CPA Articles

Have you ever gone to the store for a carton of milk and come home with a new air fryer, a potted plant, and a throw pillow you didn’t even need? If so, welcome to the club! Impulsive spending has an uncanny way of sneaking into our lives, charming us with shiny objects and limited-time sales. But while it can feel thrilling in the moment, it often comes with regret—or worse—a credit card statement that makes your jaw drop.

Why Do People Spend Impulsively?

Running a business involves a delicate balance of ambition, strategy, and financial management. While success stories often take center stage, the reality is that many businesses face financial challenges that can spiral into bankruptcy if left unchecked. By understanding the most common causes of business bankruptcy, business owners can recognize the warning signs early and take steps to safeguard their company’s future.

Insufficient Cash Flow

Before you start lamenting your empty wallet, take a moment to consider this: you might be sitting on hidden cash without even realizing it. That’s right—your household or business could be a treasure trove of untapped resources just waiting to be discovered.

Check the Couch Cushions—Literally and Figuratively

Running a home business isn’t without its own unique challenges. For all the conveniences that operating a business out of your home brings, there are some pitfalls that all small business owners have in common should strive to avoid. Ironically, the same admirable inclinations that gave you the tools to start and run your home business may be the very ones that prove to be your downfall. One crucial yet often overlooked resource is the expertise of a Certified Public Accountant (CPA).

Being married brings many advantages besides having someone to help fold the laundry or comfort you when you’re having a rough day. Tax benefits are another benefit, although people don’t get married to save on taxes, thankfully. But in the U.S., if you do happen to be married, you should know that there are a great number of tax benefits to be had. Your CPA can tell you all about it during your next appointment. In the meantime, here’s a closer look at the tax advantages of marriage and how they can benefit couples at various stages of life.

Filing Jointly vs. Filing Separately

Preparing taxes isn’t most people’s idea of a good time. Usually, tax time is considered something of a downer, especially for anyone trying to do their own taxes. If you make the sound choice to hire a CPA, the entire process can be a lot easier, though. Here are more strategies, tools, and practices that can make tax preparation simpler and more efficient, helping you to avoid common mistakes and reduce the burden associated with tax season.

Understanding Your Tax Obligations

Failing to file your taxes for several years can feel overwhelming. Whether you missed deadlines due to life circumstances, a misunderstanding of tax obligations, inability to pay your tax liability or simply procrastination, you may be worried about the consequences of not filing. You should be, because the IRS takes a dim view of tax evasion for any reason. But there’s good news, too. You don’t have to flee the country or look over your shoulder for the rest of your life. It’s always possible to resolve the issue and get back on track. 

Despite the changing economy, real estate remains one of the most reliable ways to build wealth. The downside to that is, the more wealth you build, the more taxes you usually have to pay. For many, finding legal ways to lower taxes is an ongoing hunt. Surprisingly, the government has actually given active real estate investors a very simple—and legal—way to defer capital gains tax on real estate transactions. Yet many seasoned investors don’t use it. Why not? For the most part, it may be because a lot of people aren’t aware of it. 

If your business has clients that are likely to want to pay with crypto, should you allow it? Since cryptocurrency first hit the currency market, it has caused excitement, disappointment and finally relegation. Even governments around the world are now adopting cryptocurrency as an official form of currency. But is it right for your business? After all, there are inherent volatilities in a currency that is non-regulated and controlled by an admittedly complex system that few truly understand.

Being named as the executor of an estate is a great compliment and a serious responsibility. It signifies that the person who appointed you both trusts you and thinks highly of your abilities to carry out their wishes. However you came by this appointment, it’s very important that you fully understand your role and the steps involved. A CPA can help to guide your hand as you navigate through the financial and legal complexities involved in being an executor of an estate. Following is information about what your role means, and what your duties may entail.