Tax news for investors and users of cryptocurrency
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box Beginning with tax year 2022, taxpayers must check a box on their tax returns indicating whether they received digital assets […]
4 ways corporate business owners can help ensure their compensation is “reasonable”
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are paid as dividends, they’re taxed […]
Build Your Accounting Career with Us: Top 6 Reasons to Choose OnTarget CPA
Reading a Careers Blog can provide valuable insights. Choosing the right company to work for as you begin your accounting career can make or break your professional success. At OnTarget CPA, we recognize that the success of our employees is critical to our overall success. We are dedicated to providing our employees with the resources, […]
Succession Planning: Decide the Future of Your Business
When deciding the future of your business, succession planning is a critical task. Business owners take their companies through many phases with intricate decision-making that can affect future generations.Planning for how and when those decisions will be made is essential if you want to ensure the long-term success of your enterprise. Succession planning should not […]
Strengthen strategic planning with competitive intelligence
Business owners and their leadership teams are rightly urged to engage in regular strategic planning to move their companies, thoughtfully and consciously, in a positive direction. However, no matter how sound a set of strategic objectives might be, it’s always important to bear in mind that your competitors have plans of their own. That’s why […]
Take advantage of the rehabilitation tax credit when altering or adding to business space
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s also […]
There’s a favorable “stepped-up basis” if you inherit property
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order. Under the fair market […]
5 Benefits of Building Your Accounting Career at a Small Firm
Finding the right firm to work for is critical if you want to build a successful accounting career. While larger firms may have a more prestigious reputation, small accounting firms like OnTarget CPA provide a diverse range of benefits that can help you advance your career more quickly and further. In this blog post, we’ll […]
The 4 Best Tax Planning Strategies
Tax time can be stressful. After all, no one likes the thought of owing money to the government when it comes to doing their taxes. But with some planning and know-how, you’re sure to get past tax season with flying colors and put more money in your pocket too.Knowing some of the best tax planning […]
5 valuation terms that every business owner should know
As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business sale, merger or acquisition. It’s also important when creating or updating a buy-sell agreement or doing estate planning. You can even use a business valuation to help kickstart or support […]
