Tax Smart Advisors Blog
Accounting and tax tips, updates and the latest news for small business owners and individuals.
Starting a New Business?
Congratulations! You've decided to start your own business. Now what? Unfortunately, starting a business is not as simple as choosing a name and selling your products or services. There are several steps you need to take - register your business with the state, get a...
Cash Flow: What Is It, How Do You Calculate It & How Do You Improve It?
Cash flow measures the net amount of cash and cash equivalents moving into or out of a business at any given time. Understanding your business's cash flow situation is important to budgeting and making sound financial decisions. Cash flow is reported on the cash flow...
Is It Really the IRS at Your Door?
You hear a knock at your door and the person on the other side says they're with the IRS. Is it really the IRS or is it a scam? While it's true that the IRS initiates most contact with taxpayers via regular mail, there are circumstances when an IRS representative may...
2023 Mileage Rates Are Here
The 2023 mileage rates have been announced by the IRS... Standard business mileage increased to 65.5 cents per mile. Medical and moving mileage remain at 22 cents per mile. Charitable mileage stays at 14 cents per mile. Whether you track your mileage on paper or use...
Beware of Employee Retention Credit Scams
Have you been contacted by a third party and advised that your business is eligible for the Employee Retention Credit? If so, proceed with caution... Many businesses are being advised to claim the credit, but don't actually qualify for it. Often, these third parties...
Inflation Reduction Act
On August 16th, President Biden signed into law the Inflation Reduction Act (IRA). Among the many provisions within the IRA, the act establishes a new corporate minimum tax, an excise tax on corporate stock repurchases and an increase in research credit. The act also...
What is Fair Market Value?
The IRS defines Fair Market Value (FMV) as the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the...
Help, I’m being audited by the IRS!
Of the more than 145 million individual tax returns filed during 2021, less than 1% will be selected for an audit. Here are a few things to remember if you receive a notice from the IRS of an impending audit: IRS computers usually flag the tax returns for audits and...
Should You Incorporate Your Small Business?
As a sole proprietor, you may have wondered if it would be better for you to incorporate your business. Here are some things to consider... Incorporating a business limits the owner's liability. However, many small corporation stockholders are required to personally...
What You Need to Consider When Buying a Business
Thinking about buying an existing business? Make sure to take the time to investigate the business thoroughly before jumping in. Investigate possible issues. It can be tempting to get into the business first and then worry about any problems once they've developed....