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Bookkeeping

Why Profit Distributions Usually Don’t Get Taxed

March 1, 2022 By Christian Block CPA

How Pass-through Profit Distributions 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

Filed Under: Bookkeeping, business taxes, individual income taxes, management

Calculating Revenue Reductions for Second Draw PPP Loans

January 8, 2021 By Stephen Nelson CPA

second draw PPP loan revenue reduction calculation art

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

Filed Under: Bookkeeping, COVID-19, PPP

PPP Loan Accounting: Tips to Do It Right

April 9, 2020 By Stephen Nelson CPA

PPP loan accounting may require some long hours blog post image

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

Filed Under: Bookkeeping, COVID-19, management

Paycheck Protection Loan Formula Explained and Illustrated

April 7, 2020 By Stephen Nelson CPA

The paycheck protection loan formula is complicated.

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

Filed Under: Bookkeeping, business taxes, COVID-19

How to Record Washington State Sales Tax in QuickBooks Online

January 28, 2019 By Beth Nelson CPA

Photo of pinned Olympia on a map of USA. May be used as illustration for travelling theme.

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

Filed Under: Bookkeeping, Washington state excise tax

Why You Want an Accurate Balance Sheet for Your Small Business

May 14, 2018 By Beth Nelson CPA

Balance sheet of a financial report with spectacles

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

Filed Under: Bookkeeping

Year-end S Corporation Accounting Checklist

November 27, 2017 By Stephen Nelson CPA

Picture of Business People Analyzing Statistics Financial Concept for Year end S corporation accounting checklist blog post

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

Filed Under: Bookkeeping

Small Business Power Law Dynamics:  Secret to Jacking Profitability?

November 13, 2017 By Stephen Nelson CPA

Picture showing small business power law dynamics

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?

Filed Under: Bookkeeping, management, Strategy

Tax Deduction Receipts

June 26, 2017 By Beth Nelson CPA

Picture of Huge stack of tax deduction receipts on a white background

Taxpayers always wonder about whether or not they can deduct expenses when they don't have a receipt. Generally, yes, you can... but you want to … [Read more...] about Tax Deduction Receipts

Filed Under: Bookkeeping, business taxes, individual income taxes

Career in Accounting: How to Prepare

February 27, 2017 By Beth Nelson CPA

Picture of someone who has chosen a career in accounting

You can have a great career in accounting. And you can have tons of fun!  But in order to really hit the deck running, you really want to be prepared. … [Read more...] about Career in Accounting: How to Prepare

Filed Under: Bookkeeping, management Tagged With: career

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Maximizing Sec. 199A Deductions

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Featured Posts

Work opportunity tax credit provides big tax savings for employers

Don’t Forget About The Work Opportunity Tax Credit!

The Work Opportunity Tax Credit, or WOTC for short, gets little attention these days.  COVID relief programs such as the Paycheck Protection Program … [Read More...] about Don’t Forget About The Work Opportunity Tax Credit!

Fixing 199A Deduction Errors is awkward but a good idea.

199A Deduction Errors Cost Small Businesses Big Refunds

The Section 199A deduction lets business owners avoid federal income taxes on that last twenty percent of their business income. Which sounds … [Read More...] about 199A Deduction Errors Cost Small Businesses Big Refunds

Roth alternatives exist blog post

Ten Best Roth Alternatives

All the talk about tax law changes, including changes to the Roth rules and then the prospect of higher tax rates for some, seems to be jacking … [Read More...] about Ten Best Roth Alternatives

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