As a responsible head of the family, you’re likely always on the lookout for ways to secure your family’s financial security. Estate planning is the foundation of endeavors such as this.

Running a business often means taking calculated risks, including extending credit to customers or offering loans to other businesses. While this can foster growth, it also comes with the possibility of nonpayment. When debts become uncollectible, they are classified as bad debts.

When it comes to small business ownership, retirement planning often takes a backseat to the daily grind of running the business. Between managing employees, overseeing operations, and focusing on growth, thinking about retirement might not seem urgent.

Hello & happy 2025!

Just a note before tax season starts - the best & fastest method to provide your income tax data is using the online portal (link). Just like the last few years, it works great for most of my clients. 

Here's a great online link for more instructions!

One of the best New Year’s gifts you can give yourself is to get out of debt in 2025. It’s totally possible to achieve in a year’s time for many people. Here are some tips to help you spend less and pay down your debt faster.

Curtail Spending

One of the responsibilities that business owners have is to ensure compliance with tax laws. Thankfully, your CPA helps with this complex task, but there are some aspects of being a business owner that must be decided as an owner. One of those is compensation.

Understanding the differences between an independent contractor and an employee is essential for both businesses and its workers. This classification affects not only the nature of the working relationship but also legal rights, tax obligations and benefits entitlement.

Running a business involves a delicate balance of ambition, strategy, and financial management. While success stories often take center stage, the reality is that many businesses face financial challenges that can spiral into bankruptcy if left unchecked.

The US legislature is still deciding whether original BOI reporting is necessary. There are also current court cases pending, regarding filing requirements... Please see my update to the prior BOI reporting blog article published November 30, 2024. Garland

Garland Taylor CPA, Pres. Garland R Taylor CPA PC

Before you start lamenting your empty wallet, take a moment to consider this: you might be sitting on hidden cash without even realizing it. That’s right—your household or business could be a treasure trove of untapped resources just waiting to be discovered.