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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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Home Office and Partner Expenses for Business Owners 

By Sandy Ledbetter / September 1, 2023 / Comments Off on Home Office and Partner Expenses for Business Owners 

The 21st-century workspace has dramatically shifted, and with more businesses than ever before operating from the confines of their homes, understanding the tax implications and benefits of home offices is paramount. For business owners and partners, comprehending these benefits can mean significant financial advantages. Here’s a breakdown of what every business owner should know about…

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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 Labor Cost Impacts Your Profitability

By Matt Patrick / April 28, 2023 / Comments Off on How Labor Cost Impacts Your Profitability

Like a number of our clients, we are a service-based business. Our ability to be profitable is based on our knowledge and technology, but most importantly, is tied to our team or labor costs. Almost all service-based businesses fall into this category. Labor costs are the most critical and highest expenses we incur, and are…

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2023 Tax Changes to Bonus Depreciation 

By Matt Patrick / March 22, 2023 / Comments Off on 2023 Tax Changes to Bonus Depreciation 

In 2017, the Tax Cuts and Jobs Act (TCJA) brought significant changes to corporate and individual tax laws, including an Internal Revenue Code Section 168(k) amendment that allowed for a 100% deduction of qualified property placed in service after September 27, 2017. This change was extremely favorable to small businesses because fixed assets qualified for…

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What to Do When Tax Season Isn’t What You Expected

By Matt Patrick / May 14, 2019 / Comments Off on What to Do When Tax Season Isn’t What You Expected

We’ve all had the experience in school of walking out of an exam feeling woefully under-prepared and thinking… “Well, that’s definitely not what I expected.” But when you are running a small business and you walk out of your accountant’s office saying the same thing about your taxes, there’s a problem. Your taxes should not…

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Our Taxes are HOW Much? (and other things you should never have to say to your accountant)

By Matt Patrick / April 18, 2019 / Comments Off on Our Taxes are HOW Much? (and other things you should never have to say to your accountant)

We are hitting pause on our regularly scheduled programming to do a post-tax-season pulse check. Do any (or all) of these statements describe how you are feeling now that tax season has ended? “How in the world am I going to make payroll this month, write the huge check I owe for taxes, AND pay…

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Patrick Accounting Announces Merger with the Massey CPA Group

By Matt Patrick / July 27, 2018 / Comments Off on Patrick Accounting Announces Merger with the Massey CPA Group

Patrick Accounting of Memphis and Massey CPA Group of Sherwood, Arkansas are pleased to announce their merger effective immediately. “I am eager for the opportunity to join forces with such a reputable firm,” says Matthew Patrick, CPA and Managing Member, Patrick Accounting and Patrick Payroll. “The Massey Group’s team and culture is very similar to…

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What is the New Cost of Entertaining?

By Matt Patrick / January 5, 2018 / Comments Off on What is the New Cost of Entertaining?

In general, the new tax Act provides for stricter limits on the deductibility of business meals and entertainment expenses. Under the Act, entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions in Code Section 274(e). One of those exceptions is for “expenses for recreation, social, or…

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