Extension time: Your Apr 15 responsibilities as a taxpayer Many of our customers file their taxes by Apr 15. Many file an extension and finish their taxes by the extended deadline on Oct 15, six months later, too. There is no “right” way to do it. What is required is that the IRS be kept […]
UPDATE: BOI Reporting Requirement Rescinded (March 2025) As of March 26, 2025, FinCEN issued an interim final rule that exempts all U.S. domestic companies from the requirement to report Beneficial Ownership Information. If your business was formed in the United States, you are no longer required to file this report or maintain updated filings. In
Updated after rule changes: the Beneficial Ownership Information Report Read More »
What You Need to Know If you own an S Corporation (S-corp), the annual federal tax filing deadline is March 15. S-Corps don’t pay federal income taxes directly. Instead, profits and losses pass through to the owners’ personal tax returns, where they are reported and taxed. This allows for potential tax savings but also means
Extension time: What to do on the March 15 S-corp and partnership tax deadline in 2026 Read More »
We love helping you save on your business taxes. Having these two statements gets us both off on the right foot when preparing those taxes accurately and efficiently. 1. Recommendation: Use QuickBooks QuickBooks is the go-to tool for generating professional financial reports. Here are the two key report businesses produce from it: Income Statement (Profit
Income statements and balance sheets for your business: Understand them in 8 minutes Read More »
When it comes to accounting software, we’ve long recommended Wave for its simplicity, speed, and excellent value. For many business owners with straightforward needs, Wave offers features that rival or exceed QuickBooks at a fraction of the cost. Wave works particularly well if you primarily bill clients for services and your annual business revenue stays
Accountable plans help businesses to optimize their tax footprint, especially for home office deductions. What is an accountable plan? It allows for the reimbursement of legitimate business expenses incurred with personal funds. Think home office setups, mobile phone bills, and even mileage. The key factor? Reimbursements are tax-free for the employee and deductible for the company.
