Little-Known Tax Write-Offs Your Small Business Could be Making

By | Business Finance, Taxes

Tax season may traditionally run from January to April 15, but preparing for tax season is a year-round job for business owners. When we discuss tax liability with clients, write-offs are one thing clients get excited to discuss (because everyone likes to save money!). Below, we explore a few of the lesser-known tax write-offs (or deductions) that correlate to things you may already be doing, but not taking full financial advantage of (such as purchasing software, hiring veterans, or even attending educational programs). Below, view our list to see if you could be missing out on valuable tax deductions this…

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Tax Credits could mean more money in your pocket.

Tax Credits Could Mean More Money in Your Pocket

By | Taxes

One of the most common questions we receive from clients is, “How can I reduce my income tax liability?” It’s no wonder – after all, no one wants to pay more taxes than they have to. Below, we’re discussing how taking full advantage of tax credits can help you retain more of your hard-earned dollars. Plus, discover the types of tax credits that could apply to you. Before we continue, it’s important to note the differences between a tax deduction and a tax credit: Tax deductions reduce your taxable income, so that when you calculate your tax liability, you’re doing…

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Recent Legislation May Affect Your Retirement Savings

Recent Legislation That Could Change How You Plan for Retirement

By | News, Retirement

Have you heard of the SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019? It swiftly passed in the House of Representatives in May, but was halted in the Senate and as of now, is still awaiting the vote. If you’re currently saving for retirement, looking to retire, or are an employer concerned with your retirement savings options for employees, it’s worth diving into this proposed legislation and learning how it can affect you. 

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Solution to Confusing Non-Profit Accounting

Your Solution to Confusing Non-Profit Accounting

By | Accounting

Did you know that public charities report almost twice as many accounting errors as corporations? That’s what a study from the American Accounting Association found based on research collected between 2006 and 2010. Why is this? No doubt, some of these errors are due to specific non-profit accounting nuances that can cause accidental errors. However, other errors may be due to a lack of qualified accounting and financial professionals at smaller non-profit organizations. It’s not surprising that many non-profits operating on shoestring budgets rely completely on volunteer labor for accounting expertise. Others may unload bookkeeping and financial responsibilities onto administrative…

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tips for small business financial goals from Pine & Co.

6 Tips to Refresh Your Business’ 2019 Goals

By | Business Finance

Summertime can mean extra vacation time and slower days, but it also marks the halfway point of the year. It’s a good time to take quick stock of the year’s progress and fit in a mid-year review of your small business’ 2019 goals. By June, the excitement of January’s goal-setting can seem like a distant memory. Renew your dedication to the future success of your business by making time to sit down and go over the current progress of your 2019 goals. Review your financial, marketing, management, professional development, and other goals; doing so will help you advance your business…

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Top 10 Deduction Mistakes Small Businesses Make

The Top 10 Deduction Mistakes Small Businesses Make

By | Business Finance, Taxes

When small business owners make tax deduction mistakes, it can be costly. The costs go beyond the likelihood of an audit by the IRS and actually impact the bottom line. Think about this: you could be overpaying your tax responsibility. That would be an expensive bummer because the IRS will more than likely consider it a “gift”. On the other hand, you could miscalculate or over-deduct and face the additional cost of penalties due to the IRS. Nobody wants that. Finally, you could be leaving money on the table by not taking advantage of all the tax savings opportunities you…

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Small Business Accounting 101: Get Your Startup Started Right

By | Accounting, Business Finance

One out of every three business start-ups don’t survive beyond the first two years. One key to success is laying a good foundation for your startup at the beginning. Below are some questions you’ll need an answer to. As you read, keep in mind that Pine and Company is happy to help each step of the way. We get excited about startups being successful. Don’t hesitate to reach out for help. Does your startup have a business plan? A good business plan sets the framework for a new business. Writing one serves a few purposes, not the least of which…

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19 Ways an Accountant Can Benefit Your Small Business

By | Accounting, Business Finance

Small business owners often look for ways to cut costs, especially in the startup phase of their business. However, DIY accounting could be more costly than hiring an accounting firm if for no other reason than missing valuable tax deductions. The benefits accountants offer small businesses go well beyond that, though. Accounting for Startups Starting a business is exciting. The dreaming, the visioneering, the possibilities, the newness of it all… It’s intoxicating. Then comes the time to crunch numbers. It can make you want to feel intoxicated in a completely different way. Accountants serve as good advisors and could be…

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Why Your Business Needs an Accounting System

Why Your Business Needs an Accounting System

By | Accounting, Business Finance, SuccessWatch

A common question we receive from our clients is, “Does my business need an accounting system and, if so, which one should I use?” Our answer, in short, is a resounding yes. Without question, all businesses, small or large, need to be using an accounting system. Without one, it becomes extremely likely that important items will fall through the cracks, causing a huge headache later down the line. But before we get into which accounting systems we recommend, let’s discuss why they’re so important for your business. Why Your Business Needs an Accounting System There are many reasons businesses should…

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Should I Consult a CPA Before Starting a Business?

By | Business Finance, SuccessWatch

Before starting a business, most people know they should consult an attorney, but many don’t think to consult a CPA. In fact, it’s not just a good idea to meet with a CPA before starting your business – it’s a must. Entrepreneurs preparing to embark on a new business venture will often try to save as much money as possible during the start-up phase, but choosing not to seek out professional advice from a CPA is the wrong place to cut corners. Yes, you can certainly set up a new business on a convenient legal website and get by without…

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Should You Consider Outsourced Accounting Services?

Should You Consider Outsourced Accounting Services for Your Small Business?

By | Accounting, Business Finance

Have you been wondering whether or not to outsource accounting for your business? If you’re like most small business owners, you’ve considered hiring a CPA to manage your books or keep track of payroll. But have you ever really found the help you need to streamline your financials and stay on top of taxes? On the other hand, has the DIY approach been failing you? You see, the vast majority of small business owners don’t come from backgrounds in finance. While they may be equipped with the entrepreneurial spirit, expertise in their field, and knack for business, the accounting aspect…

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Why Proactive Tax Planning is More Important Than Ever

By | Taxes

Feeling a little confused about the provisions of the 2017 Tax Cuts and Jobs Act? Unsure of how it might affect you or your business in 2019? You’re not the only one. The laundry list of changes nestled within the TCJA has created a great deal of uncertainty about the future for American taxpayers and their tax preparers. While many of these new changes will likely create a positive outcome for individuals and business owners alike, a myriad of these modifications also come with various nuances and exceptions that can make navigating the new laws quite complex. Further, more ambiguity…

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Qualified Business Income Deduction

7 FAQs About the Qualified Business Income Deduction

By | Business Finance, Taxes

There are lots of nuances to the proposed 199A deduction for qualified business income (QBI). This post is in no way exhaustive, but it will hopefully answer enough basic questions to give you a better idea about what to discuss with a tax professional regarding the possibilities of receiving this deduction. (You should do that sooner rather than later, by the way. Time is running out to implement any needed changes for the 2018 tax year. You could potentially be leaving tens, or even hundreds, of thousands of dollars in the government’s pocket rather than yours.) What is qualified business…

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