The “$75 rule” allows business owners to deduct four common business expenses without a receipt—but only if the expenses are less than seventy-five dollars. Remember the “$75 rule?” Here are, well, the rules.
Articles: Jeremy A. Johnson, CPA
The latest newsworthy items
How to Write a Business Plan in Eight Steps
The US Small Business Administration (SBA) calls the business plan the foundation of your business.¹ Think about that word: “foundation.” Has to be...
How to Depreciate Renovation Costs and Save on Taxes
Learn how to offset the cost of renovation with simple tax deductions.
A Simple Reason Why You Should Start Marketing
Marketing is critical for small businesses. It’s also tax deductible. Get the details here.
How do Business Owners Pay Less Taxes Now and In Retirement?
How do business owners pay less in taxes now and plan for retirement? Let’s talk tax-efficient businesses and tax-efficient retirement plans.
What Does a CPA Do For a Small Business?
Business owners want to know what they get for what they spend, and CPAs are no exception. Here are the high-impact benefits and outcomes of hiring a quality CPA. Is it worth the cost? You decide.
How Good Financial Data Affects Business Decisions
Move beyond intuition and make bold business decisions with the numbers to prove it. That’s how good financial affects business decisions.
How to Get Funding for Your Business
Check out my 8-minute primer for small business owners who are looking for a diverse set of funding options to fuel growth.
How to Depreciate a Car for Business
Learn how to depreciate a car for business, account for depreciation, and claim lucrative tax credits.
How To Find a Niche For Your Business
“Appeal to everyone. Appeal to no one.” That’s a statement small business owners should put on a poster and hang in the office. Because niche...
How to Keep Track of Business Expenses
How to keep track of business expenses at scale? I asked a CEO and bookkeeper about habits and processes. Surprise! It’s actually simple.
How to Invest Business Profits to Avoid Taxes
Here are my top four tax strategies that allow yout business to reinvest business profits and reduce tax liability simultaneously.
Reminder: Q2 Tax Filing Deadline
When are Q2 taxes due? If you're asking Google, then your business needs a CPA. Until then, I can help. Today, I'll guide you through the process of...
Top Accounting Practices of 2023
Investors and buyers want to see airtight financials and performance numbers they can trust. If you ever want to sell, now is the time to professionalize your accounting.
9 Things To Know Before Starting A Business
Achieve the steps I’ve outlined in this article, and you’ll be positioned at year one for long-term growth than 90% of small businesses today.
When to Change Your Accountant
Here are four criteria small business owners can use to evaluate their CPA’s performance post tax season.
How to Choose a Business Bank Account
More than a quarter of small businesses rely on a personal bank account instead of a dedicated business account¹, and almost half use personal...
Tax Season is Over. What’s Next?
If small business owners knew what to do after tax season, we'd see tax savings increase next year by wide margins. So what do you do after tax...
How to Keep Small Business Taxes Low
Sometimes business owners just get it. I ran into a client at the Fort Worth Arts Festival last weekend. He said, “Just a quick check-up," and...
How Long to Keep Business Tax Records
Tax documents, statements, receipts, ledgers, titles—how long should you keep your records? Get the facts that keep your business IRS-compliant.
How To File A Business Tax Extension for 2022
There’s still time to file a tax extension if your business is taxed as a sole proprietorship or C-corporation. Let’s get right into it with answers...
An Introduction to Amending Tax Returns
Yes, you’ve filed. But tax returns aren’t etched in stone, and businesses can correct mistakes and take advantage of opportunities retroactively by...
Tax Preparation vs. Tax Planning: A Guide for Business Owners
Tax preparation is the ultimate "of course" service for growth-stage business owners. Tax planning is entirely different in terms of process and...
Digital Payments for Small Businesses: Problems and Solutions
Looking to offer digital payment options like Paypal and Venmo? Let’s talk about the problems and solutions for bookkeeping, legal compliance, and tax reporting.
Small Business Tax Changes for 2023
See my list of good (and bad) small business tax changes for 2023 that all business owners should be aware of.
Is Depreciation Tax Deductible?
Is depreciation tax deductible? Which assets can and can not be depreciated? Stay informed with my comprehensive guide to depreciation.
