Insights · Page 7
Practical perspectives on tax, finance, and business — written by the people who work in it every day. 94 articles in the archive.
-
Accounting Feb 29, 2024Revenue Recognition Principle
The revenue recognition principle is a guiding principle that helps companies identify when they can recognize and record revenue. When a company makes a sale, the revenue earned must be recorded and correctly reflected on the company’s income statement; the question is when to…
Read more -
Taxes Feb 19, 2024Qualified Small Business Stock Overview
Individuals who hold qualified small business stock (QSBS) may be eligible for significant savings on their capital gains tax liability. This is because they can receive up to a 100% exemption on federal gains taxes up to ten times their initial investment or up to a value of…
Read more -
Construction Accounting & Taxes Feb 7, 2024Construction Job Costing – Overview & Tips
Construction job costing is a fundamentally important process used in the construction industry. Construction project managers, estimators, accountants, contractors, owners, clients, regulatory authorities, and insurance companies all rely on accurate job costing for their…
Read more -
Florida Accounting & Taxes Jan 23, 2024Florida Short-Term Capital Gains Tax Explained
People who own capital assets in Florida short-term—for less than a year—and sell them at a higher price won’t pay any Florida capital gains tax on the profit. However, they will need to pay capital gains tax to the Internal Revenue Service (IRS).
Read more -
Accounting Jan 17, 2024Quality of Earnings Report (QofE Analysis) Overview
A quality of earnings report—QoE or QofE—is an important financial document written by a team that includes an independent accounting firm. The report provides an extensive review of a company’s operating and financial information and emphasizes the “earnings before interest,…
Read more -
Florida Accounting & Taxes Jan 9, 2024Guide to Florida Self-Employed Taxes for SMB Owners
Understanding how the Florida self-employment tax works for small and midsize business (SMB) owners in the state is one of the many considerations to take into account when opening a new business.
Read more -
Taxes Jan 3, 2024Top 11 Money-Saving Tax Strategies for Small Business Owners
Tax strategies for small business owners help you protect as much of your business income as possible so that you can achieve your financial goals. Reducing your tax burden strategically should therefore be a high priority.
Read more -
Resources Dec 27, 2023What Is a Reasonable Salary for an S Corp?
S-corp shareholder-employees must pay themselves a reasonable salary and remit the corresponding federal self-employment taxes or risk heavy penalties from the IRS.
Read more -
Accounting Dec 19, 2023Importance of Financial Statements
Every business knows that reporting your company’s financial position is an obligation, but why are financial statements important? Essentially, your company’s financial statements provide insight into the business’s financial health and report critical information about…
Read more -
Entity Structuring Dec 15, 2023Best Business Structure for a Construction Company
The best business structure for your construction company will depend on many factors. The answer will also vary from business to business. That’s why it’s essential to get professional advice on the different business structures and which might be more suitable for you.
Read more -
Outsourced Services Dec 11, 202312 Benefits of Having a Fractional CFO
A fractional CFO (chief financial officer) offers many benefits to small to mid-sized businesses, including improved financial health and streamlined cash-flow management.
Read more -
Tools Dec 5, 2023ERP vs Accounting Software – Key Differences Explained
Choosing between ERP vs accounting software for your business is an important decision both logistically and financially. While some business owners are drawn to the flashy features offered by ERP systems, accounting software may be enough to handle the everyday operations of…
Read more