Reasonable Compensation, Payroll and Distributions for an S Corp Owner
Many small businesses are formed as S corporations. S corps have been around for many years. Their popularity has a lot to do with the fact that s corporations offer both tax savings and a high degree of liability protection in the event of a lawsuit. While S corps are very popular, the issue of […]
Hobby Loss Rules: What to Do?
Hobby Loss Rules: Can You Deduct Hobby Expenses in 2023? Business losses are deductible. Hobby losses are not deductible. So the key question is: what is the difference between a business and a hobby? The hobby loss rules are a trap for new business owners. If the IRS determines that your activity is a hobby […]
Tax Secrets Webinar – CSG & Massey
Check out our recent tax secrets webinar featuring Core Solutions Group and Massey and Company CPA. In this video, we discuss tax tips that law firms and small businesses can take advantage of to be successful. ____________________________________ If you or someone you know has a tax issue relating to a business, please contact us […]
CPA Tax Tips for New Businesses in Atlanta
Owners of new businesses call my tax and accounting office in Atlanta looking for “CPA tax tips.” In this article I will share some of the CPA tax tips that tend to be the most meaningful, practical and useful for creating and running a new business. Stay in Touch with your CPA Expect your […]
How to Get A Home Office Tax Deduction
If you work out of a Home Office, then this article is for you. There are three key factors that go into getting the home office tax deduction. These are: Determining what qualifies as a home office. Calculating the tax deduction. The type of business you have. Let’s take a closer look at these components. […]
Receipts for Taxes and Small Business Accounting
Keeping receipts for taxes and small business accounting. Both are critical. Whether your business is small and just starting out, or it has grown into a thriving success story, keeping receipts for taxes and keeping the books is of paramount importance to protect your business and allow for continued service to your customers. In the […]
Start Preparing To File Taxes Today
Tax Season 2021 is nearly here. Here are five tips to start preparing taxes today and make tax season less stressful. It is never too early to start preparing for tax season. For this reason, we have arranged five tips to help people file taxes returns on time and to save money along the way. […]
Charitable Contributions: What is New?
Deduct Charitable Contributions Up to $300 in Cash. Charitable contributions in cash of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when filing taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act (The CARES Act) includes several temporary tax law changes to help charities. […]
Business Meals at Sporting Events
Business Meals Before, During or After the Game. Atlanta businesses used to enjoy a tax deduction for taking clients to the Atlanta Braves, the Hawks, the Falcons and other sporting and entertainment events. The same was true for college games (Georgia Bulldogs, Georgia State Panthers and the Georgia Tech Yellow Jackets, just to mention the […]
“AUDIT-PROOF” YOUR BUSINESS WITH ONLINE RECEIPT CAPTURE FROM QBO
If you are a business owner, you know how important it is to track your expenses. You are probably also aware that keeping track of your money is becoming more and more difficult in our fast-paced digital world. The online receipt capture feature by QuickBooks Online makes this as easy as possible. When it comes […]