admin, Author at Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Gift vs. Inheritance: Which Is the Smarter Tax Move for Your Home?

A common question, and one where many taxpayers often make mistakes, is whether it is better to receive a home as a gift or as an inheritance. Generally, from a tax perspective, it is more advantageous to inherit a home rather than receive it as a gift before the owner’s death. This article will delve …

Payne Nickles & Company, CPAs proudly announce the Todd Spore, CPA Memorial Scholarship recipients for the 2024-25 academic years! The annual scholarships are funded through an account established by Payne Nickles & Company, CPAs within the Huron County Community Foundation, and are available to any first, second, third, fourth, or fifth-year accounting major in Erie, …

Navigating the complexities of business ownership requires a keen understanding of financial planning. A comprehensive financial plan is more than just a set of documents; it’s a roadmap that guides your business through the ever-changing landscape of commerce, helping to steer day-to-day decisions and long-term strategies. Essential Components of Financial Planning Efficient cash management is …

In the construction industry, effective record retention is not just a matter of administrative housekeeping; it is a critical component that can influence legal standing, financial health, and company reputation. Establishing a robust record retention policy is essential, ensuring all necessary documents are maintained to support business operations, comply with regulations, and prepare for potential …

Tax Planning for Business Profitability

In today’s competitive business landscape, understanding the intricate world of tax regulations is more than just compliance – it’s a strategic imperative for maximizing profitability. Effective tax planning is a vital component of financial management for business owners, influencing key decisions and shaping the path to growth and success. The Impact of Tax Planning …

With the Infrastructure Investment and Jobs Act (IIJA) now actively funding projects, a new chapter unfolds for the construction industry. This landmark $1.2 trillion legislation is more than just a promise; it’s a reality shaping the future of infrastructure in America. As construction business owners and contractors, understanding the implications of this funding and preparing …

As a business owner, do you wonder whether to focus more on profit or cash flow? Understanding the nuances of financial management is crucial. At the heart of this are two fundamental concepts: profit and cash flow. Profit measures your business’s financial gain, while cash flow represents the movement of money in and out of …

Gaining a competitive edge in today’s market requires more than understanding one’s financials. It requires using financial metrics strategically to enhance business success. The Profit Margin Ratio is a crucial financial metric that predicts future viability and competitiveness. Understanding the Profit Margin Ratio Profit margins allow businesses to identify operational efficiencies or deficiencies. It’s not …

In construction, change orders are a common yet complex aspect that can significantly impact a project’s profitability. As an accounting firm specializing in construction, we understand the challenges and opportunities of managing change orders effectively. Our experience has shown that a well-structured change order process is a necessity and a strategic advantage. This article offers …

The imminent enforcement of the Corporate Transparency Act (CTA) is a critical turning point that demands immediate attention from business owners to avoid severe penalties. Ultimately, business owners need to understand that it’s the business owner’s responsibility to ensure you are following and meeting all reporting requirements for your business. This article will review some …