Category: Tax Services

Be Prepared for Tax Season

February 28, 2023  |  Barton Walter and Krier

With the new year officially here, it’s only a matter of time before we’re all in the midst of the tax time rush. Last-minute number crunching can be stressful, both for business owners and their tax professionals. We have some basic and simple ideas to help ensure you’ll be prepared for tax season so that your filing process goes smoothly. Organize Financial Records and Receipts Hopefully you’ve been keeping tabs on your business’s performance over the last year. Documenting and analyzing financials each month gives you an idea of the health and profitability of your company. Bring those records as well as any receipts for business expenses when meeting with your tax professional. Keeping your documents together will help ensure you have the information your tax preparer needs when he or she prepares your tax forms. Divide Expenses, Determine Costs Sometimes the line between business and personal expenses becomes blurred, especially for small business owners. Be sure to go through your expenses and determine which one goes where. Double check your personal account for business expenses you may have forgotten. Also, the IRS has specific rules for Section 179 deductions. This allows you to deduct the cost of certain property as an expense when the property is used for your business. You may […]

Read More

Preparing Your Business for the Long Term

November 20, 2022  |  Barton Walter and Krier

Running a business is more than a 9-to-5 job. And with day-to-day elements to juggle in the present, it can be difficult to think about the future. But preparing your business for the long term is something to consider right now. Keep reading to learn what you should be doing and to uncover hints for succession planning. Succession Planning Rundown When it comes to business, no one can predict what will happen next week — or even tomorrow. That’s why it’s important to have a plan in place for if or when things change. Key players may retire, become ill and unable to work, or find new positions with other companies. With succession planning, you can prepare for the unexpected. The idea behind succession planning is to ensure your company has the right people in place, ready to fill certain roles should they become vacant. If a change occurs, you and your current staff can quickly adapt and keep operations running smoothly. The Benefits of Having a Plan Planning ahead for something that may or may not happen can seem like a hefty undertaking. But being proactive will help ensure the consistent pace of your business and help streamline any shifts in responsibility. When time is money, having a plan in place provides […]

Read More

Employee Retention Credit Basics

October 5, 2022  |  Barton Walter and Krier

Many businesses took hits of all kinds during the COVID-19 pandemic. Under certain circumstances, businesses can benefit from keeping employees on their payroll when their bottom line might suggest otherwise. Keep reading to learn more about Employee Retention Credit basics and how to determine whether your business is eligible to take advantage of these credits. It’s not too late. Employee Retention Credit Essentials For the official explanation of the Employee Retention Credit (ERC), we turned to the IRS website. There, ERC is defined as a “refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.” There is a $7,000 ceiling on qualified wages (including health care costs) for each employee for all quarters of a calendar year when operations were suspended, or sales declined. So, the credit on qualified wages paid to an employee by an eligible employer is 50 percent of that, or $3,500. Determining Eligibility for ERC The ERC runs through Q3 of 2021. To be eligible for the Employee Retention Credit, a business or trade — including tax-exempt organizations — must have operated during the 2020 calendar year. In addition, employers need to meet specific criteria. First, the enterprise suspended […]

Read More