UPCOMING TAX DEADLINE: SEPTEMBER 15, 2022   |

In late 2020 the IRS announced that it would increase tax audits of small businesses by 50% in 2021. Businesses are still dealing with the consequences of the pandemic and an IRS audit is the last thing business owners want to worry about. To help you avoid red flags we have put together a list of actions that the IRS concentrates on. Consistently filing late Filing late can trigger unwanted attention from the IRS. At CPA by Choice, we recommend that you do not wait until the

As a business owner, understanding your company’s overall financial health is a crucial part of growth and success. The three important financial statements used for reporting a company’s financial performance are the Balance Sheet, the Profit and Loss Statement (P&L) and the Statement of Cash Flows. The Balance Sheet reports a company’s assets, liabilities and shareholders' equity at a specific point in time. It provides a snapshot of what a company owns and owes, as well as

The word “debt” on its own can feel intimidating, it is often associated with fear. According to the American Psychological Association, 64% of Americans cite money as a significant source of stress; they call this debt stress syndrome. It can be argued that no debt is good debt, but for the average person there are purchases that wouldn’t be possible without taking on debt, like a home. Borrowing money does not mean sacrificing financial freedom, debt could actually be one w

We live in a world where a new iPhone is released every year, and a new social media platform becomes more popular by the time we finally understand the current one. It comes as no surprise that the millennial generation has revolutionized the way businesses use technology nowadays; just imagine what the next generation, Gen Z, will introduce to the modern world in terms of technological advancement. You may be asking yourself, what does this have to do with accounting? Succe

Many business owners share that the thought of having to understand accounting principles in order to run their business successfully can feel overwhelming. At CPA by Choice, we want to provide you confidence that you understand business accounting essentials. Open a business banking account. Once your business is legally registered open a business banking account, this needs to be separate from your personal banking account. Separating business revenue and expenses can help

In today’s modern technology world business owners have the opportunity to use invoicing software to improve efficiencies. These billing solutions help business owners to track their sales and services rendered, who has been billed, when payments have been received, and who is overdue for payments. Below we will discuss three proficient software you can choose from. BILL.COM Bill.com prides itself on bringing smart accounts payable and accounts receivable automation and new p

It comes as no surprise that the Internal Revenue Service (IRS) and the Treasury Department have moved the deadline for filing 2020 federal income tax returns from April 15 to May 17. The IRS said that it will provide guidance in the coming days. The change in deadline comes after the IRS is still backlogged in processing 24 million tax filings from individuals and business since the 2019 tax year, the limited in-person appointments for tax preparation due to COVID-19, and th

Well-organized records make it easier to prepare a tax return, trust us, we know! Staying organized and having a filing system in place can help the process of retrieving information, and/or discarding documentation when it is no longer needed. Generally, the IRS recommends that you keep tax records for three years after filing. This time frame is recommended because that’s the amount of time you have to amend your return to claim additional eligible credits or refunds — and

We Are In Tax Season! And we are here to guide you along the way. More money in your pocket, who doesn’t want that? It is important that you understand what you can deduct and claim when you file your taxes. We do not want you to overpay taxes, and we also understand that deductions can be the difference between making or losing money on your business. Here are some deductions that business owners sometimes forget, at CPA by Choice we never forget them: Business use of your h