The unincorporated business tax (UBT) is a levy imposed by certain localities on the net income of unincorporated businesses. While not a federal tax, it's crucial for business owners operating in jurisdictions with UBT to understand its implications. This article delves into the intricacies of UBT,
Operating Your Sole Proprietorship as a DBA: What You Need to Know
As a sole proprietor, one of the first decisions you'll need to make is whether to operate under your personal name or file a fictitious business name, also known as a "doing business as" or DBA. Using a DBA can provide some advantages but also comes with some additional requirements. Here's what
What is Considered a Healthy EBITDA?
EBITDA, which stands for Earnings Before Interest, Taxes, Depreciation, and Amortization, is a widely used financial metric for evaluating a company's profitability and cash flow from operations. But what exactly constitutes a "healthy" EBITDA? The answer depends on several factors, including the
Handling the Tax Implications of Retainers for Law Firms
Let's be real - as a lawyer, crunching numbers and keeping tabs on the financial side of your practice probably isn't why you went to law school. But proper legal accounting? That's non-negotiable if you want to stay in business and out of hot water. Pay close attention because effectively managing
Property Taxes: the Burden of Home Ownership in Seattle
For homeowners in Seattle, the costs don't stop after the staggering price of actually purchasing a house. In addition to shelling out hundreds of thousands for a roof over their heads, Seattle residents also face some of the highest property tax burdens of any major U.S. city. Just how high are
Law Firm Bookkeeping
Running a successful law firm goes beyond just winning cases. Just like any other business, law firms require meticulous financial management to ensure smooth operations and growth. We understand the unique challenges law firms face when it comes to bookkeeping. That's why we offer a comprehensive
What Is An Unconscionable Transaction?
Imagine this nightmare scenario: you land a new client, celebrate the win, then get hit with a lawsuit claiming your contract is "unconscionable." Suddenly, that client relationship feels more like a legal battle. Unconscionable Contracts Explained An unconscionable contract is a fancy legal
Why Your Law Firm Needs an Accountant Who Speaks Lawyer
Between managing complex cases, keeping clients happy, and staying ahead of the legal curve, the last thing you need is another headache – namely, your finances. Here's where a specialized law firm accountant steps in, becoming a game-changer for your firm's success. Law firms present a unique