Blog | Holcombe, Holtzclaw, Ravan LLC

What type of expenses can’t be written off by your business?

May 16, 2019 | Blog, Small Business Taxes, Taxes

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses...

Two Provisions for Life’s Uncertainty

May 10, 2019 | Blog, Community, Life, Our World, Wealth

One of the biggest challenges in the accounting and financial world is the existence of the unknown future. There is much about life we simply cannot control despite our best plans and predictions. Many outside factors either support or diminish our finances and...

Employee vs. independent contractor: How to handle worker classification?

May 6, 2019 | Blog, Small Business Taxes, Tax Law, Taxes

Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply...

Casualty loss deductions: You can claim for a federally declared disaster

Apr 29, 2019 | Blog, Individual Taxes, Life, Our World, Tax Law, Taxes

Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these...

How entrepreneurs must treat expenses on their tax returns

Apr 26, 2019 | Blog, Small Business Taxes, Taxes

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for...

Divorcing business owners need to pay attention to tax implications

Apr 22, 2019 | Blog, Small Business Taxes, Tax Law, Taxes

If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part...

When you have substantial doubts about your nonprofit’s future

Apr 19, 2019 | Blog, Non-Profit, Our World

U.S. Generally Accepted Accounting Principles (GAAP) require not-for-profits to regularly evaluate whether there’s “substantial doubt” about their ability to continue as a going concern. This means that the organization won’t soon liquidate its assets and cease...

You too could fall victim to a celebrity scandal

Apr 16, 2019 | Blog, Community, Non-Profit, Our World

Celebrities — whether they’re Hollywood stars, hometown sports heroes or local TV news anchors — can provide a big boost to the not-for-profits they publicly support. The flip side is that stars can also harm an organization by association. Accusations connected with...

2019 Q2 tax calendar: Key deadlines for businesses

Mar 29, 2019 | Blog, Small Business Taxes, Tax Law, Taxes

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting...