Positive Attitude

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Networking for New Accountants: Lose the Stress

By |2021-01-04T15:33:10-06:00January 4th, 2021|Categories: Accounting, Communication, Growth, Leadership, Positive Focus, Smarter Decisions, Values|Tags: , , , , , , , , , , , |

Public speaking can be an extremely stressful event at any stage of your career. Not to say that a green accountant fresh out of college has it any worse, but they may lack a few of the key factors that can make it just a little easier. For example, new accountants lack the knowledge, experience, and [...]

Renting Space in Your Home: What You Need to Know

By |2021-01-17T19:46:34-06:00January 4th, 2021|Categories: Accounting, Better Guidance, Business, Communication, Consulting, Smarter Decisions, Tax|Tags: , , , , , , , , , , , , |

Renting out a portion of your home can add income and help pay off your house. You can rent out your garage as a storage unit or part of your home to a small business or tenant. If you rent part of your main home, you must claim the rental income as part of your total [...]

Form 1099-MISC & 1099-NEC – Changes and Best Practices

By |2021-01-18T20:05:51-06:00December 30th, 2020|Categories: Accounting, Business, Communication, Government & Policy, Smarter Decisions, Tax|Tags: , , , , , , , , , , , |

Every year, businesses must issue 1099s to individuals and partnerships for payments issued of $600 or more for items such as rent, other income, contract labor, and payments to attorneys. Starting January 2020, payments for non-employee compensation, box 7 of 1099-MISC, will now be issued on the new form 1099-NEC box 1. Determining who must receive [...]

The Hidden Tax Trap of Short-Term Rentals

By |2021-01-17T19:46:52-06:00December 30th, 2020|Categories: Better Guidance, Business, Communication, Smarter Decisions, Tax|Tags: , , , , , , , , , , , , |

Some travelers want to experience the natural wonders of an area to feel like a local when they stay in a new city. They do not want to be confined inside a highway motel. They dream of staying in a quaint cottage, venturing out of an apartment into the jazz district, of feeling the vibe of [...]

Why Do I Have to Pay Income Taxes?

By |2021-01-17T19:47:00-06:00December 30th, 2020|Categories: Better Guidance, Communication, Consulting, Government & Policy, Smarter Decisions, Tax|Tags: , , , , , , , , , , , |

Why do I have to pay taxes?  Such a small, interesting question that opens the door for a barrage of follow-up.  What are taxes? How are they used? Do we need those things?  Are there better ways to pay for them?  If you know the answers to these questions, then you might have a bright future [...]

New Business Owners: The Accounting Partner You Need

By |2020-12-30T17:43:22-06:00December 30th, 2020|Categories: Accounting, Better Guidance, Business, Communication, Consulting, Growth, Professional Etiquette, Smarter Decisions|Tags: , , , , , , , , , , |

You have your business idea, the concepts laid out, and you’ve registered your business. You’re getting set up for opening day but then you start to think of all the different outcomes your business could take. Will it be profitable? If I have projections, will they be accurate? How will I know how well I am [...]

401(k) vs. IRA: Which is best for you?

By |2021-01-29T21:41:36-06:00December 30th, 2020|Categories: Better Guidance, Business, Communication, Consulting, Smarter Decisions, Tax|Tags: , , , , , , , , , , , |

Some of us dream about the day we get to retire. All of those long, hard years of labor, you can finally hang up the laces for good and life will be wonderful, right? A lot of individuals do not plan financially for that day. You should start planning for retirement right away, in fact, as [...]

Your Success Strategy: Transitioning from a Student to a Professional

By |2021-01-18T20:01:47-06:00December 30th, 2020|Categories: Better Guidance, Business, Communication, Growth, Leadership, Positive Focus, Professional Etiquette, Smarter Decisions|Tags: , , , , , , , , , , , , , |

If you are like me, as a student, you dreamed of the day where you were a working professional instead of a poor college student trying to balance homework, friends, and a job. However, when graduation day arrives, many students tend to feel more anxious about the future than prepared. A 2018 survey found that only 4 [...]

Side Hustles: Understanding the Tax Effects of Earning Extra Income

By |2021-01-17T19:48:12-06:00December 30th, 2020|Categories: Better Guidance, Business, Communication, Consulting, Professional Etiquette, Smarter Decisions|Tags: , , , , , , , , , , , , , |

It is not uncommon to hear about individuals with "side hustles" or secondary income sources.  Almost half of working Americans have a gig outside their primary job with the average side hustle bringing in $1,100 a month. While many people are quick to jump on the opportunity to earn more money, just as many fail to properly [...]

Better Guidance for Business Building Depreciation Benefits

By |2021-01-17T19:49:18-06:00August 28th, 2020|Categories: Accounting, Better Guidance, Business, Communication, Consulting, Growth, Tax|Tags: , , , , , , , , , , , , |

Got assets and need cash? As a Senior Analyst for Abacus CPAs, I have seen this all too often. Business owners, like you, get the short end of the deal. You spend a ton of money to build, buy, and add on to facilities for your business and at the end of the year, you still [...]

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