The Inflation Reduction Act: Electric Vehicle Credits

Are you considering buying an electric vehicle in 2023? The rules have recently changed, due to the passage of the Inflation Reduction Act of 2022 (the “Act”) in the summer of 2022. This bill included a range of new tax rules addressing various areas, and one of

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End of the Year Tax Reminders for Business Owners

Performing these tasks at year-end will help your tax professional prepare your return accurately, plus it will make your tax professional very happy when you have these answers at the ready! Write down the odometer reading on the vehicles you use for business. It is important to

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What Is an Audit?

The word “audit” can be thrown around a lot in casual conversation. When an accounting professional uses it, it means something very specific. We’ll discuss this and other uses of the term “audit” in this article. Financial Audit A financial audit is an official service designed to

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Checklist for Clean Books

Keeping your business’s books clean all year long can help to provide more accurate financial statements and reports as well as an easier tax time. Here is a checklist of activities to perform periodically to keep your books clean. Make sure all bank accounts are reconciled. Make

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Time Batching

For small business owners, it seems like there is never enough time to get everything accomplished. One tool that will help you get the most out of your time is time batching, also called time blocking. If you haven’t heard of this before, it can revolutionize the

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Estimated Tax Payments – Do They Apply to You?

There are two ways to make income tax payments to the IRS throughout the year: through the withholding amount on your paycheck, and through making estimated tax payments. If you have ever wondered about estimated tax payments, this article will explain what they are, if you need

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