SME CPA BLOG

For full-time working parents, daycare and summer camps are required to survive the year. As we all know, these childcare options are expensive and can cost an average of up to $15,000 annually. According to the American Camp Association, over 14 million kids attend day camps and overnight camps every summer. Summer camps usually cost…

Small businesses are defined as a company with less than 500 employees. According to the U.S. Small Business Administration, small businesses make up 99.7% of U.S. employer firms. However, the SBA also proclaims that only half of these establishments survive 5 years and about one-third survive 10 years. Why are so many small businesses failing?…

Filing Status: File a new W-4 form with your employer to increase or decrease amount withheld from paycheck. If you were separated but your divorce was not finalized before the last day of 2018, you can still file a joint return. This is likely to save you money rather than filing as a single taxpayer.…

The new tax laws were aimed to simplify tax exemptions, but the final result may hurt some taxpayers. At first glance, it seems as if everyone would choose to use the standard deduction but it is important to understand your best option in 2019 after the 2018 Tax Reform Bill. Generally, one would choose to…

In the summer of 2018, South Dakota v. Wayfair made its way to the Supreme Court. This case, in part, challenged the grounds of a previously decided Supreme Court case, Quill Corp. v. North Dakota (1992), where physical presence nexus was established for sales tax purposes. This meant that the primary way to determine if…

As we close in on the end of 2018, many taxpayers are wondering whether or not the new Trump tax cuts will have a positive impact on their tax situation. In a number of areas, the rules of the game have definitely changed. There is no substitute for talking to your CPA this fall and…

Summer jobs can be an effective way to teach children about financial responsibility, encourage them to save for college or retirement, and provide them with spending money during the school year. If you own a business, consider hiring your child (or grandchild) as a legitimate employee. It can be a smart tax-saving strategy for employee…

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into law. Timing strategies for businesses…