Proactive or Not? Five Questions to Ask a CPA
Do you want a serious, proactive CPA or a person with a license and an office? Make an informed hire with five questions only good CPAs can answer.
A Complete Guide to 2023 Tax Credits for Small Businesses
Actionable information on high-impact tax credits: tax-saving potential, qualifying requirements, rules and exceptions, costs, forms, and next steps.
How to Avoid Small Business Tax Mistakes
Tax and bookkeeping errors cost small businesses millions in taxes each year. Avoid the five most common mistakes with easy solutions you can implement now.
Are Employee Health Insurance Costs Deductible for Businesses?
Want to attract and retain talent? Offer employees quality healthcare benefits and insurance options and offset the extra cost with deductions and credits. It’s a win-win.
Your 2023 Bookkeeping Clean Up Checklist
Clean up your bookkeeping, save on taxes, and get insights for more informed decision-making. Here’s the checklist.
Do Businesses Get Tax Refunds?
Yes, businesses get tax refunds. And we can break down business tax refunds into two types: Tax Refunds for Overpayment: These refunds apply to...
What Business Expenses are Tax Deductible for 2023?
A deductible expense isn’t a write off. It’s an opportunity. Here’s the tax deductible business expenses for 2023
Why Your Business Needs A Fort Worth CPA
If you want winning tax and financial strategies that align with your business objectives, it's time to adjust your thinking when it comes to hiring...
When Are Small Business Taxes Due for 2022?
Tax deadlines are coming up, and small business owners are asking the same question, “When are small business taxes due for 2022?” Today, we have to...
Why Are Small Business Taxes So High? Get These Services, and Yours Won’t Be.
Most small business owners do not know what they owe in taxes. Why? Because a single accountant or tax preparer is not qualified to provide tax...
How To Assess the Financial Health of a Company
When we ask how to assess the financial health of a company, what we're talking about is financial analysis. I've always encouraged small business...
What is Bookkeeping: The Complete Guide for Business Owners
Bookkeeping is the act of recording and classifying an organization’s financial transactions. To understand bookkeeping for small businesses, we’ll...
Bookkeeping vs. Accounting: What’s the Difference?
Bookkeeping vs. accounting — every business owner wonders, at some point, “What’s the difference?” I’m a CPA, and here’s a short explainer.
What’s the Penalty for Filing Business Taxes Late?
If your small business faces a tax penalty for filing business taxes late, this article is for you. Here's what you'll learn: How late filing &...
5 Important Documents Needed For Small Business Taxes
With tax season in full swing, small business owners need to know what documents are needed for small business taxes and how these documents help...
How to Avoid Cryptocurrency Scams
One in 10 Americans is currently invested in crypto, with many seeking the potential for high growth in a short time. Crypto can be a sound...
Four Small Business Tax Credits To Know for 2021
For small business owners, it helps to keep track of the tax credits unique to your business and industry. Some tax credits have the potential to...
Do I Have To Report Cryptocurrency on My 2021 Taxes?
Yes, you do. According to the Internal Revenue Service (IRS), cryptocurrency is classified as a type of property. This means that crypto...
The Top 5 Common Tax Deductions Most Businesses Miss
Almost every small business owner knows that common tax deductions have tremendous value. But too often, people aren’t aware of all the small...
What Is Tax Planning?
Tax planning is the process of looking at a person or business entity’s tax situation and business structure to legally reduce tax liability and...
Why Your Business Needs Virtual CFO Services
Virtual CFO services, provided by an agency or an independent virtual CFO, offer financial expertise and leadership for high-revenue,...
Small Businesses See Big Benefits In The American Rescue Plan Act (ARPA)
On March 11, 2021, President Biden signed H.R. 1319, or the American Rescue Plan (ARPA), into law. The $1.9 trillion stimulus package follows...
6 Signs Your Business Needs Tax Planning
Tax planning is a prerequisite for growth for any small business with rapid-growth potential. Why? For two reasons: First, tax planning lowers what...
Here are the Employee Retention Tax Credit Requirements
If your business’s bottom line has been affected by the COVID-19 pandemic, you should be aware of the new Employee Retention Tax Credit (ERTC)...
Your Guide To PPP Loan 2 Requirements
After some last-minute back and forth with Congress, President Trump has signed H.R. 133, the Coronavirus Relief and Omnibus Agreement, into law. At...