Blog

There are three financial statements that every company needs to understand, review and produce, on an annual basis, at a minimum.  These consist of the Profit and Loss statement (P&L), Balance Sheet (BASH) and the Cash Flow statement.  The profit and loss statement, also commonly known as the income statement, shows the changes in the company’s profitability over the course of time.  The profit and loss can be reported in e

One of the hardest things to do as a parent is to leave your child in someone else’s care so that you can go back to work.  Sometimes, preparing for the cost of that care can be nearly as difficult.  Some care centers can cost more than in-state tuition at a university.

Taxpayers know that there are tax deductions out there to be utilized to reduce the taxes paid on your income.  Most are aware of the common deductions, but there are many deductions that simply get overlooked by most taxpayers. 

Now that tax season is here, the early indications of the effects the 2017 Tax Reform are starting to show.  While fewer people have filed their returns than this time period in past years, the data is showing that more and more Americans are seeing lower refunds  than in years past.  Many taxpayers did  not understanding the full implications of the tax reform and failed to make the proper changes.  Since we are still relativel

We often think that having a home in multiple states is a great idea, and sometimes we contemplate working while traveling between these homes.  In some cases, our jobs take us to multiple locations.  What happens when we work in multiple states throughout the year?

The Tax Cuts and Jobs Act of 2017 has led to changes in the way companies choose to be taxed.  Prior to the tax reform, many businesses were required to use the accrual method of accounting.  But with the change in tax law, businesses with $25 million or less in annual revenue over the prior three years can use the cash method.  More businesses are choosing the cash method of accounting instead of the previous accrual method, bu

In recent years, the economy has been having its share of ups and downs.  When businesses and private citizens want to secure financing from financial institutions to make large purchases, the economy can greatly influence the bank’s willingness to loan funds.  In an unknown or down-turned economy, the installment sale lends itself as a great alternative option.  An installment sale occurs when property is sold with at least one payment being

Most of the time, children are considered to be an extension of their parents when it comes to legal application until the age of majority.  Therefore, many taxpayers are surprised to learn their child is a separate taxpayer, even as a minor.  If your child has enough income, he or she has an obligation to file a return and pay the tax.  In some cases, you may include their income on your tax return; in others, they'll have to file their own t

“You should sell those.”  It’s a phrase many people have heard when showing someone their crafts.  When does a hobby become a business?  Is it when you first start selling your items?  Is it when you first turn a profit?  When can you start deducting expenses against the income?