Claiming a home office deduction can significantly reduce your tax bill. However, it’s crucial to follow IRS guidelines to avoid complications. Here’s a step-by-step guide: 1. Designate a Dedicated Home Office Space To qualify for a home office deduction, you must use a specific area of your home exclusively for business purposes. This space cannot double as […]
How Do I Write Off My Home Office? 4 Easy Steps Read More »
Fractional CFOs are becoming a popular solution for small to mid-sized businesses in need of strategic financial expertise without committing to a full-time hire. However, several myths surrounding fractional CFOs prevent businesses from leveraging their services effectively. Let’s clear up the confusion! Myth 1: Fractional CFOs Are Too Expensive Fact: Hiring a fractional CFO is
Debunking 3 Common Myths About Fractional CFOs Read More »
This year, Oregon businesses are bracing for a series of economic challenges that could significantly impact operations, profitability, and growth. Here’s an overview of key hurdles and actionable insights to navigate them effectively from the point of view of a Fractional CFO. 1. Inflation and Rising Costs Inflation remains a pressing concern for Oregon businesses,
The Biggest Challenges Oregon Businesses Face This Year: Insights from a Fractional CFO Read More »
Intuit announced a significant change regarding its QuickBooks Desktop products in the United States. Here’s what you need to know: Key Changes to QuickBooks Desktop Availability FAQs: What You Need to Know Who Is Affected? Can New QuickBooks Desktop Software Be Purchased Online? What Happens to Unsupported Versions? Recommended Alternatives QuickBooks Online QuickBooks Enterprise Payroll
Important Update: Can’t buy QuickBooks Desktop as a New US Subscriber Read More »
As a Name, Image, and Likeness (NIL) athlete, understanding how you’re paid—and taxed—is crucial. Whether you receive a W-2 or 1099 significantly impacts your taxes and financial responsibilities. Here’s a breakdown of the differences: What is a W-2? A W-2 is issued if you’re classified as an employee of the organization paying you. What is a 1099? A 1099-NEC is issued if you’re classified as
Differences Between a W-2 and 1099 for NIL Athletes Read More »
The Corporate Transparency Act (CTA) has reinstated its Beneficial Ownership Interest (BOI) reporting requirements, and affected businesses must file by March 21, 2025. Small corporations, LLCs, and many other state-recognized entities are required to electronically report details about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Here’s what you need to know: Who Needs to File? Most
Beneficial Ownership Reporting Deadline Back On: Do I Need to File? Read More »
As NIL (Name, Image, and Likeness) opportunities grow, college athletes face important decisions about managing their earnings, ensuring compliance, and planning for the future. Two common options for guidance are working with an agent or consulting an NIL-specialized CPA. Both can add value, but each comes with unique risks and benefits. Here’s a breakdown to
NIL Athletes: Should I Work with an Agent or CPA? Read More »
Hint: it’s not just the elderly and/or wealthy. Creating an estate plan is often overlooked, but it’s an essential step in safeguarding your assets, your loved ones, and your wishes. While many associate estate planning with certain groups of people, the truth is everyone can benefit from having a plan. Here’s a breakdown of who needs an
Who Needs an Estate Plan? Read More »
The Corporate Transparency Act (CTA) is a hot topic this year, and it’s crucial for business owners to stay informed. This legislation, passed as part of the Anti-Money Laundering Act of 2020, is now fully in effect, and compliance deadlines are here. Here’s a quick breakdown of what’s happening: What is the Corporate Transparency Act? The CTA
What’s Going on With the Corporate Transparency Act? Read More »
The IRS has announced a significant change for businesses: beginning in 2025, Form 944 will no longer be required for payroll tax filings. This decision is part of the agency’s ongoing efforts to simplify tax compliance and modernize processes for employers. Here’s what businesses need to know: Why Is Form 944 Being Eliminated? Form 944, previously used
Payroll Taxes: IRS is Axing Form 944 in 2025 Read More »
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