Taxes are complicated, and, as your business grows, they’ll only get more difficult. Between books and taxes and everything else on your plate, keeping your finances in order can be overwhelming. And juggling multiple vendors just adds to the stress. Acuity not only offers the best in bookkeeping and accounting but can provide full tax support as well. Work with our top CPAs to file on time and get the deductions and credits you deserve.
The best part? Our online tax services are paired with our bookkeeping services. This ensures that the tax planning strategies that we implement for your business effectively flow through to your personal tax return to maximize tax savings. Additionally, our real-time access to your business combined with our knowledge of your personal tax situations allows us to provide more personalized services than you could get from using separate vendors. We can be your one-stop shop for these back-office tasks, and you can focus on what you do best—running your business.
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Tax Resources
What is the Research and Development Tax Credit (R&D Tax Credit) & Who Qualifies?
We all want a lower tax bill. However, for entrepreneurs, it is nearly impossible to keep up with the latest changes to the tax code. In this post, we take a deep dive into the Research and Development (R&D) Tax Credit, outlining how small businesses can take advantage of this beneficial tax break.
How to File for a Business Tax Extension
We get it. Time flies. And if time has gotten away from you when it comes to filing your taxes, not to worry; you can file for a tax extension. While a tax extension might seem faux pas, it’s actually relatively common. In fact, out of approximately 140 million U.S. tax filers, there are about 10 million businesses and 5 million individuals who file tax extensions annually.
Founder Stock: The Tax Break You Shouldn't Overlook
Founder stock, otherwise known as equity given to the founding members of a business, allows you to exclude gains of up to $10 million. But do you know if you qualify, and if so, how to leverage the exclusion? Find out what you need to know about the qualifications outlined in section 1202 of the Internal Revenue Code, the tax benefits of a QSBS, potential legal and financial pitfalls, and more when it comes to owning founder stock.
Small Business Tax Deductions & Credits That You Might Be Missing
Tax deductions and credits can be a major money-saving opportunity, especially for small businesses looking to make the most of their funds. Unfortunately, not everyone knows how to take advantage of the options that are available to them, or even what the difference is between a tax deduction and a tax credit. This time around, save money on your tax bill by learning about and familiarizing yourself with these commonly missed tax deductions and credits.
Guaranteed Payments or Draws
When starting a business, it’s important to know the difference between guaranteed payments and draws, and what scenarios each one applies to. If your startup is gaining momentum, entrepreneurs with co-owners or outside funding will need to know when to start making guaranteed payments and where draws apply. Not sure where to start? Read on to find out more about these payments.
Tax Deductions for New Businesses
It’s no secret that starting a business takes major capital. But did you know that new businesses are privy to certain money-saving tax deductions? Most startup costs are considered capital expenditures and can often be deducted if they’re associated with the preparation of opening, creating or investigating, and organizing the company. Find out if your expenses qualify and how deducting these costs can save you money in the first year of business.
Here’s the Best Time to Get Tax Advice From Your Small Business CPA
At the beginning of the year, financial advisors are spread extremely thin. So for more strategic help, it’s best to work with a tax advisor during the slow season. There are only two short windows during the year to get your small business tax advisor’s undivided attention. So, how do you capitalize on this time? Follow these steps for an insightful session that will significantly benefit your business.
Free Quarterly Tax Payment Calculator
Yes – tax estimates are dreadful, but they can make or break a tax filing (and your sanity) depending on how they’re handled. Most people feel like they don’t have a tax plan, and no one we talk to seemed to have a tool that helped. So, we took on that challenge and are proud to share our new quarterly tax payment calculator – to ensure you have a plan and have peace of mind headed into the next tax season.
The 1099 Form: What You Need to Know About Filing
The 1099 form 2020 consists of a series of documents that the Internal Revenue Service refers to as ``information returns.`` There are a number of different 1099 forms that report the various types of income an individual may receive throughout the year, and the IRS requires businesses to report these payments to others. Ideally, you should already be collecting W9 forms throughout the year for your business records. W9 forms are meant to document any non-employee whom you paid more than $600 throughout the year, by payments other than credit card. Those are the payees for whom you’ll be required to file the 1099 form. However, the IRS rules are never that simple, are they?
Your Small Business Tax Preparation Checklist
When it comes to taxes, it's always going to feel like you're being forced to think about last year while you're trying to focus on the new year. It's hard to stay organized that way. We hear you, so here’s a quick snapshot checklist (with a few pro-tips thrown in) to make sure you’re not solely focused on paying your taxes from last year, but on the growth ahead.
