Investing in Nashville Real Estate? Here’s How a CPA Firm Can Help You

Now is a good time to invest in Nashville real estate. As the metro’s robust economy and job opportunities bring an influx of new residents, the demand for housing has been increasing at a rapid rate. As a result, home prices have been rising to unprecedented heights, making renting a more viable option for many.

When it comes to real estate, your investment options include buying a property for its long term value appreciation, renting it out, and home flipping. To ensure you get the highest possible profit, seek the help of experts who can guide you in the various aspects of the business. In addition to a real estate agent and an attorney, you will also benefit greatly from the services of a CPA firm.

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Donating to a Charity? Ask Your CPA About Potential Tax Benefits

Donating to charity is an American tradition, especially during the holidays. If you’re a business owner, it might even be a great way to reduce your tax bill. In Nashville, there are numerous nonprofits that qualify for tax deductible donations.

With the passing of the Tax Cuts and Jobs Act of 2017, however, getting tax write offs for charitable contributions has become more complicated. Consult with a Nashville CPA to find out if tax deductible contributions make sense for your company.

Under the new law, there are a few things you need to consider. Read more from this blog post: http://bit.ly/EvanH08

Ask Your Accounting Firm About Tax Strategies for Your Small Business

Dealing with taxes is one of the burdens many entrepreneurs have to face. It can be quite painful shelling out a sizable part of your hard-earned income to the government, especially when you’d rather spend it on providing more benefits to your employees, growing your business, and enjoying the fruits of your hard work.

If you own a small business in Nashville, consider working with an accounting firm in devising strategies that can ease your tax burden. Here are a few suggestions you can adopt with the help of an accountant: http://bit.ly/EvanH07

How to Choose the Nashville CPA Firm That’s Right for Your Business

Many budding entrepreneurs in Nashville fail to see the benefits of working with a CPA firm. It is common to think that an accountant can help only with bookkeeping or tax preparation needs. What they often do not realize is that CPAs are financial experts who can also provide valuable guidance throughout the different stages of growing their business.

No matter the size of your company, you will greatly benefit from working with an accountant affiliated with a reputable accounting firm. For the best results, find one who’s a good fit for you and your business.

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Small Businesses in Nashville: Where to Find a CPA and Other Resources

Nashville has made it to the list of “superstar” communities that have thrived and made the most gains after the crippling recession of 2008. Much of this success is attributed to the city’s visionary leadership, which saw opportunity amid the gloomy economic landscape. What stands out, in particular, was the decision to build the $600-million convention center about a decade ago—a bold move at a time when everyone else was strapping down for the worst. The center has become the heart of Nashville’s burgeoning economy today.

What’s even more encouraging for entrepreneurs in the city is that small businesses play a large role in the local economy. Of the 19,000 businesses here, 80% have no more than 20 employees. About 55% of jobs in the city come from small businesses, which not only provide full-time in-house employment, but hire outsourced services as well, including Nashville CPA services.

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Tech Startups in Nashville: Getting Help from an Accounting Firm

If you think you have what it takes to be the next big thing in tech, you’re in the right place. Now is a good time to be a tech entrepreneur in Nashville. The success of startups like Emma, Nisolo, and other local enterprises is proof to this. There’s a wealth of venture capitalists and angel investors in the city, as well as public and private organizations who are bullish in their support of fledgling tech businesses.

While on the road to startup success, one thing you should never overlook is the importance of accounting processes. Understandably, you would rather put all your focus on your core business and growing your venture. This is why partnering with a Nashville accounting firm is only good practice. Outsourcing your accounting needs like bookkeeping and tax declarations will not only take this necessary burden off your shoulders, it will give you plenty of other benefits as well.

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Why Nonprofits Need the Services of a Nashville Accounting Firm

In starting a non-profit in Nashville, it’s important to work with an accounting firm who can help you in the management of the organization’s complex finances. Accounting in nonprofits covers a wide area, from record-keeping and budgeting to reporting to the IRS and state authorities. Accuracy is important at all times, otherwise you could lose your nonprofit status, or worse, find yourself accused of fraud.

