As a business owner, encountering financial losses can be disheartening. However, there is a silver lining – you can use business losses to your advantage when filing your taxes. Deducting business losses can help reduce your taxable income, resulting in potential tax savings. We will walk you through the...
In the fast-paced and competitive world of construction, maintaining efficient financial management is paramount for success. Construction companies face unique accounting challenges, such as project-based billing, managing fluctuating costs, and compliance with complex tax regulations. To navigate these challenges while focusing on core business operations, an increasing number of...
When it comes to taxes, the Internal Revenue Service (IRS) plays a crucial role in collecting revenue for the government. One of the ways the IRS ensures compliance with tax laws is through audits. The term “audit” can evoke fear and uncertainty in the minds of taxpayers but understanding...
As a business owner, tracking expenses is essential for the success of your business. Not only does it help you manage your finances, but it also helps you make informed decisions about your business. However, tracking business expenses can be a daunting task, especially if you’re new to running...
Budgeting and forecasting are two key financial planning and analysis tools that businesses use to plan their operations and make informed decisions. While they are often used interchangeably, budgeting and forecasting have distinct differences in terms of purpose, scope, and timeframe. In this post, we’ll explore the differences between...
As a business owner, it’s important to be aware of the dangers of inflation and how it can impact your bottom line. Inflation is defined as a sustained increase in the prices of goods and services in an economy. When inflation goes up, so does the cost of running...
Adding a new partner to your business can be exciting, but it also comes along with many different tax, financial, and legal changes. It’s important to know what you’re getting into and work with your accounting partners at MKS&H to understand and prepare for the differences between now and...
As a business, there are many different parts of the tax code that you need to understand in order to avoid issues. One of those is Section 1244. Section 1244 is known as the small business stock provision, and it allows shareholders of specific small businesses the ability to...
If you are one of the many investors looking to dip your toes into commercial real estate investing, there are many tips and tricks that can ensure your journey is smooth and profitable. One of the most critical things that many new investors make errors with is bookkeeping and...
Recently, the AICPA Auditing Standards Board (ASB) issued an updated Statement on Auditing Standards that will lead to some audit changes in how employee benefit plans that are subject to ERISA are examined. If you are having an audit performed, it’s important that you understand how the auditor’s report...
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