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IRS Says YES to Client & Prospect Business Meals Deductions

Hip, hip, hooray for the IRS! In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent of your client and prospect business meals if the expense […]

Is it Safe to Take the Home Office Deduction?

Home office expenses can be an overlooked source of valuable business deductions. Many business owners don’t claim them because they fear (incorrectly) that home offices are an audit “red flag,” or because the recordkeeping is a pain. But under the IRS “Safe Harbor” method,  that may make home office deductions more accessible. IRS Revenue Procedure 2013-13 […]

5 Tips to Make Tax Time Less Taxing

Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on making Tax Time it just a bit less taxing. Have patience. Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that for tax […]

As small business owners, we work with a gut feeling, but when you see what you’ve made or spent in black and white, it takes on a whole new level of meaning.

The Perfect Chart of Accounts for Your Business

Your “Chart of Accounts” is the list of accounts in your accounting system. The accounts, or categories, are listed on your reports, and the totals tell the story of how much your company spent, made, own, or owe depending on the type of account. It’s essential to create a list of accounts that you need […]

With the wealth of expertise and experience a CFO brings to the table, businesses can better handle challenges and grow at better rates.

The Value of a Virtual CFO to Your Small Business

In today’s business environment, the role of the CFO cannot be emphasized enough.  This is because CFOs are critical for businesses to grow and flourish continuously. However, many small and medium-sized businesses do not have the financial power to hire a chief financial officer CFO on a full-time basis. Most of the companies have accountants […]