Today, let’s dive into the CPA Audit. It’s one of the highest levels of risk assurance and is used to provide stakeholders feedback on the accuracy and reliability of financial statements in your business. We’ll look into when and why you might want to consider one and what a good one looks like. Let’s go!… Read More

Last week, we started our series on risk assurance for small businesses by providing a broad overview. This week we’ll drill down and look at compilation, gathering data and information to determine risks. This may not be the stuff of business reality shows, but it is foundational. The risk assurance process won’t be effective if… Read More

The only sure thing about running a small business is that nothing is certain. At least, it seems that way. But it doesn’t have to be that way. Adverse events that seem beyond a business owner’s control can be mitigated (or avoided altogether) by practicing risk assurance. But what is risk assurance, and how does… Read More

Tax fraud. Those words conjure images of old-time gangsters, dishonest corporate executives, and thieving politicians. But is it possible for the average taxpayer to accidentally commit tax fraud? The short answer is maybe. Today, we’ll look at fraud versus negligence and how to avoid both. Fraud vs. Negligence The IRS deems fraud as a willful attempt to… Read More

Deciding to start a business or a side hustle can be heady stuff. It’s fun to develop business plans and dream of possibilities, but you must also know your tax information. So, here are some tax essentials every new business owner should know and how to use them. We’ll examine the most common types of… Read More

Last week, we looked at different filing statuses for married tax filers. But what if you aren’t married? As Part I of this series mentions, you can use Single Filer (SF) or Head of Household (HOH) status. What’s the main difference? Well, head of household means you have a dependent to care for. Sorry, single filers,… Read More

One of the fastest ways to mess up a tax return is to claim the wrong filing status. Last week provided an overview of the pros and cons of tax filing statuses. But this week, let’s zero in on the best choice for married couples. Understanding the Options Married couples have two basic filing options: Married… Read More

Every year, thousands of tax filers make simple mistakes on their returns that cost them money. Ironically, one of the biggest ones is choosing the wrong tax filing status. That’s why we put together a three-part series on selecting the correct filing status. Today we’ll provide an overview of the different types of filing status,… Read More

“If you fail to plan, you plan to fail.” That’s arguably the most accurate business cliché in existence. It definitely applies to business tax planning. One of the most important things any business can do, regardless of size, is to form a good tax strategy. By doing so, you ensure your business is avoiding lost… Read More

Last week, we learned more about trend analysis for small businesses. This week, we will look at its cousin, financial projections. You’ll discover how the two are related and why financial projections are essential. You’ll also get an overview of five different financial projections that can propel your business forward. Let’s go. How are trend analysis… Read More