There is a process for business transition planning that minimizes tax liability, maximizes value, and ensures conflict-free transition of ownership.
Articles: Jeremy A. Johnson, CPA
The latest newsworthy items
Case Study: Scaling A Local Retail Nursery & Landscaping Design Business
New Case Study: 20% increase in profit margin, $272K in tax savings with C-Corp selection, and 50% reduction in hours spent on data entry.
Tax Planning Strategies for Construction Companies
Take full advantage of section 179D deductions, 45L tax credits, depreciation schedules, and accounting methods that maximize savings.
Urgent: Financial and Business Planning Strategies for New Tariffs and Future Uncertainty
With new tariffs looming and uncertainty increasing, your small business needs a solid financial and business contingency plan.
A Closer Look At Financial Forecasting for Small Businesses
Financial forecasting for small businesses starts with strong financials. Here’s how to choose a model that matches your operations and goals.
Maximizing Wealth Through Tax-Deferred Investments: A Guide for Small Business Owners
Tax-deferred investments with pre-tax contributions and tax-free growth so that you can put your money to work for a comfortable retirement.
What Is Passive Activity Loss?
If losses from “passive” activities are not tax-deductible, how do we avoid passive roles in real estate and business ventures? Find out.
When Is the Right Time to File an Amended Tax Return?
A short guide for business owners: how to file amended returns for errors and when to file to for refunds, tax savings, and tax law changes.
TCJA Extensions & Revisions: Tax Changes For 2025
Will the extension of the TCJA impact small businesses? Depreciation, QBI, and valuable deductions are all potential tax changes for 2025.
Can I Still Claim Deductions After the Tax Filing Deadline?
Running a pass-through business entity? Here’s what need to know about amended returns and claiming deductions after tax filing deadlines.
Here’s What Businesses Need to Know About New IRS Regulations for 2025.
Plan for updated cryptocurrency rules, increased standard mileage rates, and other significant changes in IRS regulations for 2025.
Year-End Tax Savings Tactics to Implement Now
Be prepared to implement these eleven year-end tax saving tactics and strategies right now to avoid the rush next year.
Did You Miss the S Corp Extension Due Date? Here’s What to Do Next.
Information on filing and extension dates and arguments S corps can use to appeal to the IRS for reduced penalties or additional time to file.
New Information for Business Owners Regarding Beneficial Ownership Information (BOI) Reporting Requirements
To file or not to file? See updates on beneficial reporting requirements (BOI) and find out what’s best for your business.
Here are the Top Five Accounting Red Flags That Trigger IRS Audits.
The IRS looks for accounting mistakes and errors that are blatant and contrary to GAAP principles—misreported income and misclassifications.
What is Financial Planning?
Financial planning turns start-ups into scalable businesses.
What is the Future of Accelerated Depreciation?
Accelerated depreciation, part of the TCJA, offered 100% depreciation for assets in a single year. Now, it’s 80%. What’s next?
The Emerging Challenges of Small Business Growth in 2025
Be prepared to take advantage of disruptive technologies, fight to differentiate your services, and adapt to new ways of working with employees. Instead of fearing chaos, embrace internal and external integration for smarter, better business
Small Business Budgeting for Tax Season & Beyond
Create a realistic budget for tax season with a focus on payroll tax, as well as operations and business growth. Start simple here.
The CPA-led Business Advisory Firm for Businesses: More Tax Savings, Reduced Risk
The current environment requires growth-stage businesses work with CPA firms that bring finance and advisory partnerships.
Tax Implications of Selling Investment Property at a Loss
Selling investment property at a loss is not ideal. Learn how to use capital losses to offset capital gains and income tax to soften the blow.
Tax Season Never Stops
Tax planning is a year-round sport, and there are winners and losers. Winners recognize that tax reduction is the same as any other business function. There’s no off-season.
Why Your Small Business Needs More Than Just a CPA, a Podcast with Scott Pepper of Mobilization Funding
I sat down with Scott Pepper, CEO of Mobilization Funding, to talk about the value of financial data in decision-making.
How to Hire Your Children for Tax Savings
Hiring your kids is an effective strategy to reduce federal FICA and payroll taxes. See this article for rule, requirement, and steps to do it right.
How to File a Late S Corp Election For Year-End Tax Savings.
Want to file a late S corp election? Let’s talk about requirements like “reasonable cause” and why you need to act like an S corp before filing.
Tax Loss Harvesting for Small Businesses: A Concise Guide
Read a CPA’s guide to tax loss harvesting for small businesses with definitions, concepts, scenarios, and how to execute two core strategies.
Employee Benefits 101: Tax Deductions for Healthcare & Retirement Plans
Employer contributions to retirement plans are tax-deductible and so are heatlhcare plans. See how tax planning and employee retention meet.
What is Accounts Payable?
Make strategic decisions about when to pay suppliers and optimize cash flow with streatmlined accounts payabale practices.
