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Tax Planning Tips

Year-End Tax Planning Tips for Business Owners 

By Matt Patrick / December 21, 2023 / Comments Off on Year-End Tax Planning Tips for Business Owners 

Discover essential year-end tax planning tips for business owners to minimize your 2023 tax bill and prepare for a prosperous 2024. Learn to review finances, optimize deductions, and streamline processes. From maximizing retirement contributions to charitable donations, set yourself up for financial success.

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Can Patrick Accounting Help Me with My Taxes? 

By John Dean Swift / October 27, 2023 / Comments Off on Can Patrick Accounting Help Me with My Taxes? 

Patrick Accounting is your dedicated partner for expert tax assistance and comprehensive financial support for small business owners. Our proactive approach and transparent pricing ensure compliance, peace of mind, and the ability to make informed, successful decisions. Schedule a conversation with us to explore how we can help you achieve your financial objectives.

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What is the Best Entity Structuring for Multi-Unit Restaurants? 

By Matt Patrick / October 13, 2023 / Comments Off on What is the Best Entity Structuring for Multi-Unit Restaurants? 

“How should I set up my multi-location restaurant group?” We encounter this question frequently. Or sometimes, it’s the classic, “My brother-in-law absolutely insists I should become an S Corporation.”  Now, before we delve into the intricacies of business structures, let’s consider how much wisdom your dear brother-in-law could really have… he did get married to…

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SIMPLE IRA vs. 401k – Which is better for a small business owner? 

By Matt Patrick / September 22, 2023 / Comments Off on SIMPLE IRA vs. 401k – Which is better for a small business owner? 

When I started my business, I wasn’t concerned about my retirement plan. I was really only thinking about how I could pay my employees, cover my home mortgage payment, and have food on the table for my family. You know, the basic necessities of life. After a couple of years, was able to hire more…

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3 Must-Read Books for Small Business Owners

By Matt Patrick / September 15, 2023 / Comments Off on 3 Must-Read Books for Small Business Owners

You’re a new business owner. It’s thrilling and a bit overwhelming, I imagine. This is my 20th year in business and I still remember those early days like it was yesterday. There was so much I didn’t know, but I was ready to work hard and learn from others in order to be successful. I…

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How do I know I’m paying what I owe for taxes?

By Sandy Ledbetter / August 11, 2023 / Comments Off on How do I know I’m paying what I owe for taxes?

What keeps you up at night? For most small business owners, it’s taxes. There are many pulls on an owner’s time and attention, but I would venture to guess that income taxes is one of the biggies that need to be better understood by most. Lack of understanding naturally creates anxiety and fear about this…

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Navigating Employment Taxes as a Business Owner

By Melissa Langehennig / June 6, 2023 / Comments Off on Navigating Employment Taxes as a Business Owner

In the intricate world of business ownership, one topic that frequently puzzles entrepreneurs is employment taxes. With its complex regulations and financial implications, understanding the ins and outs of employment taxes is paramount to ensure compliance and financial stability.   In this article, we will discuss how to navigate these complexities so you can have peace…

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How to pay yourself as a business owner

By Matt Patrick / May 18, 2023 / Comments Off on How to pay yourself as a business owner

Understanding how to pay yourself as a business owner can be perplexing. When I started my business in 2003, I faced the same dilemma. Having worked in public accounting, I was accustomed to dealing with large businesses but not being the owner myself. Transitioning from receiving a paycheck to being the one writing the checks…

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When should I have a separate legal entity for my small business?  

By Matt Patrick / April 20, 2023 / Comments Off on When should I have a separate legal entity for my small business?  

I have previously written about the need to have a number of checking accounts, including a payroll checking account, when starting or running a small business. An additional suggestion I would make to owners who have more than one location, or legal entity or operate in multiple states is to set up a separate legal…

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Are You Ready to Hire?

By Matt Patrick / April 15, 2021 / Comments Off on Are You Ready to Hire?

If you are like most businesses you want to grow and hiring employees is usually a necessary step in that process. One of the biggest questions we get when this step starts to take place is ‘can I afford to hire this person or not’, and then ‘if I do hire them what all do…

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