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Financial Statements 101: Balance Sheet, Income Statement & Cash Flow for Small Business

by Jackie Anthony | Apr 8, 2025 | Accounting, Blog, Bookkeeping, Cash Flow, Cash Flow Management, Small Business

As a small business owner, grasping your financial statements is crucial for informed decision-making and ensuring the health of your enterprise. This guide demystifies the three primary financial statements: the balance sheet, income statement, and cash flow...

Tax Tip 6: Pass-Through Entity Tax (PTET) as a Tax Strategy

by Jackie Anthony | Dec 24, 2024 | Accounting, Blog, Business Taxes, Small Business, Taxes, Virtual Bookkeeping

1 What Is PTET? Pass‑Through Entity Tax (PTET) is an elective state‑level tax paid directly by a pass‑through entity—think LLCs, S corporations, or partnerships. Because the business pays the state income tax (instead of the owners), the full amount becomes a...

Tax Tip 5: Prepay State and Local Taxes (SALT)

by Jackie Anthony | Dec 17, 2024 | Accounting, Blog, Bookkeeping, Business Taxes, Small Business, Taxes

1 Why Prepay SALT? The basic idea is simple: by remitting certain 2025 state or local taxes before December 31, 2025, you may accelerate the deduction into your 2025 federal return—useful if you expect higher income (or a higher SALT cap) next year. Quick refresher:...

Tax Tip 4: Generosity Pays: Turn Donations into Tax Deductions

by Jackie Anthony | Dec 10, 2024 | Accounting, Blog, Bookkeeping, Business Taxes, Small Business, Taxes

For small businesses, making charitable contributions before year-end can help reduce taxable income, while also supporting causes that align with the company’s values. However, there are some rules and limits to keep in mind. Eligibility for Deductions C...