Month: September 2025

  • Do You Really Need a CPA? Clearing Up Common Misconceptions

    Do I need a CPA? Small business owners often wonder if they must have a Certified Public Accountant (CPA) for every financial matter. CPAs are highly trained, licensed professionals who provide enormous value in specific situations—but they’re not always required. In fact, sometimes using a CPA for routine or low-complexity tasks can be the least…

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  • A small business owner sitting at a desk with organized folders, a laptop showing a simple P&L chart, and a coffee mug nearby.

    How to Stop Losing Money: The Bookkeeping Mistakes That Wreck Your Tax Return (and How to Fix Them)

    Executive Summary Running a business means wearing many hats—but bookkeeping doesn’t have to be one you dread. At tax time, your preparer needs a profit and loss statement (P&L) and a balance sheet to get the job done right. These reports don’t just keep the IRS happy—they help you see if your numbers add up.…

    Read More: How to Stop Losing Money: The Bookkeeping Mistakes That Wreck Your Tax Return (and How to Fix Them)

  • Capital Loss on Estate’s Sale of a Decedent’s Home

    Stepped-Up Basis and Loss Recognition When a person dies, their property generally receives a stepped-up basis (or stepped-down if applicable) to its fair market value (FMV) as of the date of death. In the case of a home, the estate’s tax basis in the property becomes the appraised date-of-death value. If the estate later sells the house…

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