Professional Bookkeeping vs. DIY: Which Path Ensures Optimal Business Financial Management? In the world of business financial management, the choice between professional bookkeeping and DIY bookkeeping is a pivotal decision that can significantly impact the financial health of an enterprise. As small business owners and entrepreneurs navigate the complexities of managing their finances, understanding the […]

From Cash Flow to Investment Planning: Essential Financial Management Tactics for Small Business Owners In today’s fast-paced business environment, small business owners face a myriad of financial challenges that demand expert attention and strategic planning. From managing cash flow to crafting investment plans, the need for precise and tailored financial strategies has never been more […]

From Surviving to Thriving: The Role of Expert Financial Advice in Small Business Success In the competitive world of small business, navigating financial waters can often feel like a daunting task. Many entrepreneurs find themselves struggling to balance day-to-day operations with the complexities of financial management, which is why expert financial advice is no longer […]

Mastering Promotional Strategies for Business Growth: How Discounts, Social Media, and Targeted Ads Can Transform Your Bottom Line In today’s competitive marketplace, mastering promotional strategies is crucial for business growth and profitability. From deploying enticing discounts to leveraging the power of social media marketing and targeted advertising, these tactics can significantly boost customer engagement and […]

Navigating Economic Challenges: The Key Role of a Fractional CFO in Ensuring Business Resilience In today’s unpredictable economic landscape, small and medium-sized businesses are constantly navigating a myriad of financial challenges that demand strategic foresight and agility. Enter the fractional CFO—a game-changing ally for business owners seeking to strengthen their financial resilience. These seasoned professionals […]

In today’s dynamic business environment, embracing bookkeeping technology can significantly enhance operational efficiency and profitability for small to medium-sized enterprises. As an expert trusted advisor, I understand that financial stability and business growth hinge on robust accounting practices and accurate bookkeeping. By leveraging the latest technological advancements, such as automation and data analysis, business owners […]

Today, businesses contract out a number of things, including payroll, accounting, and marketing. However, many business owners do not realize they can also outsource finance functions.  You can get high-level financial guidance. All this without hiring an in-house expert. Consider hiring an outsourced chief financial officer.  Let us see why your company should consider this […]

I wanted to offer some insights regarding an important tax aspect related to the cleaning services at your home office. As you have a home office that qualifies for a home-office deduction and you employ a cleaning lady—let’s call her Annie—who maintains both your home and your home office, there are a couple of tax […]

The current economic climate makes this a good time to focus on bad debt losses. As an individual taxpayer, deducting bad debt losses has always been controversial with the IRS. To claim the deduction, you must first establish that the loss was from a bona fide loan transaction that went wrong. So be alert. Avoid […]

The $75 rule applies to certain business expenses where you do not need a receipt. But I emphasize that this rule does not apply to all tax deductions. Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant loss of deductions and penalties. I encourage you to […]

I’m reaching out to remind you of two important issues related to health insurance deductions for S corporations. First, if you own more than 2 percent of an S corporation and provide health insurance coverage, there are three steps you need to follow to claim a deduction: Step 1. The cost of the insurance must […]

The government does not want you to withdraw money from your IRAs and other retirement accounts before age 59 1/2. To deter early withdrawals, the government imposes a 10 percent penalty tax, in addition to regular income tax in the case of tax-deferred accounts. But what if you want to access your retirement funds before […]

Choosing the best virtual CFO for your business can be challenging. Here are some guidelines that may help you make the best decision for your needs. First and foremost, a virtual CFO should have a strong financial background and experience in managing finances for businesses. Look for someone who has worked with companies similar to […]

As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern. Owning real estate in a C corporation may not be wise when considering taxes because it puts you at risk of being double-taxed. This […]

I hope this letter finds you well. As your tax advisor, I want to provide you with the latest updates on the business meal deduction for the year 2023 and beyond. As you may already know, there have been some significant changes to the business meal deduction for 2023 and beyond. The deduction for business […]

We are writing to update you on the latest developments in 2023 health insurance for S corporation owners. As a more-than-2-percent S corporation owner, you are entitled to some good news when it comes to your health insurance. To ensure that your health insurance deductions are in order and to avoid the $100-a-day penalties for […]

As you are likely aware, if you have an IRA or other tax-deferred retirement account, you must start taking required minimum distributions (RMDs) once you reach a certain age. The SECURE 2.0 Act raises the age at which RMDs must first be taken, from age 72 to 75, over the next 10 years. Specifically, the […]

In 1986, lawmakers drove a stake through the heart of your rental property tax deductions. That stake, called the passive-loss rules, causes myriad complications that now, 37 years later, are still commonly misunderstood. The Trap In 1986, lawmakers made you shovel your taxable activities into three basic tax buckets. Looking at the buckets from a […]

One of the key advantages of using a virtual CFO service over an in-house CFO is cost savings. Hiring an in-house CFO can be expensive, as it requires paying a full-time salary, benefits, and other overhead costs. On the other hand, virtual CFO services are typically more affordable, as they offer flexible pricing options and […]

A virtual CFO can transform a business by providing expert financial guidance and support without the need for a full-time, in-house CFO. This can save businesses significant costs while still receiving high-quality financial advice. Virtual CFOs can also provide a fresh perspective on a business’s financial operations, identifying areas for improvement and implementing strategies to […]

Small business owners often find themselves wearing multiple hats, including that of an accountant or bookkeeper. This can be a time-consuming task that takes away from other important business operations. By outsourcing these day-to-day accounting and bookkeeping processes to a fractional CFO service, small business owners can free up valuable time to focus on growing […]

The real estate boom appears to be over for now. Morgan Stanley predicts that house prices could fall by 10 percent by the end of 2024, perhaps twice as much in a worst-case scenario. Homeowners who purchased their homes at the top of the market could be in trouble, especially if the U.S. falls into […]

Do you owe self-employment tax on Airbnb rental income? That’s a good question. In Chief Counsel Advice (CCA) 202151005, the IRS opined on this issue. But before we get to what the IRS said, understand that the CCA’s conclusions cannot be cited as precedent or authority by others, such as you or your tax professional. […]