Blog

Individual Tax Changes

The tax rate structure, which ranges from 10 to 37 percent, remains similar to 2021; however, the tax-bracket thresholds increase ...
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Taxes – Tax Preparation

Tax preparation is simply the process of preparing and filing a tax return. This is generally one time a year ...
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Forming a S Corporation

For the small business owner a S Corporation can provide several tax benefits compared to other form of business entities ...
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Heavy Highway Vehicle Use Tax – Reminder!!

Truckers, be reminded that if you have registered or is required to register a heavy highway motor vehicle with a ...
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Sale Of Home – Real Estate Tax Tip.

The gain realized from the sale of your main home may be fully or partially excluded from your income if ...
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What is a S Corporation?

As a small business owner I’m sure you’ve heard of an S corporation but do you know what it really ...
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Federal Taxes For Truckers

In the United States the trucking industry is a nearly $800-billion industry that is responsible for moving just over 70 ...
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Profits are rarely accidental

As a small business owner it is important to note that a number of important factors contribute to profitability. Factors ...
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Setting The Foundation For Small Business Growth.

Setting the foundation for growth in your small business entails taking your small business to the next level. As a ...
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Do I need a Certified Public Accountant (CPA)?

As a small business owner you are often told that in-order for your business to be successful it’s best to ...
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IRS TAX PROBLEMS?

IRS Problems Have a Way of Ruining All Aspects Of Your Life. They Take A Toll On You Financially, Physically, ...
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Small Business Accounting & Bookkeeping

The backbone of small business accounting lies in proper record keeping. This basically entails the orderly and disciplined practice of ...
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Small Business Owners Guide To Record Keeping

What is small business recordkeeping? Recordkeeping is the orderly and disciplined practice of storing business records. Business success depends on ...
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Small Business Record Keeping [To-Do’s]

For the small business owner it is important to note that just like how good record keeping practices support a ...
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Small Business Growth Formula [Step-By-Step-Guide]

Every small business owner knows that dealing with complex tax preparations for their small business can be a daunting task ...
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IRS Tax Issues [ How To-Resolve-IRS-Tax-Problems]

Tax problems come in many different forms; IRS tax problems, State tax problems, and Sales tax problems. The IRS for ...
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Avoid an IRS Tax Lien

Notification of an IRS Tax Lien can be intimidating to process. But dealing with it doesn’t have to be. This is ...
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Needed Business Financial Statements

Similar to how an odometer provides insight as to the proper running of your motor vehicle, the gas level, the ...
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Cashflow – The Lifeblood Of Your Business

Many small business owners do not fully understand their cash flow statement. This is surprising, given that all businesses essentially ...
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Which Form of Business Organization Should You Choose?

The decision as to which type of business organization to use when starting a business is a major one. And, ...
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Vacation Equals Tax Deduction

With vaccination being ramped up all over the country to address the Covid-19 pandemic, there is a semblance of society ...
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Important Tax Changes For Individuals

Every year, it's goes without saying that there will be changes to current tax law and this year is no ...
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Preparing an Effective Business Plan

A business plan is a valuable tool whether you’re seeking additional financing for an existing business, starting a new company, ...
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Is Your Worker an Employee or an Independent Contractor?

If you engage a worker for a long-term, full-time project or a series of projects that are likely to last ...
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Home-based Business Guidance.

More than half of all businesses today are home-based and this trend has been magnified because of the Covid-19 pandemic.  People are striking out and achieving economic and creative independence by turning their skills into a means of earnings. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs that is, ...
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7 Essential Small Business Record Keeping Tips

It's now the 4th quarter and tax season is right around the corner. For many small business owners that means ...
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Want to Create Generational Wealth?

If you're an individuals with significant assets and you want to transfer wealth to your heirs tax-free, as well as ...
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Job Loss And Your Tax Situation

If you’ve lost your job during the Covid-19 pandemic, you may have questions about the effects this could have your ...
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Looking Ahead….What You Need to Know About Your 2020 Taxes

As we enter the final month of the third quarter of 2020 and as everyone continues to deal with the ...
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Keeping Your Own Books?

Most owners of small businesses know that it isn’t easy to maintain their company’s financial records, however, keeping such records help ...
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Federal Income Taxes & Your Business.

Welcome to Metro Accounting and Tax Services information series, What You Need to Know about Federal Taxes and Your New Business ...
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Cash Flow Crisis In The Face Of A Pandemic, COVID-19.

It  goes without saying that the COVID-19 pandemic is affecting millions of businesses across the world, causing stress and strain ...
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7 Cash Flow Tips Every Business Owner Needs

Every business knows that cash is king, yet an alarming number of businesses (only 33%) don’t even use a tech ...
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Are you lonely at the top?

Most Business Owners know how to sell something or make something to be sold. Very few have any formal financial ...
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Which is more important, cashflow or profits?

It goes without saying that the goal of every business owner is to operate a profitable business. Being able to ...
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Why Outsource Your Accounting & Bookkeeping Needs

Having More Time to Focus on Your Business By outsourcing your accounting operations to a professional accounting firm, you’re effectively ...
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Three of the Biggest Challenges Unique to Small Business Owners

Having that grand opening for your business is a great achievement and every business owner should be commended for making ...
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13 Tax Deductions Overlooked By Real Estate Agents or Brokers

Most real estate professionals manage their finances themselves, finding the time and energy to organize business expenses can be a ...
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5 Incredible Ways to Reduce Small Business Taxes

Running a small business can be a demanding endeavor. The small business owner wears many hats and the last thing ...
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Are you an Employee or an Independent Contractor?

An independent contractor is a person or entity employed to perform work for—or provide services to another entity as a ...
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Getting Paid!!!!!

It goes without saying that for many business owners, collecting on accounts receivables can be challenging especially as more people ...
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Small Business Survival Guide

Less than one-third of family businesses survive the transition from first to second generation ownership. Of those that do, about ...
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Road Map To Retirement

The number of people who are financially unprepared for retirement is staggering. One study revealed that more than half of ...
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Build Your Business With A Personal Touch

"People don't care how much you know until they know how much you care." It's interesting to see how many ...
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Tax Saving Strategies For Small Business Owners

It is worth noting that according to the US Small Business Administration, small businesses employ half of all private-sector employees ...
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Common Budgeting Errors & How To Avoid Them.

When it comes to creating a budget, it's essential to estimate your spending as realistically as possible. Here are five ...
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The Business Owner’s Blue Print For Success

Whether you're starting a new company, seeking additional financing for an existing one, or analyzing a new market, a business ...
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Who Can Represent Tax Payers Before The IRS?

Many tax payers use a paid tax professional to prepare their taxes. All paid tax professionals are not viewed the ...
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Tax Planning For Small Business Owners

Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business ...
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Tips For A Stress Free Tax Season

Earlier is better when it comes to working on your taxes but many people find preparing their tax return to ...
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A recap of The Income Tax Provisions for Individuals in 2017

Many of the income tax changes affecting individuals and businesses for 2017 were related to the Protecting Americans from Tax ...
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Missing Important Tax Forms? Here’s what to do.

Form w-2 By now you should receive a Form W-2, Wage and Tax Statement, from each of your employers for use ...
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Tax Saving Strategies – Frequently asked questions by tax payers.

In our practice, tax payers often have a slew of questions relating to the best possible ways to save money ...
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TAX PAYERS MISSING OUT ON $$$$MILLIONS$$$$$

As is the case each year, millions of taxpayers miss out on getting their money from Uncle Sam, yes, they ...
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Maximizing Your Tax Refund With The EITC

The Earned Income Tax Credit, EITC or EIC, is a benefit afforded to working people with low to moderate income ...
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Reasons Tax Payers Should Consider Incorporating.

It goes without saying and all legal and tax professionals agree that if a tax payer business is not incorporated ...
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Starting A Business – 3 Things To Be Mindful Of.

Starting a new business is a very exciting and busy time. There is so much to be done and so ...
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Understanding Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship)

Understanding Schedule C tax guide was developed by Metro Accounting And Tax Services, CPAs  in an effort to help Small Business Owners ...
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Is Your Passport In Jeopardy?

In today’s income tax environment, The Internal Revenue Service is strongly encouraging taxpayers who are seriously behind on their taxes ...
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Know Your Status

One of the first steps to complete in relation to filing your income tax is to figure out which filing ...
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What’s Taxable Income?

