by Schanel CPA | Mar 19, 2024 | Small Business, Tax Advice
A significant development in regulatory compliance is upon us that will impact millions of small businesses nationwide. The Corporate Transparency Act (CTA), effective as of January 1, 2024, mandates that businesses must submit details about their beneficial...
by Schanel CPA | Nov 30, 2023 | Small Business
QuickBooks Desktop was a revolutionary product for small businesses, dating back to the 1990s. This product still inspires strong loyalty. However, its cloud-based alternative, QuickBooks Online (QBO), launched about a decade ago, has been gaining traction despite...
by Todd Schanel, CFA, CPA, CFP® | Dec 18, 2020 | S Corporation, Small Business, Tax Advice
Making the switch from employee to business owner requires some getting used to. One of those adjustments is understanding the difference between the income reported on a K-1 and the amount of cash distributions received. Let’s look at some of the reasons why this...
by Schanel CPA | Nov 5, 2020 | Small Business
Owning your own business can provide opportunities to reduce taxes that you might not necessarily have as an employee, and the best place to start is to convert personal expenses that you would otherwise incur to legitimate business expenses. Below is a summary of...
by Glenn Schanel, CPA | Sep 27, 2018 | Self-Employed, Small Business, Tax Advice
For generations, people have had part-time businesses, and in today’s so-called gig economy, it’s even more common. But is your part-time business really a business, or is it a hobby? The IRS draws a firm line between the two and has separate rules for the tax...
