Hiring Your Children for Tax Benefits: What You Need to Know

By |2021-12-17T13:53:52-06:00November 1st, 2021|Better Guidance|

As a business owner, you likely have two primary goals for your work: make as much money as possible and do anything possible to lower your tax bill. However, many small business owners miss one key deduction right in front of them: their children. Many business owners are unaware there is a tax strategy where they [...]

Year-End Preparation: Setting Yourself Up For Success

By |2021-12-17T13:48:02-06:00November 1st, 2021|Better Guidance|

As the end of the year draws near, having a head start in collecting information for next year’s taxes is beneficial. In addition, having an accounting year-end checklist can help make sure all outstanding business tasks are taken care of before the new year begins. Use this checklist to better meet your company needs: Get all [...]

How to Be a Leader When You’re Not in a Leadership Position

By |2021-12-17T14:07:46-06:00September 22nd, 2021|Better Guidance|

What makes you a leader is not defined by your position but by your attitude. Anyone can be a leader, despite their title and regardless of their position. If you strive to be a leader, it's time to move past the idea of waiting for a label or status to give you authority. It's time to [...]

Best Practices to Pass the CPA Exam and Take Care of Yourself, Too

By |2021-12-17T14:19:01-06:00September 22nd, 2021|Better Guidance|

Accountants students worldwide know that becoming a CPA is one of the “must-haves” for a successful career in public accounting and a prestigious certification to hold in private accounting. Many professionals will pursue the CPA, but not all will succeed. The cumulative passing rate for CPA Exam in 2020 was 57.67% - an unusually high number [...]

Buying New Equipment For Your Business? Consider Your Options for Expensing Costs

By |2021-12-17T14:31:22-06:00September 22nd, 2021|Better Guidance|

When you buy new equipment for your business, you have the option of expensing the entire cost of that equipment with two different methods: Bonus or Section 179 Depreciation. Bonus Depreciation Generally, bonus depreciation will let you deduct a percentage of that cost upfront, while Section 179 enables you to deduct a set dollar amount of [...]

Entity Choice When Purchasing Appreciable Realty for a Business

By |2021-12-17T14:45:17-06:00September 2nd, 2021|Better Guidance|

When property is added to a business, depending on the entity type, there will be varying tax implications. Here, we'll talk about what happens when the property is either sold or distributed to the owners. Entity Choice: C-Corporations and S-Corporations Put a building in a C corporation, and it is not coming back out without triggering [...]

Making the Most of Charitable Giving – MO State Tax Credits

By |2021-12-17T14:54:34-06:00September 2nd, 2021|Better Guidance|

It may be beneficial to consider taking advantage of state tax credits when planning charitable giving. If you contribute to a qualifying charity, you could receive a credit on your state taxes and a deduction for the difference on your federal taxes. For example, if you make a $1,000 contribution to a charitable organization that is [...]

Accrual vs Cash Accounting – Which to Use?

By |2021-12-17T15:03:05-06:00September 2nd, 2021|Better Guidance|

Setting up a business and deciding which method of accounting has a considerable impact on how your financials look. The critical difference between these two methods is timing. With the cash method, you would recognize revenues and expenses when cash exchanges hands With the accrual method, revenue is recognized when earned, and expenses are recognized when [...]

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