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July marks the midpoint of the calendar year and most often brings the hottest days of the year (especially in Charlotte!).
GP CPA looks forward to July, not only for vacations but because in most cases we now have six months of data to look over for our clients. Just like you are supposed to see the dentist every six months (except that you won’t dread our meetings and there is NO DRILLING, EVER), GP CPA offers a mid-year review of your business’s results so that we can mitigate any cavities surprise tax bills that might be forming.
When it comes to taxes, there is never such a thing as a good surprise. Even when the tax bill is lower than expected, it usually means that the profit was lower than expected. We will also review your business’s expenses, major suppliers/vendors, and cash flow to analyze what to improve.
Our client’s appreciate the ability to see different scenarios as to how their business’ profit could end up and get an expectation for what the taxes would be for each scenario. We might recommend “brushing and flossing more” purchasing equipment, prepaying some next year expenses, adjusting payroll, or increasing a retirement plan contribution based on the likelihood of each scenario becoming a reality.
We also might recommend delaying major purchases and cutting payroll or expenses if the need for cash flow is more important than tax liabilities. The mid-year check up provides the opportunity for a conversation, one where the business owner’s goals and objectives are the priority and GP CPA spends most of the time listening.
Our mid-year review is also a great time to review what kinds of technology are working for/against you. After six months, if you are still working around something rather than through it, then it’s probably a good time for a change. Does your point-of-sale system work for you, is it set up correctly, does it even provide the information about your sales that is useful? How is your payroll provider? Is their support lackluster, are they expensive, are they ADP/Paychex/TriNet? Are you getting crushed by high bank fees, credit card processing fees, or do you even know what you pay for those services? How about invoicing and collections?
Did you know there is a better way forward than Excel, MS Word, or QuickBooks Online? If you are not familiar with Xero, Gusto, Square, Bill.com, or Stripe.com, then now is the perfect time to have a conversation with GP CPA about what they are and what they do. We can save you time and money by providing objective advice about what the latest business technology can for your business by shortening the learning curve and cutting down on your admin time. Let’s get an appointment with GP CPA for a mid-year check up on the books as soon as possible.
Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if: you have a high income, and you’re married and both you and your spouse are paying premiums.
Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed.
When possible, you want to claim that your office in your home qualifies as a principal place of business because of this classification gives you the home-office deduction, andeliminates commuting from your home to your regular office.
While it may not feel like Fall is anywhere close by, the date tells us that we have barely 100 days left in the year.
IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts
IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions.