Tax Smart Advisors Blog
Accounting and tax tips, updates and the latest news for small business owners and individuals.
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....
A Retirement Plan Option for One-Person Businesses
401(k) plans have long been thought of as retirement plans for large companies. While there is no minimum number of employees required to establish one, the high costs associated with setting up a 401(k) and administering it have made them unappealing to small...
Common Tax Increase Surprises
You've received a nice (but small) tax refund for the last few years. Imagine your surprise when you actually owe money this year... How could this be? Here are some situations that may increase your tax liability: New tax laws. The assistance you may have received...
7 Areas of Your Business That Need Internal Controls
When was the last time you gave your business an internal checkup? For any business, having internal accounting controls in place are vital and should be a part of everyday procedures. They should help prevent fraud and employee theft or detect it early. Here's a...
Eight Tips to Make Filing Tax Returns Easier for Small Businesses
Preparing for tax filing season can be time consuming and even a bit overwhelming if you've waited until the last minute to organize everything. Here are eight tips to help you get ready for tax season... Make your estimated tax payments. Your fourth quarter payment...
Prepare Your Business for Unexpected Bills
As a small business owner, getting a bill for an unexpected expense can have a significant effect on your business's cash flow. Here are some tips you can use to deal with a surprise bill... Establish a consistent reconciliation schedule. Knowing how much cash your...