Generally, cash can be found in one of three ways: you earn it, you receive it as a gift, or you borrow it. The downside about earning income is paying income taxes. When you are gifted cash, you normally don’t have to do anything else with the tax-free money except decide on how to spend [...]
Financial fraud and embezzlement are ever-growing threats to people and businesses. Every business owner's worst nightmare is falling victim to fraud, embezzlement, theft, or other unethical acts. While calling an attorney is the first crucial step in navigating this situation, the second is to hire a forensic accounting specialist.Forensic accountants investigate in-depth possible fraud and other [...]
Springfield, MO – July 27, 2022 – Abacus CPAs, LLC is eager to announce Taylor Graves as the award recipient for the 2022 Abacus Values Award of Client Service Orientation. Graves joined the firm in January 2016 as a Customer Service Representative and was promoted to Coordinator in the Transportation Department. Graves began at the [...]
From student to Accountant, Job hunting after graduation is a difficult process. The experience is akin to winning a lottery; you fill-out applications based on what the company is looking for and hope that you receive a call-back for the first interview. As an international graduate applicant, the probability is lower comparatively to U.S. citizens [...]
Sales tax laws have changed in recent years, and keeping up with the changes can be challenging for business owners. In the 2017 Wayfair case, the Supreme Court decided many changes in the ability for states to collect sales and use tax by redefining what would be considered taxable. The decision enables states to mandate that [...]
If you use your car only for business purposes, you may deduct its entire cost of ownership and operation (subject to limits discussed later). However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use. You can generally figure the amount of your deductible car [...]
The de minimis safe harbor is simply an administrative convenience that generally allows you to elect to deduct small-dollar expenditures for the acquisition or production of property that otherwise must be capitalized under the general rules. Expense Assets Up to $2,500 or More De Minimus Safe Harbor allows you to immediately expense assets and certain repairs [...]
Do you ever feel like there aren’t enough hours in the day to do everything that you want to do for your business? Do you ever feel so overwhelmed by the administrative tasks (the boring stuff) that it takes to run your business, that you don’t have time to do the things that made you want [...]
Property tax is a tax paid on real estate or other property types. It Is a kind of ad-valorem tax, which is based on the property's assessed value. And it is not only charged on your home, but also movable property like vehicles. So now you may realize the difference between real estate tax and property [...]
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 [...]
