Blog Posts
Strategic Insights for Employing Your Spouse
If you own your own business and operate as a proprietorship or partnership, one of the smartest tax moves you can make is hiring your spouse to work as your employee. Unfortunately the tax savings may be a mirage if you don’t pay your spouse...
How Can A Virtual Bookkeeping Service Help Your Business
No matter the size of your business, it is very important to pay close attention to your bookkeeping and ensure you are keeping accurate records of your transactions, sales, transfer of money, etc. Bookkeeping will provide an accurate picture of how well your business...
What Are Tax and Accounting Services
You’ve started your business and have become overwhelmed with the paperwork. You may have heard of tax and accounting services but are unsure of exactly what they consist of and how they can help you. Learn about these services and why they are important to your...
Claim Your 2020 COVID Sick and Family Leave Credits Today
COVID Relief You may have overlooked potential COVID-19 tax credits. Credits can result in up to $15,110 in tax credits. The good news is that it’s not too late to claim them. The IRS allows amended tax returns. Therefore, please be aware...
Shutting Down a C Corporation
Tax Implications There are several tax implications to be aware of when shutting down a C corporation. Complete liquidation of a C corporation is when it ceases to be a going concern. It winds up its affairs, pays its debts, and distributes...
The Cleaning Lady and Your Home-Office Deduction
Keeping Clean? If you have an office in your home that qualifies for the home office deduction and you employ a cleaning lady who maintains both your home and your home office, there are a couple of tax considerations to keep in mind. The...
Act Now to Qualify for Your 2020 and 2021 ERC Money
Employee Retention Credit It’s 2023, but you still have the chance to qualify for the employee retention credit (ERC) for the 2020 and 2021 calendar years. This credit can potentially help you recover a significant amount of money. The employee...
Three Considerations For Outsourcing Accounting For Medical Practice
Hiring an in-house accountant for a medical practice is not always the most cost-effective or feasible option for a small business. At Sterling Tax & Accounting, we offer accounting for medical practice services that save our clients money...
The Benefits Of Choosing A Specialized Medical Practice Accountant
Medical professionals are not typically experienced in the business aspects of running a medical practice. One of the most difficult areas of running a medical practice is accounting. The complexities of a medical practice business can create a challenge,...
One Ugly Rule for S Corp Owners Deducting Health Insurance
Deduct Health Insurance When your S corporation covers or reimburses your more-than-2-percent-shareholder-employee health insurance expenses, it classifies the payments as box 1 W-2 wages but not box 3 or box 5 wages. When calculating the...