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Tax Tips Merci Warren Tax Tips Merci Warren

Electing as an S Corporation: Benefits, Drawbacks, and When to Make the Choice

Electing S-Corp status can provide significant tax benefits, including reduced self-employment taxes and pass-through taxation, but it also comes with administrative responsibilities and restrictions. This blog breaks down the pros and cons to help business owners determine if an S-Corp election is the right choice for their financial and growth goals.

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Simplify Your Business Finances with QuickBooks & Genovations Accounting

QuickBooks is a powerful tool for small businesses, simplifying financial management, enhancing accuracy, and providing real-time insights into cash flow and expenses. Genovations Accounting’s certified QuickBooks ProAdvisors offer tailored setup, seamless integration, and ongoing support to help business owners streamline their finances and stay tax-ready year-round.

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Genovations Accounting: Specialized Tax Support for Your Needs

Genovations Accounting offers specialized tax services with licensed IRS Enrolled Agents, providing personalized support for clients with complex tax situations. Unlike larger firms, we offer efficient, affordable service with a personal touch, ensuring you receive expert guidance without the high price tag.

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Ep. 3 Clean Books for a Clean Restaurant Sale - The Count On It Podcast

Taylor Klummer, a restaurant broker, emphasizes the importance of clean financial records for accurate valuations and successful sales. He shares his personal experience of selling his own restaurant and becoming a broker. The Podcast discusses the role of brokers in providing guidance to restaurant owners and the benefits of buying existing restaurants…

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Everything You Need to Know About Filing a Tax Extension

Filing a tax extension with the IRS allows individuals extra time, up to six months until October 15th, to submit their tax returns without penalty, although it doesn't extend the time to pay any taxes owed. Options for requesting an extension include using tax preparation software, filing Form 4868 electronically or by mail, and making payments via the Electronic Federal Tax Payment System (EFTPS)…

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Ep. 2 How Do I Know if I Need Tax Help? - The Count On It Podcast

Gabby Parker and Chris Cameron discuss Tennessee taxes, including state taxes and franchise and excise tax. They cover filing state business taxes through TenTap and the decision to itemize deductions. The conversation also touches on the implications of quarterly tax payments and the importance of considering time as money in tax preparation. They highlight the benefits of hiring a firm for personal and business taxes and stress the importance of keeping business financials up to date.

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What is BOI and How Might New Requirements Affect Your Taxes?

The new BOI filing requirements under the Corporate Transparency Act require LLCs, S Corps, and C Corps identified as reporting companies to disclose Beneficial Ownership Information to combat money laundering, with filings due by January 1, 2025, for existing businesses.

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How-To: Calculate TN F&E Taxes

We often get the question: “How do I calculate my Tennessee franchise and excise taxes?”. So, in this post, we quickly break down the details and calculations surrounding franchise and excise tax in Tennessee.

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