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QBI Deduction for Small Business: What it is and How to Claim It

Overview of the Qualified Business Income (QBI) Deduction in 2020 In December 2017, Congress created a special tax treatment for pass-through companies (subchapter S corporations, LLCs, partnerships, and sole proprietors). We wrote an initial post on how QBI reduces taxes

Posted in General Tax Tips & News, Small Business Accounting Tips

Small Business Year-end Tax Tips and Strategies

Tax strategies for small business owners for year-end 2019 As we close out the calendar year, it’s a good time to review your business’s tax situation. This is a great month to estimate your tax bill for the year and

Posted in Small Business Accounting Tips

How to Recession-Proof Your Business for 2020

Recession-proof Your Business Before the Next Downturn Most financial experts and business economists agree that the U.S. is due for a recession. In June 2019, a survey conducted by the National Association for Business Economics estimates the risk of a

Posted in General Tax Tips & News, Small Business Accounting Tips

Managing Employee Travel and Entertainment Expenses

How to manage employee travel and entertainment expenses September marks the back-to-school season. This time of year many businesses also ramp up business activities. As employee activity increases, they often incur expenses to travel to meetings, client offices, conferences, training

Posted in Small Business Accounting Tips

Deducting Ordinary and Necessary Business Expenses

To Be Deductible Expenses Must Be Ordinary AND Necessary to Running the Business The IRS defines allowable business expenses as those expenses that are the ordinary and necessary expenses for carrying on a trade or business. Business owners and tradespeople

Posted in Small Business Accounting Tips

Use KPIs to Review Your Mid-Year Financial Performance

How to use Key Performance Indicators (KPIs) to review your company’s mid-year financial performance July is a great time to take stock of how well your company is performing. With six months to go until year’s end, you have time

Posted in Small Business Accounting Tips

2019 Business Tax Deadlines for VA, MD, and DC

January is a good time to record the due dates for important business taxes in the coming year.   We list below important due dates for Virginia, Maryland, and the District of Columbia. If you need additional information, we also

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Posted in General Tax Tips & News, Small Business Accounting Tips

Improve the Profitability of Your Business in 2019

10 Tips for Improving Your Company’s Profitability If you want to improve the profitability of your business next year, you are not alone. Accounting Today recently surveyed 1,000 small business owners and leaders. The survey asked respondents to list their top

Posted in Small Business Accounting Tips

2018 Year-End Tax Strategies for Small Businesses

4 Year-End Tax Strategies for Small Businesses November is a great time to take stock of your company’s year-end tax situation. You still have time to make some adjustments to minimize taxes. The Tax Cuts and Jobs Act (TCJA) included

Posted in General Tax Tips & News, Small Business Accounting Tips

IRS Updates Rules for Taxes on Pass-Through Entities

New Rules for Taxes on Pass-Through Entities In a prior post, we discussed how the new tax law reduces taxes for pass-through entities (subchapter S corporations, LLCs, partnerships, and sole proprietors). Under the 2017 TCJA, some pass-through entities received a

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Posted in Small Business Accounting Tips

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