Business Tips | OnTarget CPA

11 Aug Is your business underusing its accounting software?

Posted at 19:02h in Accounting and Auditing, Business Tips, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists. What you may be underusing,...

03 Aug Is an LLC the right choice for your small business?

Posted at 20:28h in Business Tips, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics...

29 Jul Get serious about your strategic planning meetings

Posted at 14:47h in Business Tips, OnTarget CPA Blog by Michael Jamison, CPA, CGMA

Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs only at the annual company...

27 Jul The deductibility of corporate expenses covered by officers or shareholders

Posted at 18:16h in Business Tips, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise...

20 Jul Getting a new business off the ground: How start-up expenses are handled on your tax return

Posted at 19:10h in Business Tips, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses...

15 Jul 5 ways to take action on accounts receivable

Posted at 13:59h in Business Tips, Small Business Tax Tips by Michael Jamison, CPA, CGMA

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections...

13 Jul Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

Posted at 14:10h in Business Tips, Individual Tax Tips, OnTarget CPA Blog, Tax Tips by Michael Jamison, CPA, CGMA

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for the production of income. But they’re deductible if they’re...

13 Jul Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

Posted at 14:09h in Business Tips, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by...

07 Jul IRS extends administrative relief for 401(k) plans

Posted at 19:52h in Business Tips, Coronavirus, OnTarget CPA Blog by Michael Jamison, CPA, CGMA

As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administration of 401(k) plans. A...

06 Jul 10 facts about the pass-through deduction for qualified business income

Posted at 16:55h in Business Tips, Individual Tax Tips, OnTarget CPA Blog, Small Business Tax Tips, Tax Tips by Michael Jamison, CPA, CGMA

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single member limited liability companies...