Tax Smart Advisors Blog
Accounting and tax tips, updates and the latest news for small business owners and individuals.
From Paperwork to Peace of Mind: Your Comprehensive Guide to Personal Tax Prep
As we head into tax season, you may be starting to navigate the intricate landscape of tax preparation. Avoiding taxes is not an option, but making the process as stress-free as possible is. If you're already working with a tax accountant, chances are you've likely...
The Corporate Transparency Act & What It Means For Your Business
Enacted in 2021, the Corporate Transparency Act (CTA) was signed into law with the goal of enhancing corporate transparency and mitigating the misuse of anonymous shell companies for illicit activities such as money laundering, fraud and tax evasion. By requiring...
Tax Planning: Why It’s Important to Plan Before the End of the Year
As we head toward the final months of 2023, how many of us are thinking about Thanksgiving, family gatherings and planning for the year ahead? Okay, now how many are thinking about year-end tax planning? While it may not be nearly as exciting as your upcoming holiday...
Why Is Bookkeeping Important For Small Businesses?
As a small business owner, bookkeeping may be one of your least favorite tasks but it's certainly one of your most important. Without up-to-date books, you lack a clear picture of your company's financial position. Most important business decisions are (or should be)...
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...