How to Create KPIs for Small Businesses
KPIs are as effective as their underlying data or metrics. Set KPIs that are narrowly tailored to a few metrics, reasonable in scope, and with generous timelines.
Small Business Accounting Mistakes: Consequences & Prevention
This week, I want to revisit some accounting mistakes that are easy to make and difficult to correct. For each one, ask yourself, “Do we have a process for this?”
An Overview of Financial Forecasting For Small Businesses
Discover how financial forecasting helps small businesses predict cash flow, manage risks, and attract investors for smarter planning.
What Are The Benefits Of A Professional QuickBooks Setup?
Optimize bookkeeping and accounting for business performance insights and boost tax savings with a professional QuickBooks setup.
What is the Augusta Rule?
Host leadership retreats at your home and deduct the equivalent cost of a hotel stay. It’s called the Augusta rule. Get the details here.
The Complete Depreciation Guide for Small Businesses
Get useful information on depreciation
as an accounting method and tax deduction, as well as eligibility, depreciable assets, and depreciation methods.
Why I Changed Everything to Build a Business Advisory Firm.
Firms must rise to meet new challenges facing business owners. The answer? Accounting, tax, and business advisory services built on relationships instead of transactions.
Will R&D Tax Credits Be Viable in 2024?
Here’s what small business owners need to know about the past and future of R&D tax credits.
How to Set up a 1031 Exchange for Commercial Real Estate
Defer capital gains taxes and grow your real estate holdings with 1031 exchanges.
Are Business Mortgage Payments Tax Deductible?
Get the facts on business mortgage interest deductions, property tax deductions, and other tools like depreciation to maximize tax savings.
Asset Protection 101: Tax Advantages of a Trust
Control and classify assets with precision, distribute wealth to beneficiaries without court interdiction, and pass-on wealth with minimal tax liability.
How Does the Federal Solar Tax Credit Work for Businesses?
Believe the hype. Federal solar tax credits are a good deal for businesses.
How is the Sale of a Small Business Taxed?
Get the specifics on capital gains so you understand how the sale of your business is taxed and what to do lower your tax liability.
Tax-Deferred Retirement Plans Can Future-Proof Your Wealth
You have the wealth. All you need to know is what to do with it so that the hard work you’re putting in now pays off.
When Does the QBI Deduction Expire, and Will You Pay More In Taxes?
Small business owners need to know if and when QBI deductions expire and what actions to take now to avoid devastating tax bills.
Five Keys to a Financial Plan in Entrepreneurship
Starting with a strong financial plan is integral to entrepreneurship, and it doesn’t need to be too complicated.
Top Accounting Practices of 2024: How to Stay Ahead of the Curve
See my updated yearly guide for news on the latest accounting and financial practices, including developments in aaccounting software and AI.
Use the Self-Employed Healthcare Deduction and Save on Taxes.
Small business owners rarely maximize their self-employed healthcare deductions, from premiums to expenses. Stop spending. Start saving.
How to Avoid Bad Small Business Tax Advice: Seven Tips to Remember
Let’s discuss the sources of bad tax advice (hint: social media) and talk about how to get good information when you have questions.
How to Maximize Fuel Tax Credits: Off-Highway Use and Limits
See how to maximize fuel tax credits with eligibility requirements, filing information, scam prevention, and accounting tips.
Small Businesses Aren’t Considering the Disadvantages of S Corporations
Whether you employ a tax professional or not, you need to know that in many cases the disadvantages of S corporations outweigh the benefits.
What is an Accounting Cycle?
Learn the basics of the accounting cycle and get practical advice you can use now to create accurate and tax-efficient accounting processes.
How to Stop Payroll Fraud With Secure Accounting & Employee Training
Learn how to stop payroll fraud—a crime perpetrated not by outsiders but by long-serving employees you trust with your essential information.
Understanding Opportunity Cost in Business Strategy & Accounting
Embed opportunity cost calculations into your decision-making SOPs and know the business and financial outcome of critical decisions before you make them.
What Is Section 179? Seven Steps to Maximize Deductions
Cash flow problems? Don’t wait for depreciation. Get full deductions this year with an informed approach to section 179.
What Is GAAP in Accounting? The Importance of Financial Reporting Standards.
What is GAAP in accounting? It’s the first thing investors and buyers will look for when you show them your books. Get the details here.
What are Allowable Business Expenses?
How many business experienced owners can tell you what “allowable expenses” are? It matters for tax savings.
Can You Deduct Real Estate Taxes on Investment Property?
There’s a slew of federal deductions for property owners. The question is, “Do you know them, and do you qualify?” Get the details here.
Understanding Your FICO Small Business Credit Score
Want to apply for loans and take out lines of credit with confidence? Here’s how to find and improve your FICO small business credit score.
How to Account for Intangible Assets
Intangible assets deliver five times more value than tangible assets for S&P 500 companies. Here’s what small businesses can do to catch up.
