. We use various accounting tools that access bank data. To allow us to link bank data to the accounting program, follow these steps: If you have any difficulties, contact us or your bank’s customer service department.

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  • How your small business can easily adopt powerful decision-making tools

    How your small business can easily adopt powerful decision-making tools

    Large companies and organizations with staff and budgets use sophisticated tools to analyze business risks and opportunities. But that doesn’t mean that your small business without these resources cannot benefit from the basic value of these same tools. Consider these three tools that might start with a simple entry in your journal and pick up later with as a conversation with your business coach or advisors. First, ask your business coach or do your own online search for much more information about using each of these tools. You will find plenty of simple useful help. All of these are commonly

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  • Confused over Section 199A business earned income deduction for multi-entity businesses?

    Confused over Section 199A business earned income deduction for multi-entity businesses?

    (Note this post raises questions but provides no substantive advice or conclusions. My focus in this and most blog posts is the practical effect on my target client group rather than an academic assessment of the law). I gave myself a personal ‘refresher course’ yesterday in re-reading parts of 1.199A-5 and REG-107892-18 , two of the applicable but difficult tax regulations related to the 20% business income deduction. My focus was a situation when a non-incorporated person’s business generates income from both a ‘specified service trade or business’ (SSTBs) and not SSTBs, then: 1) What are the accounting/reporting requirements, and

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  • Thinking about an S corporation?

    Thinking about an S corporation?

    Some social media marketers heavily push the tax saving potential of S corporations. Seasoned tax professionals and small business attorneys are not so entheusiastic. This week I was asked about this tax planning approach by two businesses with many similarities. This worksheet estimates the benefits and the costs of each. The conclusion: sometimes an S-corporation is worth consideration as a tax planning tool and sometimes it is not. The National Law Review article mentioned in the video is here: Post-recording note: The video does not discuss the additional ongoing accounting costs or requirements of running a business with an S

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  • Common small business expenses

    Common small business expenses

    Thanks to Shivangi Agrawal, CPA, for this list of common small business expenses that might be deductible on a tax return. (Note, however, that these do not apply to those who are paid wages on a Form W2). ➖ Office expenses, including rent, utilities, and supplies. ➖ Business travel expenses, including transportation, lodging, and meals. ➖ Equipment purchases, including computers, printers, and office furniture. ➖ Marketing and advertising expenses, including website development and social media advertising. ➖ Professional development and education expenses. ➖ Employee salaries and benefits. ➖ Health insurance premiums for small business owners and their employees. ➖ Home office expenses for those who work from home.

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  • House flipper liable for partner’s fraud

    A SCOTUS ruling issued today impacts some small business deals. This is a common arrangement when a general partnership is formed to invest in real estate. A Supreme Court decision issued today in the Bartenwerfer case may be of interest to small business investors. A partnership among three people formed to purchase, remodel and sell a residential home went bad 18 years ago. One partner acted fraudulently without the other partners knowing. The partnership was sued for fraud and owed money on the resulting judgement. SCOTUS reversed the appeals court decision and upheld the financial responsibility for the debt of

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  • Small business planning discussion organizer

    Small business planning discussion organizer

    This questionnaire helps us collect basic technical details, input on discussion of your plans and goals, and assist with making future communications easier. This document os adapted to fit our practice from an earlier format by iCompass Compliance Solutions.

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