Good bookkeeping is the foundation of a successful small business. By implementing effective bookkeeping practices, you can improve your financial management, ensure compliance, and help your business thrive. Here are some essential practices to consider: 1. Set Up a Reliable Bookkeeping System The first step in effective bookkeeping is setting Read more…
Small businesses often overpay taxes due to lack of awareness about available savings opportunities. Having a tax advisor or CPA can help ensure compliance with IRS regulations while identifying potential tax breaks. This article covers some common tax credits and incentives for small businesses. Qualified Business Income (QBI) Deduction The Read more…
Improving cash flow and saving on taxes is a priority for any business. One effective strategy to achieve these goals is through accountable plan reimbursements. Let’s explore how this approach benefits your business and provides significant tax advantages. Key Benefits of Accountable Plan Reimbursements Tax-Free Reimbursements: Accountable plans allow you Read more…
Rewarding your employees not only boosts morale but can also provide significant tax savings for your business. By optimizing achievement awards and bonuses, you can show appreciation for your team while maximizing your tax benefits. Here’s how you can make the most of these opportunities. Key Strategies for Tax-Efficient Employee Read more…
Hiring family members in your business can provide substantial tax benefits. This strategy not only helps reduce your taxable income but also allows your family to gain valuable work experience. Let’s explore how employing your children or other family members can lead to significant savings for your business. Key Advantages Read more…
At Goodman CPA, we understand the importance of maximizing your tax savings so you can reinvest in your business and fulfill your God-given purpose. One of the most effective strategies we recommend to our clients is the home office deduction. This blog will guide you through the benefits, qualifications, and Read more…
Welcome to the Goodman CPA blog! We are excited to share valuable insights and strategies designed to help you maximize your tax savings and achieve your financial goals. At Goodman CPA, our mission is to financially empower business owners like you to fulfill your God-given purpose by putting you in Read more…