I have a new client with a startup and they have purchased new equipment for operating the businesses. Some items are over $1000 and some are under. What is the general rule for this?
  1. Liz King, CPA
    The IRS website is always my go to for general rules and guidance, as most small business owners are concerned with tax (cash) basis accounting. The following i ... Read more

I have a client with expenses he charged traveling to take an exam related to the business he does. Basically it's continuing education for the services he provides. The charges are for lodging, meals, and tolls. ...
  1. Theladycpa
    Hi there, this can be a bit confusing as there are no direct rules or guidelines provided in accounting standards or the IRS on how individual transactions are ... Read more

Hi, I'm looking to start my business in the beginning of the year, how will this affect my taxes. Or, should I apply for the LLC but don't start my business until the beginning of next year?
  1. Liz King, CPA
    Ideally, the best time to form an LLC is BEFORE you open for business. If you have not started your business yet, you should consider this option very carefully ... Read more

I have a client that is wanting to know what is the best way to review his taxes this year. He owns about 5 AirBnB in Hawaii and he wants to know if it best to get as many tax ...
  1. Theladycpa
    Hi there, your client should do what is correct and accurate regarding his income and expenses for the Airbnb, not what puts them in the best tax position per s ... Read more

What is the best way to go about filling out the PPP Loan 3508EZ?
  1. Theladycpa
    Hi, there are two methods the form 3508EZ can be completed. Some lenders have enabled the capability of completing the form online through their websites. This ... Read more