As a tax payer you probably know that you must include income from all sources on your tax return. Income ...
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The Earned Income Tax Credit

From an income tax perspective, many low to moderate income earners may qualify for a tax credit that could boost ...
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The Tax Reform Bill – What It Means For You?

The Tax Cuts and Jobs Act, H.R. 1, agreed to by a congressional conference committee on Friday and expected to ...
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Moving Expenses – What can I deduct?

Moving expenses are deducted as an adjustment to income on Form 1040, but only to the extent that they are ...
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10 Credits Often Overlooked On Tax Returns.

1) Bad debt expense: If you are owed money and are not going to receive it, you may be able ...
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Section 1031 Exchange

In most situations when a taxpayer disposes of property, taxes must be paid on any gain at the time of ...
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Taking The Home Office Deduction

Under the IRS rules, a taxpayer is allowed to deduct expenses related to business use of a home, but only ...
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What Is Income?

The receipt of income is not limited to the receipt of money, you can also receive income in the form ...
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Tax Withholding Check-Up

It is important that as the end of the year approaches taxpayers consider the amount of withholding that are being ...
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Financial Planning Tips For Business Owners

Consider establishing an employee stock ownership plan (ESOP). If you own a business and need to diversify your investment portfolio, ...
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Hobby Income

To determine if you are really running a business or just enjoying a hobby you must take into account the ...
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Estate Planning Basics – Wills & Trusts

Proper estate planning can help to increase the size of your estate, whether large or small. Its basic purposes are ...
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Minimize Taxes On The Gain From Selling Your House

Many tax benefits are available to you when you sell your principal residence. However, the rules are complex and personal ...
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Tax Breaks For Charitable Givings

Tax breaks for charitable giving aren't limited to individuals, small businesses  can benefit too. If you own a small to ...
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Tax Overhaul – What We Might See in 2018.

An attempt to overhaul the current tax structure is currently taking place in both the House and the Senate. From ...
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Being Self Employed

Who is Self-Employed? According to the IRS, generally a person is considered self-employed if any of the following apply to ...
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Are You Getting Married?

The decision to get married is more about romance than finances for most people. However, it should be noted that ...
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Misconceptions Of Business Owners

As a small business owner one of the biggest hurdles you'll face in running your own business is trying to ...
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Credit Evaluation Factors Revealed

Part 1 By explaining what you need to make full use of your credit report, to determine your credit standing, ...
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Are You Running a Business or In A Job?

In the spirit of helping business owners run and operate their businesses in an efficient manner, Metro Accounting And Tax Services, ...
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10 Major Ways To Increase Your Nest Egg

Reducing your spending is one sure fire way to accumulate assets for retirement, education or other major goals in life ...
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Year End Tax Saving Strategies For Businesses

As the year end approaches, businesses are scrambling to implement tax saving strategies to reduce their 2017 tax burden. Here ...
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Small Business Owners – Are You Keeping Your Own BooKs?

At the moment Powtoon presentations are unable to play on devices that don't support Flash ...
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Vacation = Tax Deduction!!

How would you like to legally deduct every dime you spend on vacation this year? This financial guide offers strategies ...
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Cash Flow: The Life Blood Of Your Business

According to some business experts, having a healthy stream of cash flow is more important than your business's ability to ...
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The Home Office Deduction.

Based on IRS guidelines, a taxpayer is allowed to deduct expenses related to business use of a home, but only ...
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Information Needed To Do My Taxes

In order to do your taxes, you'll need to Keep detailed records of your income, expenses, and other information you ...
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The Deductibility of Points

This Financial Guide explains when and to what extent points paid on the purchase of a home or on a ...
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Charity Contribution – Giving Wisely.

Since charities ask for larger and more frequent donations from the public these days, soliciting by mail, telephone, television, and ...
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Advantages of a LLC

In continuation of our discussion on LLCs, Metro Accounting And Tax Services, CPA, presents this guide with the intent that small ...
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Should I Form an LLC ?

You should consider forming a LLC (limited liability company) if you are concerned about personal exposure to lawsuits arising from ...
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Are You In Financial Distress?

