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Profit Statements: The P&R Blog

Tax Accounting for Senior Citizens: Unwelcome Changes Coming

For as long as most can remember, taxpayers who itemized could deduct medical expenses to the extent they cumulatively exceeded 7.5% of adjusted gross income (AGI).  That is, until 2012. Beginning in 2012, The Affordable Care Act (ACA) raised the floor for most taxpayers to deduct medical expenses. Qualified medical expenses now must exceed 10% …read more.


School’s In: Lessons on Educational Tax Credits

Today, if you want to land a great career in fields such as financial planning, accounting, or bookkeeping, you’ll need more than just a high school diploma. Most industries require college degrees, and as more people start or go back to school, several are unaware of the available educational tax credits. While the Lifetime Learning …read more.


Payroll Accounting: Employers, are You Ready for New Overtime Rules?

Employers, this change is major, so please pay attention: new overtime rules are effective December 1! If you’re not ready yet, now’s the time to start planning—especially if you think the changes don’t affect you; they probably do. Many employees who were previously exempt from being paid overtime by virtue of their status as a  …read more.


Stay Prepared: Financial Forecasting for Hurricane Season

If you’re an experienced Floridian, you probably don’t flinch at the mention of hurricane season. No matter how many natural disasters you’ve successfully weathered, you’ll want to consider some of these hurricane tax tips. One of the easiest things you can do to keep documents safe during any natural disaster is use an electronic back …read more.


Small Business Start-Up: Tax Tips for the Entrepreneur

Business consultants will tell you that starting a small business isn’t easy, whether you’re starting from scratch, buying an existing business, or purchasing a franchise. Your idea may be great, but will it be profitable? Market research is important. How many others are offering your product or service in your area? What are the trends …read more.

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Frequently Asked Questions

Q.

Do I really need to pay a CPA to prepare my financial statements? Couldn’t I save money doing it myself?

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You could…but how valuable is your time? What could you be doing to build your business with that time? Could you earn more than what a CPA would cost? Also,...

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