One of the leading reasons small businesses get audited by the IRS is under-reporting income. This can happen in various ways, such as failing to report all income sources, inflating business deductions, or misclassifying workers. These missteps often result in serious tax penalties, interest charges, or even legal issues. If you’re a small business owner, … Continue reading “The Number One Reason Small Businesses Get Audited, and How to Help Prevent It”
Month: October 2025
Review your business expenses before year end
Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025 taxes and might even provide permanent tax savings. Also consider the impact of the One Big Beautiful Bill Act (OBBBA). It makes permanent or revises some Tax Cuts and Jobs Act (TCJA) provisions … Continue reading “Review your business expenses before year end”
Fundamental building blocks of an employee wellness program
In a business context, a wellness program is an employer-sponsored initiative designed to promote employees’ physical, mental and emotional well-being. These programs can take many forms, but their underlying goal is generally the same: to foster a healthier, more productive workplace. A well-structured wellness program can also help companies manage health care benefits costs, reduce … Continue reading “Fundamental building blocks of an employee wellness program”
There’s still time for businesses to benefit from clean energy tax breaks
The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, extends or enhances many tax breaks for businesses. But the legislation terminates several business-related clean energy tax incentives earlier than scheduled. For example, the Qualified Commercial Clean Vehicle Credit (Section 45W) had been scheduled to expire after 2032. Under the OBBBA, it’s available … Continue reading “There’s still time for businesses to benefit from clean energy tax breaks”
Why start-ups should consider launching as S corporations
Launching a new business brings tough decisions. And that holds true whether you’re a fledgling entrepreneur starting your first company or an experienced businessperson expanding into a second or third enterprise. Among the most important calls you’ll need to make is how to structure the start-up for tax purposes. For many business owners, electing S corporation … Continue reading “Why start-ups should consider launching as S corporations”
Hidden Costs of DIY Bookkeeping No One Talks About
Many small business owners opt to manage their own books in an effort to save money. However, what seems like a cost-effective decision can actually lead to hidden financial, strategic, and emotional costs that slow business growth. In this article, we break down the true costs of DIY bookkeeping and why outsourcing could be a … Continue reading “Hidden Costs of DIY Bookkeeping No One Talks About”
What Happens If You Don’t Keep Proper Financial Records?
Maintaining accurate financial records is not just good practice; it’s essential for your business’s success, compliance, and credibility. Failing to keep proper financial records can lead to serious tax problems, cash flow issues, legal risks, and personal liability. 1. Tax Problems and IRS Audits One of the most immediate risks of inadequate internal records is … Continue reading “What Happens If You Don’t Keep Proper Financial Records?”
Are Accounting Fees Tax Deductible for Small Businesses?
Short answer: Yes, most business-related accounting fees are tax-deductible for small businesses. Understanding which accounting fees are tax-deductible can help small business owners reduce taxable income and avoid unnecessary IRS scrutiny. The IRS allows deductions for “ordinary and necessary” business expenses, and this generally includes accounting and bookkeeping fees when they directly relate to your … Continue reading “Are Accounting Fees Tax Deductible for Small Businesses?”
Would I Benefit from Working with an Outsourced Accountant?
Suppose you’re seeking cost savings, specialized expertise, and the flexibility to scale your accounting services as your business expands. In that case, yes, partnering with an outsourced accountant can be a smart and beneficial choice. Outsourced accounting can help you manage financial tasks more efficiently and allow you to focus on growth and strategic initiatives … Continue reading “Would I Benefit from Working with an Outsourced Accountant?”
The 2025–2026 “high-low” per diem business travel rates are here
If you have employees who travel for business, you know how frustrating it can be to manage reimbursements and the accompanying receipts for meals, hotels and incidentals. To make this process easier, consider using the “high-low” per diem method. Instead of tracking every receipt, your business can reimburse employees using daily rates that are predetermined … Continue reading “The 2025–2026 “high-low” per diem business travel rates are here”