Triggering an audit is one of the biggest fears of small business owners when it comes to taxes. You’re probably even willing to overpay if it means avoiding any IRS red flags. Generally, when we think of red flags, we are thinking of an audit. It might surprise you to know that we are audited by the IRS more often than we realize. I think…
When talking about business entities and the best tax structures for small businesses, the S Corporation comes up a lot. In general, it’s the best structure for small businesses. So, let’s get into all the important stuff about S Corp taxes and setup. Entities, or tax structures, are the S-Corp, LLC, Partnership, Corporation, Sole Proprietor, etc. When it comes to the best entity selection for…
There seems to be a stigma that it’s wrong to use tax strategies or even legal loopholes to make our tax obligation as low as possible. Somehow, they are more patriotic if they overpay on taxes. Is it our job to fill the treasury by paying as much as we can in taxes? I think it might come down to our understanding of taxes. So,…
What matters most to the success of your business, employees or profit? To think through this issue, we’ll look at return on team cost metrics and discuss a concept from a new book I’m writing. 80% Capacity So, I am writing a book. The current working title is The 80% Capacity Method. The book is for business owners who are burnt out, or they…
What’s the best way to catch up on bookkeeping if I haven’t really touched my books all year? I love this question I was recently asked. Not to be Debbie Raincloud here, but the first step is to stop being lazy. Look, you didn’t start your business to do accounting. So, this idea of accounting and bookkeeping is not your favorite thing. I totally…
You can now add the new 1099K rules to the top of the list of why the IRS sucks! The 1099K is an IRS form for those who conduct business transactions from P2P (Peer-to-Peer) payment apps such as PayPal, Venmo, and Stripe. In the past, these companies were required to provide information to the IRS for anyone who accepted more than 200 transactions and $20,000…
Bookkeeping basics look different for small business owners than they do for accountants or bookkeepers. You have different priorities and responsibilities. So, this is not gonna be a do-it-yourself blog. I’m not gonna teach you things like how to debit and credit and do journal entries and reconcile your bank accounts. There’s lots of free blogs and videos on the internet. A simple Google search…
Congratulations on your new business! Good things are coming your way. You’ve got your collateral, you’ve leased a space, have a few employees and a great product. You’re ready! But now the real work begins. Running a business isn’t just getting everything started and then sitting back and watching the money come in. Hopefully, the money will start coming, but so will your expenses. So,…
Setting up a system for your business is a lot of work. The Profit First cash flow management system is no different. It’s a lot of work up front but pays off in the long run. However, every once in a while the system needs some maintenance. Things change, your business grows, or your personal circumstances change, so naturally your cash flow system will need…
If you’ve asked yourself this question before you’re not alone. Many people think that a CPA or accountant and a Financial Advisor are one in the same, but that is not the case. Although some of their knowledge may overlap and there are some professionals that may be licensed for both, there is a distinct difference. So, what should you expect from your Accountant vs…
Creating a budget is one of those tasks that seem to be on everyone’s to-do list, but rarely gets checked off. That’s sad for the budget. Seriously, though, budgets are amazing when done right. Traditional budgeting has you looking at the past 12 months and calculating a monthly average for each expense and income stream. They suggest glancing through your expenses to see if you…
Every small business owner would like to watch their business grow. I envision you probably started off with a small lemonade stand at the end of the street and watched it blossom into a food truck where you started selling it at school carnivals and football games. Obviously following a detailed business growth plan you wrote in school. Next thing you know you’ve got 5…
If you’re asking the question, “How can I better understand the real time financial picture of my business?”, it means that you are one of those business owners who look at your books more than once a year. So, kudos to you. There are a lot of small business owners who only look at their books on a quarterly or yearly basis, but it’s really…
Well, no doubt you’ve heard or seen the headlines… “We are entering a recession! Quick, everyone hide because the sky is falling! Grab a helmet and take shelter!” What Is A Recession? Let’s talk about this. And we might as well start with the basics. What even is a recession? Technically speaking most economists would classify a recession as when the economy fails…
Recently we were asked, “What is your marketing philosophy?” Usually, our posts are more tax related advice for the small business owner. We don’t claim to be marketing experts by any stretch, but we didn’t get to be where we are today without being fairly successful in our marketing efforts. So here is what we’ve learned in the process. When Incite Tax was first starting…
The idea of being a business owner is really exciting. To be an entrepreneur seems like a higher status level. Who wouldn’t want the freedom to control their own schedule and do something they enjoy every day? Well, like most things in life, it’s a little more complicated than that. But… being an entrepreneur, self-employed, small business owner, whatever you want to call it, is…
Small businesses make up about 99% of all businesses in the U.S., but only about 35% of those small business owners have a retirement plan in place. Most working Americans can contribute to retirement through an employer sponsored 401k or similar plan. But being self-employed or as a small business owner you are kind of on your own when it comes to setting aside money…
Being an entrepreneur definitely has its perks. But it also comes with its share of stress. One of the biggest burdens, probably just behind finances, is having the final say in decision making. This may sound awesome, and sometimes it is. You get to choose where to locate your company, which office is yours (that one’s easy, of course you’ll take the corner office with…
School is out, the sun is shining, and your kids want to go to an amusement park, possibly in Southern California. You’re also a small business owner and you need to take advantage of every tax deduction you can. So how do you mix business and pleasure? Well, if you’re trying to plan a family vacation and last minute add a couple things so you…
What? Are you saying taxes are stressful? You’re not alone. Why are taxes so stressful? Some people just don’t like doing the math, others may have a dislike of government authority, and WebMD says people who have been through an audit can actually suffer from posttraumatic stress syndrome during tax season. We know, the IRS sucks! But you shouldn’t have to let your tax stress…
We hear from our clients quite often, “I’m good at making money, but not at keeping it.” This is a great problem to have and not at all uncommon. When you think about it, saving money is the real issue. That probably sounds ridiculous because saving money is easy. Everyone knows how to save money. You just might not be disciplined enough to do it….
Getting into debt is super easy. When starting a business it just adds up overnight. As a business owner you probably have personal and business debt compounding on each other trying to bury you alive. So, to get out of business debt takes a lot more effort than you feel like you have to give. There’s plenty of get out of debt advice out there…
Look, we get it. The IRS sucks and the whole idea of taxes is already stressful. Why is your accountant stressing you out more, sending emails about documents and deadlines? The whole reason you hired an accountant was so you could hand over a shoebox and not think about it again until next year in order to reduce tax stress. If only it were that…
Ahhh… the American Dream. Home ownership is a key element in the pursuit of the American Dream. It gives us stability, a place to plant our roots and be a part of a community. It’s also an investment. Paying a mortgage builds equity; paying rent just gives you a place to live for another month. But does buying a home help with taxes? Can buying…
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Draper, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
Incite Tax believes in sticking it to the IRS. If you’re looking to better your financial situation contact us!
© 2023 Incite Tax. All Rights Reserved.
Professional Website Designed by WP Slopes
