In the intricate world of business finance, understanding what can be deducted from your gross income is pivotal for optimizing tax benefits. Defining Ordinary and Necessary Expenses The Internal Revenue Service (IRS) outlines that ordinary expenses are those common and widely accepted within your industry. On the other hand, necessary expenses are deemed helpful and [...]
As the fiscal year unfolds, businesses and individuals alike are gearing up for crucial tax deadlines that demand attention and adherence. We’ll break down two significant dates that could impact your financial landscape. March 15: S-Corporations and Partnerships The first date, March 15, holds particular importance for those operating S-Corporations and Partnerships. Here's a quick [...]
Beneficial Ownership Information reporting is new in 2024 Changes are underway for business owners. As of January 1, 2024, business owners need to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN), an agency within the U.S. Department of Treasury. Q: Will my business have to start reporting? All businesses will need [...]
Understanding the economic outlook of SWMO As we move through the end of fall and into the winter months, understanding the economic outlook is crucial for small business owners and taxpayers in Southwest Missouri. This article, with insights from accounting and economic perspectives, aims to provide a clear picture of the economic landscape, focusing on [...]
With all of the tax work finally finished for the year- whether that was the original spring deadline or just recently completed in mid-October- individuals, businesses, and tax preparers may be tempted to take a big exhale and take a break from thinking about taxes until the new year. However, there can be significant benefits to [...]
Springfield, MO – October 6, 2023 – Abacus CPAs, LLC is celebrating its 25th anniversary as a leading CPA firm in the Midwest.  Abacus CPAs began as Dunton & Associates on April 28, 1998 in Branson, Mo. with just five employees. The firm added a Springfield office in the same year and now has six offices [...]
W-4 Updates In early 2020, the Internal Revenue Service (IRS) released an updated version of the W-4 form. The new form is designed to be more accurate and to reflect changes to the tax code that took effect in 2018. The W-4 updates to the form were driven by changes to the tax code, specifically the [...]
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 [...]
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 [...]
