Facing the prospect of an audit can be an overwhelming experience for businesses, emphasizing the critical need for meticulous preparation. MKS&H recognizes the nuanced challenges of audit preparedness and has
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When it comes to structuring your business, the choice between forming a Limited Liability Company (LLC) or an S Corporation (S Corp) can significantly impact your tax liabilities. Both entities
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
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
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
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
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
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
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
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