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Tax season can be a stressful time for many, but with the right preparation and guidance, it doesn’t have to be. Whether you’re an individual filer, a small business owner, or managing a more complex financial situation; understanding how to get ready for tax season is crucial. We will explore the different options for filing...
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Mid-year business income tax planning is an essential practice for businesses of all sizes. This process involves evaluating a company’s financial performance and tax situation partway through the fiscal year to make informed decisions and adjustments. Proactive tax planning can lead to significant financial benefits and ensure a smoother yea...
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Many business owners work tirelessly to develop excellent product and service offerings and/or high-quality manufacturing and distribution capabilities. However, when it comes to putting that same energy and focus into a financial plan for their business, they come up short. However, it is the financial plan that helps them manage their growth and ...
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As we approach tax season, it’s crucial for businesses to optimize their tax planning strategies to maximize savings and ensure compliance. Here are five key strategies to consider: 1) Take Advantage of Deductions: One of the most effective ways to reduce taxable income is by leveraging deductions. This includes expenses such as salaries, ren...
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Is The Research and Development Tax Credit Right for Your Business? With the start of the year, businesses continue thinking about potential tax saving strategies. With these discussions comes considering the possibility of any tax credits that could be useful for the business to participate in. This could range from Energy efficiencies, to ...
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In a context of rapid growth in environmental awareness and sustainable living, homeowners and renters alike have the opportunity to make a positive impact while reaping financial benefits through energy-efficient home improvements. The U.S. government provides tax credits for qualified improvements to encourage individuals to invest in environment...
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FOR IMMEDIATE RELEASE Pinnacle Business Solutions LLP 19332 N. 100th Way Scottsdale, Arizona 85255 September 6, 2023 Contact: Paul J. Beckert MBA, CPA President, Pinnacle Business Solutions Email: paul@pinnacle-business.com Phone: 480-980-3977 Pinnacle Business Solutions LLP Welcomes Tori J. Schott as Experienced Staff Accountant Scottsdale, Arizon...
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As real estate developers, investors, and business owners minimizing ordinary income tax is crucial to retain more of your profits and optimize financial outcomes. There are various business strategies that can help you achieve this goal while complying with applicable tax regulations. One of these strategies includes preserving capital gains on ...
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With the new year comes a renewed interest in travel. Increased vaccines and vaccination rates are making travel safe once again. There has never been a time when getting out of the house and taking a vacation, has been more needed. The only thing better than a memorable trip is one that comes with...
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2021 has been another challenging year for many businesses. Covid-19 has caused numerous businesses to rethink their business strategy. Many businesses have had to pivot to new markets to sustain profitability and cash flow. Congress has also had to respond to Covid-19. It made changes to the Tax Cut and Jobs Act for 2020. It...
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Winning Performance Measures to Manage Your Business In today’s business environment, business owners/managers have been overwhelmed with advice about performance measures: Total Return to Shareholders (“TRS”), Discounted Cash Flows (“DCF”), Economic Profit, Economic Value Added (“EVA”), Return on Invested ...
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Many business owners work tirelessly to develop excellent product and service offerings and/or high quality manufacturing and distribution capabilities. However, when it comes to putting that same energy and focus into a financial plan, they come up short. However, it is the financial plan that helps them manage their growth and ensure they are get...
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On March 11, 2021, President Biden signed into law, the one year act, called the American Rescue Plan. This act contains many tax provisions to help individuals and businesses impacted by Covid-19. Some of these provisions are listed below. As a business owner it is in your best interest to be aware of these provisions...
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As many small business owners know, maintaining a smooth cash flow can be a challenge. It can require you to juggle nearly every aspect of your business, from staying on top of accounts receivable, to extending lines of credit, to managing inventory. Successful cash flow managers effectively manage the inflows of cash to their business...
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Is your company experiencing one or more of the following? Inability to grow revenue or profitability beyond a certain point Growth in revenue while profits remain flat or decline Costs spiraling out of control Growth in revenue constrained by limited cash flow Surprise at year end when profitability not where it should be Limited time...
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As many small business owners know, maintaining a smooth cash flow can be a challenge. It can require you to juggle nearly every aspect of your business: from staying on top of accounts receivable, to extending lines of credit or managing inventory. Successful cash flow managers effectively manage the inflows of cash to their business...
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2020 has been a challenging year for many businesses. Covid-19 has caused numerous businesses to rethink their business strategy. Many businesses have had to pivot to new markets to sustain profitability and cash flow. Congress has also had to respond to Covid-19. It made changes to the Tax Cut and Jobs Act for 2020. It...
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Is your business buying and selling property on a regular basis? Are you paying tax with every sale that results in a gain? If so, you may want to consider a like-kind exchange! In general, all gains and losses realized on sales and other dispositions of property are taxable, but an exception is made when business...
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Owning a business can be very exciting but it can also be quite risky, especially if you are starting it from ground zero. One way to reduce some of that risk is to buy an existing successful business; one that already has products/services and customers. This reduction in risk does come at a price,...
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Many companies think they have a good handle on their business costs. However, when we ask a few simple questions about their costs, they are oftentimes surprised at what they have been missing. They soon realize that they have significant opportunity to improve their company profits by more effectively managing their costs. Having a comprehensive...
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Many business owners work tirelessly to develop excellent product and service offerings and/or high quality manufacturing and distribution capabilities. However, when it comes to putting that same energy and focus into a financial plan, they come up short. However, it is the financial plan that helps them manage their growth and ensure they are get...
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Federal tax credits can help you pay part of the cost of running your business. Many businesses overlook them each year, even though they often qualify for one or more of these credits. Though both tax deductions and credits can save businesses money, they do it in different ways. A deduction lowers the income on...
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How does a good accounting system increase your company’s likelihood of staying in business and earning larger profits? It helps you answer questions like these: How much business am I doing and how much of that business is tied up in receivables? A good accounting system will not only help you track your company revenues,...
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Covid-19 has significantly impacted businesses throughout the United States in many different ways, from government mandated shutdowns to significant decreases in customer demand and disruptions to business supply chains. In an effort to reduce the economic impact of Covid-19, the Internal Revenue Service has recently introduced three important ne...
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In these very challenging and uncertain times many companies struggle to maintain focus, and control of their businesses. All too often, these companies become paralyzed by the uncertainty in their markets. In many cases, their lack of decision making, results in the market making the decisions for them and a business closure. The need...
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The goal of most business owners is to increase the value of their company. However, in many cases this discussion does not arise until the business owner decides it’s time to sell the company. In most cases, this is too late in the game to have the discussion. Business owners that focus on building shareholder...
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Business owners, just by their very nature, are greater risk takers than the average person on the street. In many cases, the process of starting a business requires that the entrepreneur put a significant portion of everything they have worked for on the line, based on a belief that their efforts will lead to success....
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Business credit cards have been around for many years, but only recently explicitly targeted true entrepreneurs by offering special financing incentives. Now, major credit card issuers are going after the small business market with a diverse array of credit card products. What isn’t explicitly stated in most credit card offer’s is the f...
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The verdict is still out on the effectiveness of the Tax Cut and Jobs Act (“TCJA”) with increasing GDP, lower unemployment and increasing wages offset by increases in our nation’s deficit and debt (105% of GDP in 2018). That being said, there are several provisions of the TCJA that will impact businesses and individuals in...
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One of the greatest benefits you can provide to your staff is a retirement plan. Retirement plans provide benefit to the employee as well as the employer. Retirement plans allow you to invest now for financial security when you and your employees retire. As a bonus, you and your employees get significant tax advantages and...
