Profit Wise Accounting Blog | Bookkeeping, Tax, and Payroll Tips

Things To Do If A Recession Happens

Sep 28, 2023 Accounting, Taxes

Amidst the current economic state, characterized by the highest inflation rate in a decade and concerns of a prolonged recession, corporate

How to make your vacations a tax deduction?

How to make your weekend getaways a tax deduction?

Sep 21, 2023 Business, Taxes

As a business owner, one of the advantages is the ability to claim tax deductions for expenses related to the business.

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How To File Taxes as a New Business

Sep 12, 2023 Business, Taxes

How To File Taxes as a New Business As a newbie small business owner filing taxes, you may experience a sense of

What is the Augusta Rule and How Can I Use It?

Aug 15, 2023 Business, Taxes

What is the Augusta Rule? RS Section 280A(g), better known as the “Augusta Rule”, is a special rule in the tax code

Frequently Asked Questions About Starting A Business in Alabama

Aug 14, 2023 Business

FAQs about Starting a Business in Alabama Embarking on a new business venture in Alabama can be a thrilling and fulfilling endeavor,

How to Start a Business in the State of Alabama

Aug 14, 2023 Business

Starting a Business in Alabama Alabama is an attractive destination for entrepreneurs seeking to establish a business, thanks to its favorable tax

The Advantages of a Business Trust

Aug 11, 2023 Business, Taxes

A trust is a legally recognized entity that is established when a grantor confers the right to hold title to property

Tax Tips for Business Owners

Aug 11, 2023 Accounting, Business, Quickbooks, Taxes

As a busines owner you have many items on your plate and can easily lose track of an approaching deadline or

The Basics of Maximizing Your Tax Savings

Aug 11, 2023 Accounting, Taxes

It is crucial to plan for taxes as a part of business and personal financial management. It involves making strategic decisions

Avoid Estate Tax

Jul 28, 2021 Accounting, Taxes

A Tip on passing down your vacation home: Establish a Family Limited Partnership Family Limited Partnerships are powerful estate planning tools that

Unpaid Federal Debt? Don’t Lose Your Passport

Jul 2, 2021 Accounting

DON’T LOSE YOUR PASSPORT BECAUSE OF UNPAID FEDERAL DEBT The IRS has begun issuing notice CP508C to taxpayers with “seriously delinquent” tax debt and

REFUND STATUTE EXPIRING

Jul 2, 2021 Accounting, Business, Marketing, Taxes

REFUND STATUTE EXPIRING: DON’T MISS OUT! If you have not filed your 2018 tax return and have a refund coming, time to

Accounting for Restaurants

Jul 2, 2021 Accounting, Business, Payroll, Quickbooks, Taxes

ACCOUNTING FOR RESTAURANTS Operating a restaurant is a dream for many, but there is a lot more to it than meets the

Can’t Pay by the Due Date?

Jul 2, 2021 Accounting, Business, Taxes

DO YOU OWE TAXES AND CAN NOT PAY BY THE DUE DATE? The vast majority of Americans get a tax refund from

Working Out of State

Jul 2, 2021 Accounting, Business, Taxes

Employees Working out of state Some employees are still working at home and will keep doing so in the future. If you

Use Caution with Monthly Child Tax Credit

Jun 22, 2021 Accounting

Use Caution with Monthly Child Tax Credit Tax professionals are urging clients to decline receiving monthly payments of the child tax credit. Use

Fraud on the Rise

Oct 19, 2020 Accounting, Business

According to a report released in September by the Association of Certified Fraud Examiners (ACFE), experts have noticed a rise in

Defer Payroll Taxes? Here’s What It Means.

Aug 31, 2020 Accounting, Business, Payroll

The President’s action to defer payroll taxes: What does it mean? Stay up to date on payroll tax and deferments! President Trump

Prevent Tax Bill Overlap

Apr 3, 2020 Accounting, Taxes

Don’t Procrastinate, File Now to Prevent Tax Bill Overlap With the new tax return deadline of July 15, 2020, many Americans felt

Don’t Wait To Know What You Owe for Taxes

Apr 2, 2020 Accounting, Taxes

Don’t Wait To Know What You Owe for Taxes In 2018, 56% of US taxpayers had additional money owed for taxes. At

Don’t Just Sit There! Start Getting More Tax Refund Now!

Apr 1, 2020 Accounting, Taxes

Don’t Just Sit There! Start Getting More Tax Refund Now! You are home for an undetermined amount of time. Use it to

File Taxes Now. Get Your Tax Refund When You Need It.

Mar 31, 2020 Taxes

File Taxes Now. Get Your Tax Refund When You Need It. At a time where cash flow is critical to many households

Tax Filing. July 15th? Let’s Talk.

