Category Archives: Tax

What Should A Business Expect From Financial Statement Preparation?

woman sitting at a desk and using a calculator while preparing a client's financial statement

In a business of any size, financial reporting is critical to the success of the organization. When stakeholders need a clear financial picture of your organization, financial statements are the first place to which they turn. The process of preparing financial statements is an important one to be familiar with, whether you require these statements annually around tax time, or on a more regular basis. 

Before we dive into the preparation of financial statements, first let’s explore what exactly they are and what they’re used for.

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The Tax Cut and Jobs Act: Meals & Entertainment Deductions

deducting meals & entertainment inforgraphic header

Nearly all tax professionals have become familiar with the changes introduced by the Tax Cuts and Jobs Act of 2017, which went into effect at the beginning of 2018. Among other implications, the act affects deductions made for tax returns. Below is an infographic guide to the new laws surrounding meals and entertainment deductions for businesses.

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4 Tips To Help You Save Money on Your State and Federal Tax Returns

person holding piggy bank

Here are some things to consider that may save you some money when filing your state and federal income taxes:

1. Filing Joint or Separate Returns

Typically it works out better financially for couples to file a joint return because the IRS does give joint filers one of the largest standard deductions. However, there are times when it is better to file separately, and here are the top reasons why you may want to:

  • One person has a high amount of losses to claim
  • One person has a large amount of out-of-pocket deductible medical expenses

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