CPA Blog

CPA & Accounting Topics for Business

Retirement Planning Options For Small Business Owners

Retirement Planning Options For Small Business Owners
According to a recent BMO Wealth Management survey of 400 small business owners, only a fraction of America’s entrepreneurs are prepared for retirement. A striking 75% of survey respondents age 18 to 64 have saved less than $100,000 for retirement. Those age 45 to 64 are only marginally more prepared: 32%...
Continue reading
  1516 Hits

What is Cyber Security Insurance? And Does Your Business Need It?

What is Cyber Security Insurance? And Does Your Business Need It?
There’s no shortage of information out there on how to protect your business from a cyberattack, and a strong defense is crucial. But what if you never get around to taking technological preventative measures and your business gets hit? Or what if the cyberattack has already happened? According to the National...
Continue reading
  606 Hits

How to Deduct Travel Expenses

How to Deduct Travel Expenses
When it comes to travel expenses related to your business, the IRS allows you to deduct two types: local and “away from home”. Local You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another via public transportation, rental car, or...
Continue reading
  684 Hits

Classifying Workers: A Taxing Situation

Classifying Workers: A Taxing Situation
Every time you hire paid help in your business, you need to make an important distinction: is the worker an employee or an independent contractor? This classification is important because it determines which taxes get paid, when they get paid, and by whom. Misclassifying employees as independent contractors results in heavy...
Continue reading
  463 Hits

IRS Changes Filing Deadlines for W-2 and 1099

IRS Changes Filing Deadlines for W-2 and 1099
This year some changes will be made to filing deadlines for IRS Form W-2 and some types of Form 1099. The changes are the result of The Protecting Americans from Tax Hikes (PATH) Act of 2015 signed by President Obama. If you’re an employer, you’re probably accustomed to a January 31...
Continue reading
  583 Hits

Smart Businesses Separate Business & Personal Accounts

The-Woodlands-Consulting-Fisher-CPA-Firm-Business-accounts
One of the biggest mistakes small business owners make is commingling business and personal funds. They fail to set up separate business-only bank accounts. They may pay for business expenses out of a personal account, or vice-versa. When tax time rolls around, these entrepreneurs find themselves in a self-created mess trying...
Continue reading
  527 Hits

Debt Management Tips for Small Businesses of Houston, Texas

Debt Management Tips for Small Businesses of Houston, Texas
According to a 2016 study by Experian, the average U.S. small business owner has $195,00 0 of debt. Some debt is a natural part of doing business. For example, a business loan, line of credit or business credit card can enable you to purchase equipment, hire employees, and finance growth. Too much debt, however, is risky...
Continue reading
  655 Hits

Change is inevitable, are you prepared? - CPA The Woodlands can help.

Change is inevitable, are you prepared? - CPA The Woodlands can help.
Answer these questions when change is coming   Change may be constant in life and business, but resistance to change is pretty constant, too. Whether you’re replacing the key to the front door, acquiring an entirely new business unit or a new software system, your employees want to know what they...
Continue reading
  1253 Hits

ATTN ALL BUSINESS OWNERS: Accounting Method Change Required by the IRS

ATTN ALL BUSINESS OWNERS: Accounting Method Change Required by the IRS
Final Tangible Property Regulations For decades, the IRS and taxpayers have fought over expenditures classified as Repairs vs. Capitalization. You, the SMB owner, want to write off your expenditures as repairs to reduce your taxes, while the IRS wants you to capitalize your expenditures forcing you to depreciate that expenditure over...
Continue reading
  4406 Hits

Using Antiques for Business Purposes - Dental CPA Houston

Using Antiques for Business Purposes - Dental CPA Houston
As you may be aware, we moved our office to another suite in the same building recently. Our beautiful new office layout and decor was designed by the ladies on our staff. During this process they asked if we could purchase some antique furniture for the reception area and conference room....
Continue reading
  1209 Hits

It's Time for Your Mid-Year Business Review - The Woodlands Small Business CPA

It's Time for Your Mid-Year Business Review - The Woodlands Small Business CPA
It's hard to believe we are over half way through 2014. In our first "From Where I Sit" article of 2014, Stick with Those New Year's Resolutions, I tried to encourage you to become a more proactive business owner this year. Six months have passed - How do you think you've...
Continue reading
  1206 Hits

