Every business owner knows keeping a quality set of books is vital for staying in compliance – but having access to this data for tax returns is just one reason why accurate accounting is important. Work proactively, not reactively Without an accurate picture of your...
If you have been operating as a sole proprietorship or a general partnership, you may benefit from incorporating your business as an S corporation (S corp). Along with having your business treated as a pass-through entity by the IRS, thereby avoiding double taxation,...
Avoiding an IRS Audit Making a mistake with reasonable compensation is one of the fastest ways a business owner can be flagged for an audit. Avoid being targeted by the IRS by paying yourself a “reasonable” amount. What is Reasonable Compensation and How do I...
Writing off business expenses to reduce taxable income is a vital tool all enterprises utilize to lower their total tax burden. Unfortunately, as not every company expense qualifies as a deduction, it’s also an area of tax accounting where many mistakes are made. In...
According to IRS statistics, more than 50% of each tax year’s filed Schedule E forms show a loss when reporting rental income and expenses – but for many landlords, these losses are NOT tax deductible against other nonpassive income. In this post, we’ll explain why....
Accountability Services is excited to announce that we have been named Firm of the Year by Thomson Reuters at their Tax & Accounting SYNERGY 2022 conference. As a provider of innovative tax and accounting solutions, Thomson Reuters’ annual Luca Awards are...
How much time do you spend each month developing strategic plans for your business? How well do your employees understand the overarching strategy of your organization? Do you even have your strategy defined and written down on a piece of paper? If your answers are...
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