A short, technical post: You can possibly use a fiscal year and even a fiscal year change to get one additional year of Section 199A deduction. Even … [Read more...] about Section 199A(i) Fiscal Year Change Extends Deduction
Bookkeeping
Six Hacks to Simplify Small Business Accounting and Taxes
Starting a new business? This suggestion: Keep your small business accounting and your taxes simple. Really simple. The reason? In the post-pandemic … [Read more...] about Six Hacks to Simplify Small Business Accounting and Taxes
Why Profit Distributions Usually Don’t Get Taxed
We encounter a common misconception from flow-through business owner clients every year and I want to try and clear the air. That misconception? … [Read more...] about Why Profit Distributions Usually Don’t Get Taxed
Calculating Revenue Reductions for Second Draw PPP Loans
As you probably know if you’re reading this, small businesses suffering from 25 percent or bigger revenue reductions may receive a second draw PPP … [Read more...] about Calculating Revenue Reductions for Second Draw PPP Loans
PPP Loan Accounting: Tips to Do It Right
Hopefully, in the next few days, you receive a paycheck protection program loan, or PPP loan. Good job for getting that done. Seriously. Your … [Read more...] about PPP Loan Accounting: Tips to Do It Right
Paycheck Protection Loan Formula Explained and Illustrated
People are confused about how the paycheck protection loan formula works. And no wonder. Simple on the surface, the formula gets complicated once … [Read more...] about Paycheck Protection Loan Formula Explained and Illustrated
How to Record Washington State Sales Tax in QuickBooks Online
Some bad news for Washington state QuickBooks Online users who need to report and pay Washington state sales tax. The bookkeeping requires some… well, … [Read more...] about How to Record Washington State Sales Tax in QuickBooks Online
Why You Want an Accurate Balance Sheet for Your Small Business
If you’re a small business owner, you want an accurate balance sheet for your small business. You really do. An accurate balance sheet delivers … [Read more...] about Why You Want an Accurate Balance Sheet for Your Small Business
Year-end S Corporation Accounting Checklist
Do you own or do the accounting for an S corporation? If so, you want to make sure you take care of handful of year-end S corporation accounting tasks … [Read more...] about Year-end S Corporation Accounting Checklist
Small Business Power Law Dynamics: Secret to Jacking Profitability?
Peter Theil, in his provocative book Zero to One, talks about the power law dynamics you want to get “going” if you’re an entrepreneur working in … [Read more...] about Small Business Power Law Dynamics: Secret to Jacking Profitability?