If like thousands of other persons, you are having trouble paying your debts, it is important to take action. Doing ...
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Passive Activity Lossess

As is often times the case, a passive activity is any business activity in which the tax payer is not ...
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Business Structure Guide

This business structure guide was developed by Metro Accounting and Tax Services, CPA, with a view of helping current and prospective business ...
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Tax Penalties – How to avoid them.

This guide was developed by Metro Accounting And Tax Services, CPA to aid individuals and business owners avoid tax penalties via the ...
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All Thing Quick-Books Online

All Things QuickBooks Online Posting Transactions There are two types of transactions you’ll need to consider when using QuickBooks Online ...
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Business Expenses

Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business ...
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Advanced Charitable Contribution: Techniques to Maximize Your Deductions.

There are a number of tax vehicles for turning charitable desires into tax deductions. While these techniques are quite complex, ...
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ROTH IRAs – How they work and how to use them

Roth IRAs differ from other tax-favored retirement plans, including other IRAs (called "traditional IRAs"), in that they promise complete tax ...
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Travel and Entertainment Expenses

This Financial Guide developed by Metro Accounting And Tax Services, shows you how to take advantage of all of the travel ...
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7 Ways To Save More On Income Taxes In Your Business

This financial guide was developed by Metro Accounting And Tax Services, CPA with a view of helping business owners with strategic ...
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Tax Saving Strategies

This Financial Guide was developed by Metro Accounting and Tax Services, CPA to provide tax saving strategies for deferring income and ...
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Is a Home Based Business Right For You?

This Financial Guide was developed by Metro Accounting and Tax Services, CPA with a view of providing guidance to home-based ...
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Starting A Business?

One key to having a successful business is based on an understanding of your tax obligation. Metro Accounting And Tax Services has ...
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Your Child’s Education How To Finance It

Don’t leave your children’s future to chance. Plan now to give them the brighter future they deserve. This guide was ...
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How to prepare financially for marriage.

Life is constantly changing, in-fact as it is said the only constant there is, is change. With this in mind, Metro ...
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Gambling Winnings and Losses – What you need to know.

Metro Accounting and Tax Services, CPA is dedicated to ensuring the accounting success of new and existing small businesses. We ...
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Tax Planning Strategies

Metro Accounting & Tax Services, CPA is dedicated to ensuring the accounting success of new and existing small businesses. We ...
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5 COMMON BUSINESS ACCOUNTING MISTAKES

Metro Accounting & Taxes, CPA is dedicated to ensuring the accounting success of new and existing small businesses. We have ...
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Deducting Car Related Business Expenses

Metro Accounting & Tax Services, CPA is dedicated to ensuring the accounting success of new and existing small businesses. We ...
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Accounting Methods – Problems For Small Construction Businesses.

Issues that may cause problems for the owners of small construction businesses include: 1) The Accounting Methods Chosen, 2) The Capitalization of ...
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How A Divorce or Separation Decree May Affect Your Taxes

Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have on their taxes ...
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Tax Tips After Facing a Disaster

Disasters are sometimes unavoidable and taxpayers who are victims of a disaster might need to reconstruct records to prove their ...
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Why is it important to qualify as a real estate professional?

Metro Accounting & Taxes, CPA is dedicated to ensuring the accounting success of all realtors and real estate investors. We ...
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Record Keeping – Good Business Practice.

It is recommended that everyone in business make it a practice to keep accurate records. Keeping good records is very ...
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Understanding IRS Notices or Letters

Have you received an IRS Notice or Letter? If yes don’t panic. Your notice or letter will explain the reason ...
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Rental Income and Expenses – Tax Tips for The Real Estate Professional.

Real Estate Professionals generally must include in their gross income all amounts received as rent. Rental income is any payment ...
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Sale of Residence – Can Gains Be Excluded?

An individual may qualify to exclude from their income in a particular year, all or part of any gain from ...
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Am I required to pay income taxes?

This accounting guide was developed by Metro Accounting And Tax Services, CPA to help individuals and small businesses determine whether they are ...
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Quick-Books Online

Navigating Quick-Book Online. When you log into QuickBooks Online, the Home page is the first screen that appears. The top ...
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Quick-Books Online

Browser Tips Having Duplicate Windows. The tips below are based on Google’s Chrome browser, but many of them work in ...
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Everything QuickBooks.

The way accounting professionals and clients manage financial information has changed significantly over the past few years. The rate at ...
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