United States v Winthrop (1969) is a case in which the court rejected the capital gain classification and ruled that certain transactions were sales made in the ordinary course of business. Understanding the distinction between business income and capital gains is critical for any taxpayer as
The Ideal Small Business Budget Breakdown
A budget breakdown is one of the most crucial segments of a business plan. It is a skill that every small business owner needs to stay informed on the sales cost, reinvestment budget, and to know when you are financially ready to bring in employees into your business. Setting a budget also enhances
What To Expect For The 2022 Tax Season
Federal income taxes seem ever-changing and shrouded in a veil of vague rules and complicated math. Tax season offers relief for some, as they anticipate extra funds for the year. But for others it is a time of stress as they wonder how much they owe the federal government. But what if the veil
What is Mark to Market Accounting?
If you owns a small business, then you're most likely always pushing the limits for further profits and opportunities within your company. If that is the case, then learning this concept could very well lift your business to greater financial heights. Imagine having a method to reliably account for
How to Do Payroll Yourself
Payroll management can be a struggle for small businesses. You need to take into account state and federal necessities and ensure the lot is legally sound. Failure to do so will result in fines with many businesses paying upwards of $1,000 for inaccuracies. You have two options: do it yourself or
What are the basics of Forensic Accounting?
When you turn on your news, if it's not a disaster or politics (or both), there's often a news story about fraud. Be it robocalls, phishing emails, or hacks into large companies data/privacy. With the advent of the internet, it has become far easier for scammers and criminals to commit fraud as the
Maintaining Objectivity As A CPA
CPAs and companies both want the same thing, to have accurate, detailed, and fast bookkeeping and accounting. This way, both parties maintain a "clean" slate. A clean slate in CPA terminology means a complete accounting record for every transaction and decision made. Many accounting firms strive to
What Is A QuickBooks ProAdvisor?
A QuickBooks ProAdvisor is a trained, experienced accountant or bookkeeper who can set up and manage your QuickBooks file. The program is easy to use out-of-the-box, but it has many features that are too complicated for the average user. A QuickBooks ProAdvisor can help you get the most out of your