Here’s What Business Owners Need to Know about Beneficial Ownership Information (BOI) Reporting Requirements
What are BOI reports, what businesses need to file, and how do you avoid late penalties and fines? Get everything you need to know here.
What Is Accounts Receivable?
Get this critical piece of your business’s balance sheet squared away for better visibility over cash flow metrics that fuel business growth.
What Are Small Business Tax Brackets?
Find out how your individual income tax bracket, FICA taxes, and the qualified business income deduction (QBI) raise or lower tax liability.
How to Fire Your CPA
If your CPA is not solving problems or delivering results—where is your money going? Get a pass/fail test that shows you when and how to fire your CPA.
How to Grow Your Business: Five Fundamental Practices
Let’s talk about the five simplest and underrated practices that will teach you how to grow your business in the most efficient way possible.
How Much Is My Business Worth?
A step-by-step guide to how to calculate business valuation and capitalizing on the benefits.
How To File An Extension For C-Corp Business Taxes Using IRS Form 7004
If your business is structured as a C-corp, file an extension for business taxes and get the key dates and processes you need to know.
What Happens When A Business Gets Audited?
Learn exactly what happens when a business gets audited, what steps to take to make the process easy, and how to avoid audits in the future.
Can I Deduct My Cell Phone as a Business Expense?
Every business owner who uses their personal phone for business must read this article.
Six Critical Business Decisions to Take to Your CPA
Business owners know how to make critical business decisions when it comes to operations. What about the tax and financial consequences?
What Is Tax Planning?
What is tax planning? It’s a process that reduces personal and business tax liability starting now and extending into retirement. Learn more.
What is Tax Aggressiveness? Five Reasons You Need It.
Real tax aggression is a relentless pursuit of improvement in process and knowledge: from tighter bookkeeping, accounting, tax planning, and financial leadership to actionable knowledge of the latest changes that present opportunities for my clients.
Are Utilities Tax Deductible for Businesses?
Any utility that your business would not be able to operate without is a tax-deductible expense. Get the details you need to turn big bills into big savings.
How to Set Up a Retirement Plan for Small Business Owners in 2024
Let’s get familiar with long-term tax planning and learn how to set up a retirement plan for small business owners. Now is the time to start.
Every Penny Matters in Taxes
Why will the majority of business owners miss out on tax savings this year? Because when you let go of pennies, you let go of dollars.
Seven Essential Small Business Accounting Tips
If you want to save on your tax bill, follow the essential accounting tips I’ve outlined in detail in this article.
Small Business Tax Deductions Checklist for 2023 (Plus Credits)
Start the 2023 tax season strong with a checklist to plan to for tax deductions and credits. Take a hard look. Does your business qualify?
How to Review Your Year as an Entrepreneur: Five Key Steps
Want to know how to review your year as an entrepreneur? Use this guide to run a productive year-in-review meeting in five easy steps.
How to Prepare for Tax Season 2024
Read my new year primer that tells how to prepare for tax season with organized documents and potential tax credits.
When Are Q4 Estimated Taxes Due?
To start off the new year, let’s answer the “When are Q4 estimated taxes due?” and give you a plan to budget for tax payments in 2024.
What Is The New Markets Tax Credit Program? Charity or Opportunity?
The New Markets Tax Credit program is not charity, it’s a tax reward for businesses that bet on long-term growth in underserved communities.
What Is The Corporate Transparency Act, and Who Will It Affect?
Business owners will need to file a specific report before Jan.1, 2025, as Congress aims to stop the proliferation of ghost businesses.
What Expenses Qualify for R&D Tax Credits?
Only 3 in 10 small businesses take advantage of research and development tax credits that they are eligible for. See if you qualify here.
The Overlooked Business Challenges in 2024
From the strange work habits of employees to the irrationally exuberant embrace of AI, these are the business challenges in 2024, explained.
Maximize Tax Savings Every Time You Travel
Are travel expenses tax deductible? Yes! So why do small business clients come to me missing 15% to 20% of those tax savings? I’ll explain.
Your Bookkeeping Clean-up Checklist for 2024
Clean up your bookkeeping, save on taxes, and plot a more efficient growth trajectory.
How to Pay Yourself as a Business Owner
Get the basics on how to pay yourself as a business owner if you own a partnership, s-corporation, or c-corporation.
What Business Meals Can You Deduct?
What business meals can you deduct? How much can you deduct per expense? Read this guide to build relationships without breaking the bank.
Letter: The Danger of a Tax Compliance Mindset
Over the last few weeks, I’ve been busy breaking down complex elements of the tax code and Internal Revenue Service (IRS) regulations. Have we been...
What Is the “Safe Harbor” Rule?
So, what is the safe harbor rule? It gives property owners the choice to take tax savings from depreciable property all at once. Details here.
How to Avoid Self-Employment Taxes for LLCs
The numerous small business taxes can be a killer, and in large part that’s because a lot of business owners don’t know how to avoid self-employment...
What Deductions can I Claim Without a Receipt?
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.
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.