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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Streamlining Payroll for Hybrid Work: CPA Firm Tips for SMBs

 

Payroll accuracy and compliance directly impact a company's financial health and employee satisfaction. As such, it’s essential for SMBs to implement efficient payroll processes to avoid costly errors and potential legal issues. Ensuring a streamlined payroll system helps maintain smooth operations and promotes a positive work environment.

With the rise of hybrid work setups, where employees split their time between remote and in-office work, payroll processes have become more complex. While the flexibility that hybrid work arrangements offer is known to increase productivity, it can also introduce challenges in tracking hours and ensuring compliance with labor laws. A Nashville CPA firm can provide the expertise needed to navigate these complexities and optimize payroll management for hybrid work environments.

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Ask an Accounting Firm: How Do I Prepare for an IRS Audit?

 

No business owner wants to be audited by the IRS. Audits, however, are a fact of life for some businesses. While the thought of undergoing an IRS audit can be daunting, it's crucial to remember that preparation is key. A Nashville accounting firm can help business owners in the area to minimize the stress and disruption associated with an audit.

When you receive that dreaded IRS notification, it's important to understand that being audited doesn't necessarily mean you're in trouble. There are several reasons why the IRS might select your return for an audit, including random selection and computer screening. Regardless of the reason your business has been selected for an audit, you’ll want to make sure that you’re fully prepared before the audit date.

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Should Your Business Outsource to a Virtual Nashville CPA?

Small to medium-sized businesses (SMBs) in Nashville often grapple with numerous challenges, from managing daily operations to strategizing for growth. One critical area that can become particularly overwhelming is financial management. For many business owners, trying to keep up with bookkeeping, tax compliance, and financial planning can detract focus from running their actual business. This can often hinder a business’ ability to scale efficiently and may even lead to costly mistakes due to oversights.

Fortunately, these financial management woes can be alleviated by outsourcing a virtual Nashville CPANashville CPA.

The rise of virtual CPA services

Virtual CPA services represent a modern approach to accounting, offering remote support rather than traditional in-person meetings. Through this, an experienced CPA firm, such as Evan Hutcheson CPA, leverages technology to perform accounting tasks, communicate securely with clients, and maintain bookkeeping standards from afar.

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Nashville CPA Firm: What to Do If You Spot Errors on Your Tax Forms

 

Discovering an error on your business tax forms can be a heart-stopping moment for any business owner in Nashville, TN. Maybe you're reviewing last quarter's financials and realized you may have overpaid, or worse, underpaid your taxes. Such errors are not uncommon, given the complexities of tax laws and the numerous responsibilities business owners have to juggle on a daily basis.

The implications of misfiled tax forms tend to vary. Overpayments could mean you’re unnecessarily parting with cash that could otherwise be reinvested into your business. Underpayments, however, could lead to penalties, interest charges, or in severe cases, legal issues with the Internal Revenue Service. Recognizing the error is the first step. The next steps to take if you spot an error on your tax form include:

Contact a trusted accounting firm

The moment you notice a discrepancy, reach out to a trusted local CPA firm.

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Accounting Firm Explainer: Tennessee Business Tax Changes

 

Small businesses in Nashville and other parts of the state are ready to feel the relief provided by the modified Tennessee Works Tax Act. Announced in early 2023, some of the legislative changes start to apply this year. They’re said to be part of the biggest tax cut in the history of the state. 

If you need a last-minute guide to the updated law, this accounting firm explainer discusses the most relevant points for small business owners.

Filing Exemptions

The business tax filing threshold has been increased from $10,000 to $100,000 per jurisdiction. This means that businesses with annual gross sales of less than $100,000 are now exempt from filing an annual return. The Department of Revenue estimates that over 100,000 businesses are affected and are encouraging owners to take advantage of this major change. 

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