Abacus CPAs is delighted to name Austin Bordovsky as the recipient of the 2024 Abacus Values Award for Positive Attitude. Austin is an accountant in our Fayetteville office. Austin is a recent graduate of the Walton College of Business at the University of Arkansas and interned for nearly two years before joining the team full time. [...]
As a business owner, you likely have two primary goals for your work: make as much money as possible and do anything possible to lower your tax bill. However, many small business owners miss one key deduction right in front of them: their children. Many business owners are unaware there is a tax strategy where they [...]
As the end of the year draws near, having a head start in collecting information for next year’s taxes is beneficial. In addition, having an accounting year-end checklist can help make sure all outstanding business tasks are taken care of before the new year begins. Use this checklist to better meet your company needs: Get all [...]
What makes you a leader is not defined by your position but by your attitude. Anyone can be a leader, despite their title and regardless of their position. If you strive to be a leader, it's time to move past the idea of waiting for a label or status to give you authority. It's time to [...]
Accountants students worldwide know that becoming a CPA is one of the “must-haves” for a successful career in public accounting and a prestigious certification to hold in private accounting. The CPA exam is the most important qualifying factor. Many professionals will pursue the CPA, but not all will succeed. The cumulative passing rate for CPA Exam [...]
When you buy new equipment for your business, you have the option of expensing the entire cost of that equipment with two different methods: Bonus or Section 179 Depreciation. Bonus Depreciation Generally, bonus depreciation will let you deduct a percentage of that cost upfront, while Section 179 enables you to deduct a set dollar amount of [...]
When property is added to a business, depending on the entity type, there will be varying tax implications. Here, we'll talk about what happens when the property is either sold or distributed to the owners. Entity Choice: C-Corporations and S-Corporations Put a building in a C corporation, and it is not coming back out without triggering [...]
Have you ever zoned out at the CPA's office because what they were saying made no sense, or felt like you had to ask a dumb question because they keep using a word that you are unsure of the meaning? We've compiled a list of the most-used and most-needed terms that should help you navigate your [...]
Setting up a business and deciding which method of accounting has a considerable impact on how your financials look. The critical difference between these two methods is timing. With the cash method, you would recognize revenues and expenses when cash exchanges hands With the accrual method, revenue is recognized when earned, and expenses are recognized when [...]
“Entrepreneurs are people who give up security in exchange for opportunity. Unlike most people who are content with a job, a regular paycheck, and clearly defined responsibilities, entrepreneurs are willing to jump into the unknown, betting on their intelligence, expertise, and ability to problem-solve and create solutions in the hopes of generating a profit.” – The [...]