Mar 30, 2020 Accounting, Taxes

Tax Filing. July 15th? Let’s Talk. On March 21, the Treasury Department and Internal Revenue Service announced a tax filing and tax

Filing Tax Returns 101: Errors to Avoid

Mar 9, 2020 Taxes

Filing Tax Returns 101: Common Errors to Avoid Filing a tax return electronically reduces errors because the tax software does the math,

Get Ready For taxes: Part III

Mar 2, 2020 Taxes

Get Ready For Taxes: Part III Important Things to Know About Refund Refunds As tax filing season approaches, it is important to be

Get Ready For Taxes : Part II

Feb 28, 2020 Taxes

Get Ready For Taxes: Important Things to Know About Tax Credits Part II Child Tax Credit There are a number of things you can

Get Ready for Taxes: Important things to know about tax credits

Feb 24, 2020 Taxes

Part 1 With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they

401(k) contribution limit increases

Jan 20, 2020 Payroll

401(k) contribution limit increases The contribution limit for any employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s

How to Legally Dissolve a Corporation

Dec 17, 2019 Business

How to Legallty Dissolve a Corporation “Dissolution” is the act of formally dissolving (closing) a business entity with the state. It involves

Travel Tax Tip

Nov 1, 2019 Taxes

Do you travel a lot with your business, or even as little as once a year? Some airlines require a weekend

Co-Owner Spouses Tax Tip

Oct 25, 2019 Taxes

Tax tip for Sole Proprietors When You Work With Your Spouse When two or more people own an unincorporated business, it is

Flexible Spending Accounts (FSA) and Small Business

Oct 18, 2019 Business, Payroll

Open An Flexible Spending Account (FSA) For Your Small Business Did you know, a small business can set up a Flexible Spending

Audit Within Your Small Business

Oct 11, 2019 Accounting, Business

Why Is My Small Business Under Audit? Ever wonder why YOUR small business was targeted for an audit. See below the top

Tax Withholding Estimator

Oct 4, 2019 Business, Payroll, Taxes

Double Check Your Paychecks With This Tax Withholding Estimator All taxpayers should use the new Tax Withholding Estimator to do a Paycheck Checkup. This tool

Benefits to Taxpayers Who Itemize

Sep 27, 2019 Taxes

Benefits of Taxpayers Who Itemize Summer is a season when people have fun, yet get things done. From buying a new house

Car Expense Deductions

Sep 18, 2019 Taxes

The Inside Scoop On Car Expense Deductions Taxpayers who have deducted the business use of their car on past tax returns should

Home Office Tax Deduction

Sep 10, 2019 Taxes

Save Money With Your Home Office If you’re eligible, a home office deduction can save you big bucks at tax time. If

Renewing Your ITIN

Sep 6, 2019 Business

Taxpayers With Expiring ITINs Should Renew Them Now Taxpayers with expiring individual taxpayer identification numbers (ITIN) should think about renewing their ITIN number ASAP. There

Filing a 1099-Misc Form

Aug 30, 2019 Business, Payroll, Taxes

What You Should Know About Filing A 1099-MISC Form If you recieve payments as a trade or business from other people or

Sweet Summertime Tax Tips

Jul 26, 2019 Taxes

Have A Sunnier Tax Season With These Summertime IRS Tax Tips Buying a home? Working a summer job? Volunteering? Activities that are

Same Scam In A New Version

Jul 15, 2019 Taxes

Taxpayers Should Be On the Lookout for New Versions of These Two Scams With scam artists hard at work all year, taxpayers

Divorce or Separation May Have an Effect On Taxes

Jul 10, 2019 Taxes

Divorce or Separation May Have an Effect On Taxes Taxpayers should be aware of tax law changes related to alimony and separation payments.

R&D Tax Credits for Restaurants

Apr 5, 2019 Accounting, Marketing, Taxes

Are you a restaurant owner? Are you taking advantage of research and development (R&D) tax credits? In an age where technology

Tax Changes for Short-term Rental Hosts

Mar 29, 2019 Accounting, Taxes

The Tax Cuts and Jobs Act has important changes that may impact your vacation rental property. If you use an online

Taxpayer Payment Options

Mar 22, 2019 Taxes

As the 2019 tax filing season gets into full swing, the Internal Revenue Service reminds taxpayers who owe of the many

Taxpayer Withholding

Mar 15, 2019 Taxes

The Internal Revenue Service warned taxpayers to check their income tax withholding for almost all of 2018 due to how the

Eco-friendly Cars – Save On Taxes

Mar 8, 2019 Taxes

Tax Write Offs for Eco-friendly Vehicles Save up to $7,500 on your next vehicle–if it’s eco-friendly? Have you thought about an electric

Home Ownership —Tax Laws

Mar 1, 2019 Taxes

Navigating our way through the new tax laws concerning home ownership. What’s deductible: closing costs, mortgage interest, property taxes? Let’s take