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4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

3 Ways A CPA Can Make Your Business Successful

It can often seem unnecessary to hire a certified public accountant (CPA) since bookkeepers and accountants are frequently believed to be the be-all-end-all for a business’ finances. However, there are certain advantages to having a CPA by your side. While we...

3 Myths You Shouldn’t Believe About Accountants

To a business owner, an accountant that helps make sense of business finances can seem like a godsend. Whether you’re just starting your business or are already established, having a great accountant by your side is a sure way to keep your business running smoothly....

3 Ways QuickBooks Apps Can Improve Your Business’ Efficiency

Over 5.6 million businesses use QuickBooks to streamline their business’ accounting. The eye-pleasing interface, streamlined workflows, and powerful automation that QuickBooks provides to these business owners are invaluable, saving them time and money. While...

Client Spotlight: Fresno County Economic Development Corporation (EDC)

We’re excited to highlight Fresno County’s Economic Development Corporation (EDC) as our spotlighted partner this month! For over 30 years, the EDC has promoted business success within Fresno County through strategic partnerships at both the local and national level....

How To Calculate The Pass-Through Deduction For 2018

Formally known as the Section 199A deduction, the “pass-through” deduction allows many sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Taxpayers who are eligible can also deduct up...

Don’t Overlook These 5 Business Deductions As You File for 2018

As the old saying goes, “you gotta spend money to make money”. The topic of expenses and deductions is likely a major part of your meetings and discussions with your CPA (if you don’t have a CPA, read this) in these first months of 2019. In this article, we’ll list...

4-Steps to Choosing the Right Accountant for your Business

Choosing the right accountant to work with your small business may seem like a daunting risky decision, however it really doesn’t have to be when you’re equipped with the right tools to measure their performance. The big question is whether to hire an outside firm...

Get Your QuickBooks Ready for your Accountant

Finalizing your books for the year has already been on your mind since perhaps the beginning of the last quarter of the year. And now you have to have your QuickBooks file ready for your CPA. How can you make it easier for them to prepare your annual financial...

Is it a Requirement for a Small Business to have a CPA?

Accountant Vs. CPA First, it is important to distinguish the difference between a CPA and an Accountant. In general terms, an accountant is a professional who follows specific rules and regulations, including Generally Accepted Accounting Principals (GAAPs), which are...

Your Business’ January 2019 Tax Checklist

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January is a big month for businesses (and accounting experts) everywhere. It’s the time when the previous financial year is officially over, and the moment when gathering all necessary tax documents kicks into high gear. Here’s a quick checklist of the most important items to consider when preparing for tax time.
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Collect All Necessary W-9s

Make sure to gather W-9s from any vendors, contractors, or freelancers you worked with during 2018. You’ll need these forms to submit with your taxes, and collecting them now will save time and frustration. Tracking them down later in the season can be time consuming.
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Gather Financial Documents for Your Accountant

Your accountant or CPA will likely be reaching out in January for any financial documents they don’t already have access to. The earlier you can gather all relevant financial documents and bring them to your accountant, the more time they’ll have to be thorough in putting you in the best possible situation regarding your taxes.
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Make Sure Financial Statements Reconcile with Fact

If there are any discrepancies between your financial statements and actual data or inventory, now is the time to reconcile your books—not right before or even after tax deadlines have passed. The more diligent and thorough you can be in January, the less stressed you’re going to be around tax deadline time.
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Don’t Forget the TCJA

The Tax Cuts and Jobs Act is still a relatively new piece of tax legislation with deep and far-reaching effects. We’ve covered the TCJA in depth here, but below are just a few of the most basic points to keep in mind.

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New Deductions

Owners of S-corps and pass-through entities can now access a 20% qualified deduction in business income.
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Lower Corporate Tax Rate

Remember that the overall corporate tax rate has been lowered from 35% to 21%.
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Effects on International Businesses

The U.S. has shifted from a worldwide taxation system to a semi-territorial system. This means that some foreign income from your business is subject to taxes in the US, while other income is not. You can learn more details here.
January is a big month for businesses (and accounting experts) everywhere. It’s the time when the previous financial year is officially over, and the moment when gathering all necessary tax documents kicks into high gear. Here’s a quick checklist of the most important items to consider when preparing for tax time.

Ready To Talk? We Are Too!

If you’re ready for comprehensive accounting services aided by superior technology, we are eager to work with you. Contact us today about your Fresno accounting needs.

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