How a CPA Cuts Unrelated Business Income Tax for Non-Profits

Non-profit organizations are created to serve communities and make a lasting impact, but even with tax-exempt status, they aren't always free from tax obligations. When a non-profit earns revenue from activities outside its core mission, it may be subject to Unrelated Business Income Tax (UBIT), which can put a strain on its financial resources.

Without proper planning, UBIT can eat into funds meant for vital programs and initiatives. Fortunately, for non-profits in and around Nashville, a skilled CPA like Evan Hutcheson can help navigate these complexities, ensuring compliance while strategically minimizing tax liability.

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CPA Firm Breaks Down Best Payroll Schedule for Startups

Starting a business is a whirlwind of excitement and challenges. Among the many decisions entrepreneurs face, establishing a payroll schedule can often feel like a minor detail—until it isn’t.

Employees rely on consistent paychecks, and the structure of your payroll can significantly impact cash flow, tax compliance, and even employee satisfaction. This is why first-time entrepreneurs and startups should consider partnering with an established CPA firm that can help navigate these critical decisions.

That said, here’s a quick breakdown of four common payroll schedules to help you determine the best fit for your business: https://bit.ly/EvanH70

An Accounting Firm’s Tax Guide to Selling Your Business

Selling your business in Nashville is a significant milestone, but it comes with complex tax implications that can catch many sellers off guard. From understanding capital gains taxes to managing post-sale liabilities, proper preparation is essential to avoid costly mistakes.

For business owners, seeking professional guidance is key to navigating this process successfully. Fortunately, a trusted Nashville accounting firm can help you plan for tax obligations and optimize your financial outcomes, ensuring you make the most of your hard-earned sale proceeds.

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Nashville CPA Reminds You to Avoid These Bookkeeping Errors

For freelancers in Nashville, every project can feel like a juggling act. Between finding new clients, meeting deadlines, and managing deliverables, bookkeeping often takes a back seat. However, neglecting financial records can lead to costly errors, lost income, and potential legal troubles.

Common mistakes in managing finances can often snowball into significant issues, but they are entirely avoidable by having the right strategies in place. Here are five bookkeeping errors to steer clear of and how collaborating with a Nashville CPA can help mitigate these risks.

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CPA Firm Advice: Five Tax Deductions Freelancers Shouldn’t Miss

Whenever tax season approaches, freelancers in Nashville, TN often wonder if they’ve taken full advantage of the deductions available to them. Indeed, freelancers stand to reduce their tax liabilities considerably and save a substantial amount by understanding what qualifies as a deduction and how to properly claim these in their tax documents. However, most freelancers aren’t well-versed in filing their own taxes and deductions, especially if they previously came from a corporate job. This is where a CPA firm comes in handy.

To help freelancers maximize their tax savings, CPAs can help freelancers identify all their qualified tax deductions. This is especially important as many freelancers who have just started often overlook deductions that may lead to significant reductions in taxable income when tallied together.

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Accounting Firm Shares Tax Tips for the Newly Self-Employed

 

Making the leap from being employed to becoming self-employed is an exciting milestone! You now have the flexibility to set your own schedule, choose your clients, and potentially earn more than you would in a traditional job. However, with these perks come new responsibilities, especially when it comes to taxes.

One of the biggest changes new self-employed individuals in Tennessee face is how their taxes are managed. As a self-employed individual, you are now responsible for all your tax requirements with the IRS. The process may be confusing for some, but fear not. By following these expert tax tips from a trusted Nashville accounting firm, you can ensure all your tax obligations as a self-employed individual are met with ease and efficiency.

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Financing Your Business: SBA Loans Explained by a CPA

 

Every small business owner should expect financial challenges at various points of the business’ life cycle. It may come at the beginning while trying to get the idea off the ground, or sometime later when the operation is ripe for expansion.

Fortunately, there are business loans that can bridge these fiscal gaps, with programs from the U.S. Small Business Administration (SBA) among those that warrant serious consideration. Below is our CPA overview of SBA loans, which you can use to determine whether they are the right options for you.

The Gist of SBA Loans

SBA loans work like conventional business loans, except that part of the loan is guaranteed by the federal government.These loans were designed to support local enterprises, especially in areas like Nashville where small businesses are a significant part of the economy. 

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