Shocked business person and CPA

Most of my clients are taxpayers who own small businesses themselves or file jointly with a spouse who owns a small business. Some of these small businesses are organized as C or S Corporations, and the owners pay federal and state taxes throughout the year through their W-2 wages (based on their set salaries and… [Read More].

Government shutdown writte on a blue star background

The extremely tight margin of the controlling party in the House of Representatives has led to some interesting, historic, and some might say chaotic outcomes on U.S. government operations this year. Legislation involving the basic functions of our government has become significantly more difficult to pass. We narrowly avoided a national debt default this past… [Read More].

winter landscape

Because the vast majority of small businesses operate on the cash basis of accounting (meaning that expenses are deducted when paid), it can be critical from a tax standpoint whether a transaction occurs on December 31 versus January 1. Generally, a transaction that occurs on December 31 (i.e. before the calendar year closes) is reportable… [Read More].

raining money on man at desk

Though Covid-19 will be here for the foreseeable future, to a large degree the gravity of Covid’s effects on small businesses have lessened. Many that were shuttered or experienced revenue declines during the worst of the pandemic have recovered. Covid has had an unequal impact on small businesses—oftentimes due to differences in industry; the level… [Read More].

Hurricane Ian Satellite Imagery

Last week, Hurricane Ian wreaked havoc upon the states of Florida, North Carolina, and South Carolina. My sincerest thoughts and prayers are with everyone who has experienced loss of life, health, property, and security associated with this hurricane and other recent disasters. Most readers of my blog are aware that I live in North Carolina,… [Read More].

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