Every year, as business owners enter into the final stretch of tax season, tons of people and small businesses scramble to make sense of their financial statements, figuring out their own deductions, and struggling with some “free” tax prep software. Maybe you have just gone through that this year.
The current government shutdown is affecting all kinds of nationally funded programs, but nowhere is it more evident than how it has shaped tax season this year. Already different because of the passage of the Tax Cut and Jobs Act, the real monkey wrench comes from the fact that 800,000 federal workers in nine different departments aren’t able to work. These departments include Agriculture, Commerce, Justice, Homeland Security, Housing and Urban Development, Interior, State, Transportation, and Treasury
We know nobody really likes tax season. However, the work you do now could be the difference between saving money or spending money in March and April. It helps to have a good accountant, but if you wait until the last minute, a tax accountant can only fill out your tax filings according to what’s already happened.
Tax law isn’t static; it’s constantly changing. Deductions that were available last year aren’t available this year, the amount you can deduct changes, and there are even changes in how dependents work for deductions. We’re asked all the time about this, so here’s what you need to know about the three biggest changes to tax deductions in 2018.
You’ve grown your business, you take pride in a satisfied customer base, and you have increased profitability year after year -- what’s the problem with that? As the poet Biggie Smalls once so eloquently rapped, “Mo' money, mo' problems.” While it’s obviously the goal to succeed as a business, here’s how too much profitability can hurt your business -- and where you can get the help you need.
When you own a small business, it is imperative that you find ways to save money wherever you can. It’s not a matter of want; it’s a matter of need. You take pride in doing your own sales, your own customer service... heck, you might even shovel your own driveway. That’s why it makes perfect sense to do your own payroll, right?
Maybe not. Here’s why it’s a waste of time to sit in front of a blank spreadsheet with your head in your hands.
CSI is a proud member of the Professional Association of Small Business Accountants, or PASBA. CSI Accounting & Payroll has won several prestigious PASBA awards including Small Business Accounting Firm of the Year and PASBA's 2018 Lifetime Achievement award. Here is a short video that highlights the PASBA model and how its service and price model for accounting, bookkeeping, tax, consulting, and payroll provides tangible benefits, especially for small business owners:
It has been a privilege to help many wonderful Minnesota small businesses reach their goals and grow their companies. Your success has given CSI owner, Brian Paulson, the platform to help other accounting and payroll firms come up with better ways to serve their clients through his work with the Professional Association of Small Business Accountants (PASBA).
2018 is almost here, and it’s time to make New Year’s resolutions. In addition to your personal resolutions, it’s a great time to set smart goals for your professional life too.
Looking for inspiration? Here are five of our favorite small business resolutions for 2018.