Here are the areas where professional accounting can serve a nonprofit:

Budgeting

As with any other organization, a nonprofit has to work on a budget. An accountant can help distribute the working capital among the various functions and areas of the nonprofit, adjusting for any financial issues. In many cases, nonprofits have a decentralized structure where each area manager has their own budget. The individual budgets are submitted to the central office, which then appropriates the working capital accordingly, taking into account the budget of the organization as a whole.

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Running a Freelance Business in Nashville: Do You Need Your Own CPA?

You may run your own business in Nashville as a solo freelancer or sole proprietor. That would make you your own executive, as well as your own employee. Fulfilling both roles requires considerable time and focus, and if you’ve been trying to juggle a third role as your own bookkeeper or accountant, you should probably consider enlisting the aid of a financial expert.

Here are several signs you need to work with your own CPA.

Was tax time taxing?

Did you scramble to meet the tax filing deadline? Did you pour a significant number of hours into organizing your paperwork, not to mention reading up on all the ins and outs of reporting?

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File an Extension, Pay on Time: A Key Tax Reminder from Your CPA Firm

As April 15 approaches, tax filing season is in its home stretch. This might be causing you some level of anxiety. Given how the recent government shutdown and newly implemented tax reforms have impacted small businesses, organizing documents for 2018 may have become slightly more complicated. 

Yet you don’t have to panic if you still haven’t gotten your paperwork in order, nor should you rush sorting your returns. With assistance from your CPA firm, there are several things you can do if you think you can’t file them before deadline.

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How Optimistic Should You Be This Tax Season? Ask Your Accounting Firm

The 2019 tax season marks the first time your small Nashville business will file returns under the reforms instituted through the Tax Cuts and Jobs Act of 2017. This means you could enjoy higher deductions or savings, given the new federal tax provisions.

Such provisions have given many small-scale entrepreneurs cause for optimism. In fact, 83% believe the tax reforms will have a positive impact on their businesses, according to a survey of 2,700 small business owners conducted last year. Owners also said they will funnel their savings towards business growth.

But how bullish should you be with your own business moving forward? To help deal with the situation, your trusted accounting firm will have to break down how much you can recoup in tax savings this year thanks to the nationwide reforms, and help you assess your finances to make decisions for the future.

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The Government Shutdown: How It Affects Your Nashville Business and How a CPA Can Help

The federal government shut down on December 22, 2018, forcing a range of government offices to cease or reduce their operations. The shutdown has now lasted over a month and is the longest in U.S. history. Whether or not it ends soon, your small businesses might be suffering its impact.

There are several ways the shutdown might be hurting you. Your CPA can assist with these and help in other ways as you navigate, then recover, from the shutdown.

You rely on the Small Business Administration (SBA) for loans and other services.

Did you plan to cover operating expenses with an SBA loan? Were you hoping one could fuel new initiatives this year? For now, you have to look for money elsewhere. Even if you don’t have a loan stuck in processing because of the shutdown, it could take the SBA months to address its backlog as soon as the agency reopens.

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This New Year, Work with Your Trusted CPA Firm to File 1099-MISCs

Did you work with contractors or vendors in the past year? Or did you shell out some business-related payments, like rent or legal fees? With the turn of the year, you might need to add an important item to your to-do list: organizing 1099-MISC forms. You’ll need to file this statement and send copies to parties you’ve paid by January 31.

What is a 1099-MISC form?

A 1099-MISC form records a wide range of miscellaneous payments that your business made over a year. As such, it’s an important document for your bookkeeping purposes. It’s also important because it helps other taxpayers—the entities you’ve done business with—track and fulfill what they owe the IRS.

A 1099 can include various kinds of miscellaneous payments, so it’s best to determine what you must report through this document with your CPA firm soon.

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