In light of the IRS’s recent announcement regarding tax inflation adjustments for the 2024 tax year, business owners must understand and adapt to these changes. As your experienced accounting advisors, we’re here to guide you through this complex landscape. Our goal is to help you comply with these new regulations and seize opportunities for growth …
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Understanding the Tax Relief for American Families and Workers Act of 2024 The Tax Relief for American Families and Workers Act of 2024, once passed, will symbolize a legislative victory for taxpayers, especially small business owners and professionals, and deserves a detailed look due to its retroactive provisions and potential to affect the upcoming tax …
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A new year brings new opportunities and challenges, particularly for business owners aiming to streamline their financial management. In the fast-paced business world, effective management of finances is not just a necessity but a cornerstone of success. Here are essential tips for leveraging QuickBooks and other accounting software to enhance financial oversight and operational efficiency …
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Ohio’s Commercial Activity Tax (CAT) will undergo significant changes in 2024 and 2025, representing a substantial shift in the state’s approach to business taxation, with far-reaching implications for Ohio residents and the business community. The commercial activity tax (CAT) is an annual tax imposed on the privilege of doing business in Ohio, measured by gross …
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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 …
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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 …
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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 …
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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 …
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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 …
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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 …
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