Home Office Deduction - Simplified Method vs Actual-Cost Method - Houston Business CPA

Home Office Deduction - Simplified Method vs Actual-Cost Method - Houston Business CPA
The IRS permits self-employed individuals and some employees who work out of their home to deduct business expenses relating to the part of their home that is used for business purposes. The IRS has two ways you can deduct these expenses - you can choose between a Simplified Method or an...
Continue reading
  1391 Hits

Business Risks - Stretch Out of Your Comfort Zone - Houston Small Business CPA

Business Risks - Stretch Out of Your Comfort Zone - Houston Small Business CPA
Playing it safe isn't the way to get ahead in business and life. You've got to go out on a limb sometimes - but not so far that you fall off. Take these steps to practice intelligent risk taking: Know Your Motivations What do you really want to achieve? Why? Don't...
Continue reading
  1121 Hits

Are you an IRONMAN Business Owner? - The Woodlands Small Business CPA

Are you an IRONMAN Business Owner? - The Woodlands Small Business CPA
We have a guest in our house this week. My wife's brother in law is visiting from Virginia. He is here to see us, but more importantly, he is here to run in the Ironman Texas. This is his third Ironman. The IRONMAN Texas is the first IRONMAN race of the...
Continue reading
  1151 Hits

Small Business Tax Strategy - Section 125 Cafeteria Plan - Houston Business CPA

Small Business Tax Strategy - Section 125 Cafeteria Plan - Houston Business CPA
One of the most underused tax saving opportunities for a small business and its employees is outlined in Section 125 of the US tax code - Cafeteria Plans. For employees, a section 125 plan can give them tax savings of 25% or more of the amount they pay into a cafeteria...
Continue reading
  1136 Hits

Use Mobile Technology to Audit-Proof Business Deductions - Houston Business CPA

Use Mobile Technology to Audit-Proof Business Deductions - Houston Business CPA
Each year, I see business owners lose deductions for expenses such as meals and travel when they are audited by the IRS because they did not properly document these expenses. Most did not keep their receipts, much less document on the receipt the actual business purpose and who they entertained. Your...
Continue reading
  1171 Hits

Most Audit Rates Decline While Partnership Audits Rise - Houston Business CPA

Most Audit Rates Decline While Partnership Audits Rise - Houston Business CPA
Your chances of having your tax return audited is now the lowest in years. At least that is what the latest headlines are telling you. In 2013, the IRS audited fewer returns than they have since 2005, and the number of individual returns is expected to drop again this year But...
Continue reading
  880 Hits

Improve Cash Flow with Cost Segregation - Houston Commercial Real Estate CPA

Improve Cash Flow with Cost Segregation - Houston Commercial Real Estate CPA
As many of my small business clients know, Section 179 expensing dropped significantly to $25,000 beginning in 2014 and Bonus Depreciation expired. These deductions were very popular tax strategies my small and midsize business clients used to keep more money in their pockets. With these not being available I have been...
Continue reading
  872 Hits

2014 Standard Mileage Rate and Other Annual Tax Adjustments - Business CPA in The Woodlands, TX

2014 Standard Mileage Rate and Other Annual Tax Adjustments - Business CPA in The Woodlands, TX
Every year, the IRS adjusts the rates for many tax provisions because of inflation. Beginning January 1, 2014, the standard mileage rate will decrease by a half a cent from the 2013 rates to 56 cents per mile. The rate for medical and moving purposes also decreased to 23 cents per...
Continue reading
  926 Hits

Tax Provisions Expiring in 2013 - Small Business CPA in Houston, TX

Tax Provisions Expiring in 2013 - Small Business CPA in Houston, TX
There are dozens of tax provisions expiring or dropping significantly the moment we bring in 2014. You may want to consider taking advantage of some of these breaks over the next two weeks as several of these provisions will effect your business and individual taxes. Below are some expiring deductions or...
Continue reading
  732 Hits