CPA Blog

Brand audits can help companies in a variety of ways

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Published: Wednesday, 28 August 2024 10:44

Written by Phillip Strickler, CPA.CITP

A strong brand can help boost revenue, while a weaker one may reduce sales opportunities and stifle growth.

Like many business owners, you’ve probably spent considerable time and energy crafting your company’s brand. Doing so has likely involved coming up with a memorable business name and logo, communicating with customers in a distinctive manner, and, above all, building a strong reputation in your market.

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Are you liable for two additional taxes on your income?

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Published: Tuesday, 27 August 2024 11:24

Written by Phillip Strickler, CPA.CITP

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you.

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Business owners sometimes need to switch successors

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Published: Thursday, 22 August 2024 09:46

Written by Phillip Strickler, CPA.CITP

For many business owners, choosing a successor is the most difficult task related to succession planning. Owners of family-owned businesses, who may have multiple children or other relatives to consider, particularly tend to struggle with this tough choice.

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Cash or accrual accounting: What’s best for tax purposes?

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Published: Tuesday, 20 August 2024 10:23

Written by Phillip Strickler, CPA.CITP

Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure that it’s the most beneficial approach.

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