Business Owner Retirement
By Michael Jamison, CPA, CGMA One of the most common business owner retirement planning mistakes I see is owners assuming the business will fully fund retirement. After spending decades building a successful company, it’s understandable. The business may be worth several million dollars, and the owner naturally views that value as their retirement nest […]
When Your Income Grows from $200,000 to $1 Million, Taxes Become a Very Different Conversation
One of the most significant mindset shifts I see business owners struggle with occurs when their income begins to accelerate. At $200,000 of annual income, taxes are important. At $1 million of annual income, taxes become one of the largest expenses in your financial life. Unfortunately, this is also the point where many business owners […]
The Numbers Behind Growth: Why Accurate Financial Information Becomes Non-Negotiable for Landscaping Companies Scaling from $2 Million to $10 Million
By Michael Jamison, CPA, CGMA One of the biggest differences I see between landscaping companies that successfully scale from $2 million to $10 million in revenue and those that plateau is not sales ability, production expertise, or even leadership talent. It’s financial visibility. At $2 million, many companies can survive on instinct. The owner […]
The Owner Cannot Be the Growth Strategy: How Fractional Support Helps Home Services Companies Scale Without Burning Out
By Michael Jamison, CPA, CGMA Many home services businesses do not stop growing because the market is too small. They stop growing because the owner runs out of capacity. That is an important difference. A strong HVAC, plumbing, electrical, roofing, landscaping, restoration, or pest control company may have plenty of opportunity in front of […]
The $50 Million Decision: Why Home Services Owners Should Think Carefully Before Selling Too Soon
By Michael Jamison, CPA, CGMA One of the most important decisions a successful home services business owner will ever make is not whether they can sell the business. It is whether they should sell it now. That distinction matters. Across HVAC, plumbing, electrical, roofing, landscaping, restoration, pest control, and other home services industries, […]
You Got an IRS Letter – Now What? A Step-by-Step Guide for Indianapolis Business Owners
Getting an IRS letter as a business owner triggers immediate stress – but most notices are manageable when you know how to read them and respond correctly. Every IRS notice carries a CP or LTR code in the upper right corner that tells you exactly what the agency wants, whether that is a missing return, a balance due, a discrepancy in reported income, or a more urgent collection warning. The biggest mistake business owners make is ignoring the notice and hoping it goes away – it never does, and the consequences compound quickly. This post walks through a clear six-step response process: identify the notice code, note the deadline, gather supporting tax records, determine whether you agree or disagree with the IRS finding, respond in writing via certified mail, and track your case until resolved. A comparison of notice types – from simple CP14 balance due notices to serious LT11 levy warnings – helps readers quickly gauge the urgency of their situation. The post also covers when handling a notice independently makes sense versus when bringing in a CPA is the smarter move, particularly for CP2000 underreporter notices, audits, or multi-year issues. Indianapolis business owners will find specific guidance on common mistakes, required documents to gather before responding, and what 2025 IRS enforcement activity means for response timelines. On-Target CPA, located in Indianapolis, Indiana, helps business owners navigate IRS correspondence with a structured, documented approach that protects their interests from the first response forward.
The Most Important Succession Planning Change for Main Street Business Owners in Years
By Michael Jamison, CPA, CGMA For years, I have had the same frustrating conversation with successful business owners. They spent decades building a company. They created jobs. They developed leaders. They built a culture that mattered. When the time came to think about succession, their first choice was often clear: sell the business to […]
Offer in Compromise: The IRS Program That Can Settle Your Tax Debt for Less Than You Owe
An Offer in Compromise is one of the few IRS programs that actually allows taxpayers to settle federal tax debt for less than the full amount owed. The key is understanding that the IRS accepts these offers based on a precise financial formula – your Reasonable Collection Potential – not simply because you are struggling. This post breaks down exactly how the program works in 2025, the three grounds for acceptance, and how an Offer in Compromise compares to alternatives like installment agreements and Currently Not Collectible status. Indiana taxpayers face state-specific IRS expense standards that affect how the agency calculates what you can pay, and those local numbers matter. The post walks through a complete seven-step action plan, a document checklist for applicants, and the most common mistakes that lead to rejection. A dedicated FAQ section covers costs (the 2025 application fee is $205), timelines (6 to 12 months), the appeal process, self-employment complications, and how Indiana’s own state tax settlement program operates separately from the federal one. The content is designed to help readers quickly assess whether they might qualify and what concrete steps to take next.
The Bookkeeping Mistakes That Cost Small Businesses Thousands Every Year (And How to Stop Making Them)
Small business bookkeeping mistakes are far more expensive than most owners realize, and they rarely announce themselves until tax season or a cash flow crisis. The most damaging errors include mixing personal and business finances, skipping monthly bank reconciliation, misclassifying expenses, and ignoring accounts receivable. Each of these problems distorts financial reports, inflates tax liability, and creates IRS audit exposure. For Indianapolis-area businesses in 2025, Indiana’s updated flat income tax rate makes accurate income tracking especially valuable for pass-through entity owners. The post compares DIY bookkeeping against professional services with a cost table showing 2025 market rates, and delivers a five-step action plan covering account separation, monthly reconciliation, proper chart-of-accounts setup, AR tracking, and monthly financial reviews. A preparation checklist outlines exactly what business owners should gather before their first bookkeeping review. The FAQ section covers audit risk, reconciliation frequency, cost benchmarks, and the difference between bookkeeping and accounting. The core message is clear: professional bookkeeping typically costs less than the mistakes it prevents, and clean books are the foundation of every smart financial decision a business owner makes.
Buying a Business in Indianapolis? Here’s What Your CPA Needs to Review Before You Sign Anything
Buying a business without a proper CPA review is one of the most common and costly mistakes Indianapolis buyers make. This post breaks down exactly what a pre-acquisition financial review should cover, from reconciling tax returns and P&L statements to obtaining Indiana Department of Revenue tax clearance certificates that protect buyers from successor liability. The asset purchase vs. stock purchase comparison shows why deal structure matters for long-term tax exposure, with a clear recommendation for most small business deals. Indiana-specific issues get direct attention, including the state’s pass-through entity tax election changes in 2025 and how neighboring states like Ohio, Illinois, Michigan, and Kentucky compare on clearance processes and risk. A full step-by-step action plan gives buyers a practical roadmap, and the six-question FAQ section covers costs, timelines, liability rules, and earnings recasting in plain terms. The post positions the CPA as a critical pre-signing partner rather than an afterthought, with two soft CTAs and a strong closing call-to-action directing readers to On-Target CPA in Indianapolis.
