At Monarch CPA, we strive to provide our clients with accounting best practices for improved financial literacy. Our blog posts offer some insight into how we achieve your accounting goals.
https://www.monarchcpa.com/wp-content/uploads/2022/04/Monarch-CPA-Blog-Post.jpg 417 521 Rick Hogan https://www.monarchcpa.com/wp-content/uploads/2020/07/monarch-cpas-logo-300x101.png Rick Hogan2022-04-05 12:51:162022-04-05 13:50:29Can Personal Deductions Lower What Business Taxes You Owe?
Tax day is right around the corner… By now your business taxes should be completed. Congratulations! But, before you celebrate, we still have a bit more work to do on your individual taxes. As you’ll remember, if your business is an S corp, partnership, single-member LLC, or sole proprietorship, your business’ taxes “passed through” to you. This means we now have to deal with them on your individual taxes at your personal rate instead of your business rate.
https://www.monarchcpa.com/wp-content/uploads/2022/03/Tax-deduction-blog-post2.jpg 419 522 Rick Hogan https://www.monarchcpa.com/wp-content/uploads/2020/07/monarch-cpas-logo-300x101.png Rick Hogan2022-03-21 14:49:252022-03-22 09:46:00IRS Business Tax Deductions: What’s “Ordinary” and “Necessary?”
Everyone loves taking deductions on their business taxes. Everyone, that is, except the IRS. In a perfect world, you could deduct anything under the sun and have to pay no taxes at all! The reality, though, is that some deductions are safer than others. The IRS is only somewhat helpful in determining what can be deducted and what cannot. On the one hand, it’s a good move to build flexibility into their system. Not every industry or business has the same needs, after all, so trying to force them all into the same cookie-cutter shape is a bad move right from the start.
https://www.monarchcpa.com/wp-content/uploads/2022/03/S-Corp-Taxes-2.jpg 665 822 Rick Hogan https://www.monarchcpa.com/wp-content/uploads/2020/07/monarch-cpas-logo-300x101.png Rick Hogan2022-03-21 14:13:242022-03-21 16:45:08Does my S Corp, Partnership, or Single Member LLC owe taxes? Nope!
If you are like many of our clients at Monarch CPA, you may feel anxiety at the thought of the big tax question: “How much money does my business owe?” When your business is an S corp, partnership, single-member LLC, or other similar “pass-through entity” we’ve got an easy answer for you! Unless you’ve elected to be taxed as a corporation, your business doesn’t owe any federal taxes!
https://www.monarchcpa.com/wp-content/uploads/2022/03/Make-Next-Years-Taxes-Easy-1-1.png 312 383 Cara Mongelli https://www.monarchcpa.com/wp-content/uploads/2020/07/monarch-cpas-logo-300x101.png Cara Mongelli2022-03-08 10:25:422022-03-21 16:45:47Make Next Year’s Taxes Easy: Jumpstart Your Bookkeeping Today
Did getting all your papers together for your accountant feel like frenetic chaos in the middle of a hurricane? Do you want to make next year’s tax season a gentle breeze? We get it. Many of our clients feel overwhelmed come tax season. Whether you’re grabbing random receipts stored in grocery bags, hunting for lost files, or even realizing your expensive accounting software hasn’t been updated in months… Getting ready to file your taxes can feel insurmountable.
https://www.monarchcpa.com/wp-content/uploads/2022/02/1611207103-huge-scaled.jpeg 1707 2560 Cara Mongelli https://www.monarchcpa.com/wp-content/uploads/2020/07/monarch-cpas-logo-300x101.png Cara Mongelli2022-02-24 11:36:062022-03-21 16:46:39Everything You Need to Know to Be Ready for Tax Season
Hello lovely clients! If you haven’t already started gathering things together for tax time, consider this your friendly reminder that it’s time to get me your important papers. We’ll break down what exactly I mean by that.
https://www.monarchcpa.com/wp-content/uploads/2021/12/Blog-Image-Countdown-to-Deductions.png 420 530 Christine Mortensen https://www.monarchcpa.com/wp-content/uploads/2020/07/monarch-cpas-logo-300x101.png Christine Mortensen2021-12-07 15:25:422021-12-07 15:25:42Countdown to Deductions: End of Year Tax Planning To-Dos
The holiday season is a busy time of year for many of us, both at work and in our personal lives, but shortly after it will time to get your taxes prepared! We understand that getting ready for tax season is probably one of the last things on your mind right now but now is the time to take a look at your reports while you can still make some adjustments. The choices available will change based on your situation, so there’s no advice I can give that really applies to everyone. That said, here’s a rundown of some of the big variables that might affect your tax balance come April 15.