Category Archives: Business


Online Sales Tax… 26 Years In The Making

29

Nov 2018

Online Sales Tax… 26 Years In The Making

Online retailers are not small businesses scraping their way to a measly profit anymore. They have grown exponentially and have come to include some of the largest businesses in the world. Obviously, this has created a disadvantage for brick and mortar shops, which is one of the main reasons this change was brought about. What It Is Evers since 1992, only two years after the…

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Why You Should Hire Your Kids

20

Nov 2018

Why You Should Hire Your Kids

There are plenty of reasons for parents to want their children to get a job at a young age. It can help develop a strong work ethic during important developmental years, enable them to learn about the value of money, and teach them about business and entrepreneurship. Thanks to the Tax Cuts and Jobs Act there is now one more reason to push your kids…

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Net Operating Losses And The TCJA

26

Oct 2018

Net Operating Losses And The TCJA

Whether you are a company that’s just starting out or are within an industry subject to seasonal long-term trends, having a net operating loss (NOL) in one year and net income in another is not uncommon. But shouldn’t businesses with steady income year to year have similar tax consequences as businesses with big highs and lows? Fortunately, the IRS agrees and allows you to apply…

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Paragon Accountants’ Year End Checklist

18

Oct 2018

Paragon Accountants’ Year End Checklist

When it comes to getting everything squared away in your business before year end, things can get stressful. This checklist can help you collect all the items that you need before the year ends. That way when it comes to filing your individual and business tax returns, things will all go smoothly. 1099 Independent Contractors When paying contractors, one of the items that we like…

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Tax Reform Changes To Depreciation

04

Oct 2018

Tax Reform Changes To Depreciation

By now, you’ve heard of the tax rate changes, qualified business deduction, and the doubling of the standard deduction – but did you know the Tax Cuts and Jobs Act also changed some depreciation provisions? The new provisions following bonus depreciation and section 179 depreciation are what most business owners find beneficial come tax time. Read on to see how these changes impact you! Bonus…

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What You Need to Know Regarding Marijuana Industry Accounting

13

Sep 2018

What You Need to Know Regarding Marijuana Industry Accounting

Marijuana’s popularity is flourishing. There’s no doubt about it. As more states legalize its medicinal or recreational use, more and more cannabis-related businesses are sprouting up. Consumers are spending more every year. Job openings in the industry continue to increase by triple digits. The industry is projected to pay billions in taxes each year. But, as a new industry tries to grow, old laws hold…

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QBI Deduction Plus High Income Equals No Problem! (Part 2 of 2)

20

Aug 2018

QBI Deduction Plus High Income Equals No Problem! (Part 2 of 2)

In Part One of our article series we discussed what the QBI deduction is, which business entities it applies to, and how it is calculated. If you need a quick refresher of the QBI deduction, go ahead and read that article here. In part two of our QBI deduction series we’ll be looking more closely at how the income phaseout range will impact your allowable…

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New 20% Deduction for Business Owners! Do You Qualify? (Part 1 of 2)

14

Aug 2018

New 20% Deduction for Business Owners! Do You Qualify? (Part 1 of 2)

With the recent implementation of the new tax reform, the Tax Cuts and Jobs Act has left many taxpayers in the dark concerning many new major tax provisions. One of these provisions includes the new Qualified Business Income Deduction (QBI), which provides a 20% deduction for passthrough businesses with “qualified business income”. Sounds easy enough – but there’s more to it than that with questions…

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Start Preparing For Next Year’s Tax Season

07

Jun 2018

Start Preparing For Next Year’s Tax Season

So, tax season is over and you’re feeling relieved. (We were swamped, so we are too!) But this doesn’t give you a free pass to forget about taxes until next year. Now is the most opportune time for an assortment of financial planning tasks that will better prepare you for next year. These tips will not only keep you more organized, but they will help…

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Tips for Business Owners

10

May 2018

Tips for Business Owners

Being a small business owner takes a lot of energy, passion, perseverance, and thick skin. It’s not a job for the weak of heart. But as a business owner, you also need to understand different financial, operational, and marketing fundamentals in order to successfully return a profit and stimulate growth. We understand that most small business owners are not accounting or marketing experts, so we’ve…

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