The answer to this question depends on your business. If you are a small business owner, you may be tempted to handle the accounting yourself by being your own bookkeeper. After all, it’s not that hard to enter numbers into QuickBooks or use online tools like TurboTax. However, if you’re just getting started with your …
A certified public accountant (CPA) is your best friend when it comes to money. They help you manage your finances, prepare your taxes, and offer advice and guidance on how to grow your small business and help with its accounting needs. If you’re a small business owner, hiring a CPA makes sense for many reasons: …
Planning for your family’s future, especially in your absence, can be a daunting task. It takes an emotional toll on you and your loved ones to even conceptualize why you need to put things like this in place. In case the unthinkable happens, or even just for end-of-life affairs, it is important to organize now …
Before starting a business, it is important to understand the difference between S Corps and C Corps. Both offer limited liability protection and tax benefits, but they’re not exactly the same. S corporations are pass-through entities; this means that their profits and losses flow through to the owners’ personal income tax returns. Therefore, S Corp …
If you have a business or are thinking about starting your own business, you may need to hire a Chief Financial Officer (CFO) to help with day-to-day operations. A CFO is responsible for managing money and overseeing financial matters in an organization. A good CFO will ensure that your company’s finances are running smoothly and …
If you are thinking about selling your business, then you should start by understanding what makes a business valuable. Having a good idea of what the business value is will help you determine whether or not it’s time to sell. For most businesses, the best time to think about selling is at the beginning or …
Accounting plays a vital role in running a business. Though it’s not always easy to understand at first, accounting is a powerful tool. It provides a record of your company’s financial transactions, helps you see if your business is profitable or not, can help you with tax planning and preparation. It even helps you keep …
At Wasatch CPA Services we offer more than just accounting services and tax planning, we provide solutions that are tailored to your specific needs. We understand the importance of your business and that’s why we go above and beyond to help you succeed. We want you to be able to focus on what you do …
When your computer crashes and you have a technical interruption at a crucial moment, it can be extremely frustrating. You’ve spent the last few hours putting together an outline of what your prospect needs, along with how you propose to fulfill it. Most of the details are on your laptop, ready for your meeting with …
We are firm believers business owners should do all they can to minimize their tax bill. But sometimes that comes in unusual ways. Did you know, for example, that simply splitting your company can save you money on your tax bill? The Tax Cuts and Jobs Act actually created several scenarios where this makes sense. …
When you tell a business owner they should adopt a growth mindset they often think you’re telling them they should focus on growing the business. The truth is, a growth mindset does often have that impact. But that’s actually not required and the term “growth mindset” doesn’t necessarily have anything to do with growing the …
Last week we shared with you an option to move to Puerto Rico to reduce your tax bill to 4%. Some of you may have been intrigued, while many of you probably were not. There is actually another option for reducing your taxes by 90% on corporate or personal income taxes. This strategy also eliminates …
Does your marketing feel like throwing spaghetti against a wall? You never know what, if anything, is going to stick? Most businesses find marketing feels like that when they start. Yet it is possible to have highly effective marketing. The first is by accident, but that rarely happens. And having it accidentally happen for you …
How would you like to make over $1M per year in your corporation and pay as little as 4% corporate tax rates? While at the same time being exempt from personal taxes on dividends from that corporation? That would mean effectively eliminating double taxation and minimizing actual taxes all in one single blow! This can …
Any company that wants to succeed must accept the need for financial leadership. In early stages this is often handled by the owner/president/CEO. But growing companies often find there comes a time that won’t work anymore. Managing the financial information of the business becomes too demanding for the person managing the business to handle. At …
If you own a rental property, it’s important to make sure you’re claiming enough depreciation — especially if you’re looking to sell in the next few years. Depreciation is the decline in value of an asset, and when it comes to investment properties, it’s a tax deduction you’re entitled to claim. But as our research …
When you sell a property, you have to pay tax on the transaction. But there is a way to defer the capital gains tax and reinvest the proceeds from the sale into another property that meets certain criteria. It’s called a 1031 exchange. The 1031 exchange gets its name from Section 1031 of the U.S. …
When we talk with business owners, they often tell us that business growth is hard because of a lack of demand and client base. They believe either there aren’t enough people needing their product or service. Or those who do need what they have to offer can’t see the value as they should. Yet in …
Did you know that the CDC (Centers for Disease Control and Prevention) has some staggering statistics related to disabilities in the US. Were you aware that 26% of American adults have some type of disability? That’s approximately one out of every four people! From a financial standpoint, this can be a significant concern. For instance, …
Have you ever wondered if there were tax strategies to help you increase your retirement contributions and recognize tax benefits? For some, this is a matter of figuring out how to get more income to cover more investments. For others the problem comes in the form of contribution limits. If you’re part of that latter …
In order for a business to prosper, it needs to have a niche. That’s because when you don’t have a niche, you’re not only trying to sell your product or service to everyone; you’re also trying to compete with every other business in existence. However, when you do have a niche that works well for …
You probably know that where you choose to live has an impact on your tax bill. But did you know it could be close to 10% of your income? Three states even have state and local income tax rates in excess of 10%! Yet there are 8 states that don’t have an income tax rate. …
Many business owners hear the term CFO services and think, “Oh, the guy handling my accounting!” But if your CFO is only handling your accounting, you’ve hired the wrong person for the job. CFO services should be significantly more than just a numbers game. Don’t get us wrong – understanding your numbers is important. But …
The United States has more jobs than it has workers, according to the Washington Post. In September of 2021, there were more than 10 million job openings and nearly eight and a half million people searching for employment. This leaves many business owners baffled trying to understand why they can’t hire and retain good employees. …
