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Bookkeeping

Section 199A(i) Fiscal Year Change Extends Deduction

October 23, 2024 By Stephen Nelson CPA

Section 199A(i) Fiscal Year Change blog post art showing a confused CPA

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

Filed Under: Bookkeeping, Section 199A

Six Hacks to Simplify Small Business Accounting and Taxes

May 1, 2023 By Stephen Nelson CPA

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

Filed Under: Bookkeeping, entrepreneurship, New business, Uncategorized

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

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Featured Posts

Washington state estate tax pushes wealthy residents to consider estate planning options.

Planning for the 35% Washington State Estate Tax

Washington state levies an estate tax of up to 35% on estates of decedents dying on or after July 1 2025. That new rate is by far the highest estate … [Read More...] about Planning for the 35% Washington State Estate Tax

the new Washington state professional services sales tax starts October 1, 2025.

Washington State Professional Services Sales Tax

Starting October 1, 2025, Washington State levies a sales tax on many, maybe most, business professional services. Thus, if you’re a business … [Read More...] about Washington State Professional Services Sales Tax

Washington state qualified family-owned business interest deduction

Washington’s Qualified Family-Owned Business Interest Estate Tax Deduction: Updated for 2025

Washington state taxes the estates of high-net-worth residents and high-net-worth nonresidents who own property in the state. The tax rates start at … [Read More...] about Washington’s Qualified Family-Owned Business Interest Estate Tax Deduction: Updated for 2025

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