Articles
Advice for business owners
Straight talk on tax planning, accounting, and financial strategies your company needs to grow fast and smart.
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.
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...
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.
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. A single accountant or tax preparer is not qualified to provide tax advisory services...
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.
Do I Need a CPA for My Small Business?
The success or failure of your small business depends on the answer.
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...