Choosing the right business structure is one of the most important decisions a business owner can make, especially regarding taxes. The entity you choose will determine how you pay taxes, how much you’ll owe, and how your personal assets are protected. Whether you’re starting a new business or considering a change in your business structure, …
Read More...Running a construction business comes with a unique set of financial challenges and opportunities. One of the most significant opportunities lies in the tax deductions and incentives available to the construction industry. Understanding and leveraging these tax benefits can help you minimize tax liability, improve cash flow, and reinvest in your business for future growth. …
Read More...Leveraging financial incentives is essential for business owners seeking sustainable growth and enhanced profitability during expansion. Local or state governments offer programs designed to spur economic development and encourage investments within their jurisdictions. By leveraging such incentives, businesses can significantly reduce their tax liabilities, enhance cash flow, and optimize their financial strategy. What Are …
Read More...Sandusky, Ohio – July 30, 2024 – Payne Nickles & Company, a leading advisory services firm, is excited to announce that it has been named, for the second year in a row, an IPA 500 firm in the 2024 INSIDE Public Accounting Practice Management Survey. This recognition highlights Payne Nickles’ dedication to excellence and its …
Read More...Starting in 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people …
Read More...Sandusky, Ohio – July 8, 2024 – Payne Nickles & Company CPAs and Business Advisors is proud to announce the promotion of four outstanding team members in recognition of their dedication, hard work, and contributions to the firm. Tanner Stiert, CPA, has been promoted to Manager. Tanner graduated from Miami University with a B.S. in …
Read More...As a business owner, the Profit & Loss (P&L) report is one of your most vital tools. This financial statement gives a window into your business, revealing how your money is generated and spent. The main goal of the P&L report is to understand how your business has earned a net profit or incurred a …
Read More...A common question, and one where many taxpayers often make mistakes, is whether it is better to receive a home as a gift or as an inheritance. Generally, from a tax perspective, it is more advantageous to inherit a home rather than receive it as a gift before the owner’s death. This article will delve …
Read More...Payne Nickles & Company, CPAs proudly announce the Todd Spore, CPA Memorial Scholarship recipients for the 2024-25 academic years! The annual scholarships are funded through an account established by Payne Nickles & Company, CPAs within the Huron County Community Foundation, and are available to any first, second, third, fourth, or fifth-year accounting major in Erie, …
Read More...Navigating the complexities of business ownership requires a keen understanding of financial planning. A comprehensive financial plan is more than just a set of documents; it’s a roadmap that guides your business through the ever-changing landscape of commerce, helping to steer day-to-day decisions and long-term strategies. Essential Components of Financial Planning Efficient cash management is …
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