Author Archives: Mississippi Accountant CPA

New Tax Law: Taking Advantage as a Small Business

Every year, new tax laws and IRS regulations change, sometimes mildly and other times, quite dramatically. However, the TCJA (Tax Cuts and Jobs Act) out paces any recent changes to tax legislation by a long shot. Since much of the new legislation will be in affect for 2018 taxes, it is important for all small businesses to take advantage of this new information. Here are some important changes and advantages that small businesses should consider ahead of preparing their 2018 tax return in accordance with the new tax law.

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Is “BOGO” a “NONO”?

Sales Tax for Special Promotions

Have you ever reaped the benefits of offering discounts, promo codes, and coupon deals? If so, you understand the power it has to draw customers new and old in droves. What you should also understand, is that states expect you to know how to handle the sales tax for those different types of purchases.

With few exceptions, sales tax is the gross receipts or gross selling price received from selling products or offering taxable services. Seems simple enough right? Yet, retailers are often stung for mishandling the taxes charged with these purchases.

PAYROLL-PROVIDER-MADISON-MS

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NEW SMALL BUSINESS SUCCESS ITINERARY

Itinerary for New Business Startup

The time it takes for a new business startup to get up and running is best described as a journey. The end of the trip may not be visible or even feasible at the start-ups beginning, and owners will surely experience difficulties along the way. Fortunately, developing a working relationship with a trusted accountant will supply guidance towards successfully reaching business owners’ goals.

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5 Deductions we lost this year and 1 that makes up for them

Deductions lost in 2018

In its efforts to simplify the tax code, Congress included provisions in The Tax Cuts and Jobs Act of 2017 that increased the standard deduction to $12,000 for individuals ($24,000 for married couples) and either modified or eliminated many itemized deductions. As a result, taxpayers and their professional tax advisers are currently exploring ways to best take advantage of the itemized tax deductions still available to them. While record keeping however, it is important to be wary of these popular deductions that will no longer count.

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3 Items Every Business Owner should have on their 2018 Tax Checklist

2018 TAX CHECKLIST

Tax situations are different for most businesses for the simple fact that all businesses are unique. This makes planning difficult for business owners working without the proper guidance. The complexity of tax issues that comes from these differences are more than inconvenient. However, there are three things every small business owner can do to avoid penalties in the tax year.

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CHOOSING ACCOUNTING FIRMS: IS BIGGER BETTER?

Effects of Firm Size on Accounting Services

As your financial activity increases over time, dealing with these matters alone becomes increasingly difficult, thus rendering the necessity to hire a business consulting entity. When considering which accounting firm to hire, you may initially go with a big-name firm because of their popularity and uncontested marketing. What you may not realize, are the trade-offs that come with choosing a larger one, as there are many uncontested qualities displayed by a mid-sized firm such as Watkins & Company. Here are 3 advantages of hiring a smaller firm ingrained in its community rather than a large “prestigious” firm.

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TAX ACCOUNTANTS PROACTIVE BUSINESS DECISIONS 2018

Tax season can be one of the most stressful times of the year for many small business owners. This is largely because they tend to wait until the last minute instead of tending to taxes throughout the year. Although the many changes to the tax code for 2018 are intended to make taxes “easier”, it still presents itself as a completely foreign language without the aid of tax accountants. This perceived complexity can easily translate to missing out on some low hanging fruit i.e. tax savings. There are several savings tips to consider for 2018.

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Overcoming Small Business Obstacles

Running a successful small business comes from having a strong structure that strategically arranges systems in an efficient and effective way to deliver quality products/services. This structure will not only allow a small business to avoid devastating pit falls, but also will position it for growth. Here are a few areas of a business where structure can have the most significant impact.

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In-house Bookkeeper or 3rd Party Bookkeeper

BOOKKEEPER RIDGELAND, MS

What’s Better for my Business? Business owners often come to the incorrect conclusion that hiring a bookkeeper as an employee is the best use of their organization’s money. In most cases bookkeeping is only a small part of an organization’s day to day administration; hiring an employee is not required. A business can hire a professional bookkeeper for a few hours a week or month to address the organization’s bookkeeping needs. Continue reading →

IN HOUSE PAYROLL OR PAYROLL PROVIDER?

Payroll is an important part of your business but running payroll in house can be a risky endeavor. The main message here is to be careful and to make sure that you know what you are doing. Here are 4 things to keep a look out for if you should choose to run payroll for yourself.

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