Verifying Self Employment: How to Create a Self Employment Ledger
If you’re self-employed, you are responsible for keeping track of your income and expenses. Unlike those who have an employer, self-employed individuals must pay their own taxes, so keeping accurate records of income and expenses can make budgeting for taxes…
Read moreAttestation Services: What Are They & Why Does Your Business Need Them?
Attestation is a type of assurance service provided by a Certified Public Accountant (CPA). Although not as extensive as an audit, attestation offers the assurance that the financial information an audit provided is accurate and reliable. Businesses can also benefit…
Read more5 Tips for Managing Your Small Business Finances
Managing your small business finances is crucial to your company’s success. It’s an ongoing process and one that needs to be well-organized. There are multiple aspects to maintaining finances and ensuring your business has the stability and cash flow it…
Read more5 Good Financial Habits to Adopt Today
Cultivating healthy financial habits is always smart. Many people don’t have enough insight into their finances, which can make it challenging to reach financial goals such as saving for retirement or having an emergency fund. Whether you’re a business owner…
Read moreEmployees vs. Independent Contractors: How To Make The Right Decision For You
Back when you started your own small business,you most likely started out by hiring a few independent contractors. You were hesitant to hire anyone outright, and simply needed a little help along the way. However, suddenly you became large enough…
Read moreCOVID-19 Update 3.25.2020
The Treasury Department and Internal Revenue Service announced the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. We are continuing to work and complete as many tax returns as we can…
Read moreTreasury Secretary Announces 90-Day Payment Extension for Most Taxpayers
Following President Trump’s declaration of a national emergency, Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020 that individuals can defer tax payments up to $1 million for 90 days. Corporations can defer up to $10…
Read moreCOVID 19 Letter 3.16.20
Dear Clients and Friends, As the current situation surrounding the outbreak of the coronavirus (COVID-19) continues to evolve, please know that the health and well-being of our clients and staff is a top priority at Scharf Pera & Co., PLLC….
Read more2018 – 10/08 – Tax-free fringe benefits help small businesses and their employees
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Those that are tax-free are especially attractive to employees. Examples include many types of…
Read more2018 – 10/09 – 529 plans offer two tax-advantaged education funding options
Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. A prepaid tuition plan guarantees tuition regardless of its cost when the child attends…
Read more