Home Team CPA

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It's high school and college graduation season, so we should again touch on 529 plans for those with younger children. W...
06/03/2026

It's high school and college graduation season, so we should again touch on 529 plans for those with younger children. What exactly is it? A 529 plan is an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary. You can use a 529 plan to pay for college, K-12 tuition, apprenticeship programs, and even student loan repayments. There are over 100 different 529 plans available for a variety of education savings needs.

Here's our regularly scheduled reminder that no matter what type of business you're running, the plan always involves ke...
05/06/2026

Here's our regularly scheduled reminder that no matter what type of business you're running, the plan always involves keeping your personal and business finances separate. In doing this, you’ll reduce the risk of triggering an IRS audit and will have a more accurate picture of your business finances.

When are taxes due this year? The deadline to file a federal income tax return is Wednesday, April 15, 2026. The IRS say...
04/01/2026

When are taxes due this year? The deadline to file a federal income tax return is Wednesday, April 15, 2026. The IRS says the date and time in your time zone when your electronic return is transmitted determines whether it is on time and the deadline is 11:59 p.m. For paper filers, the IRS will consider your return on time if it is properly addressed, has enough postage, and is put in the mail and postmarked by the due date.

The next few weeks are crunch time for some of our business owners. S-Corporations, Partnerships and multi-member LLCs t...
03/02/2026

The next few weeks are crunch time for some of our business owners. S-Corporations, Partnerships and multi-member LLCs that operate on a calendar year must submit their income tax returns by March 16, 2026, using IRS Form 1065 or 1120S. March 16 is also the deadline to file for an extension for S-Corp and Partnership returns.

Most people only need enough cash in a checking account to cover a month's worth of spending, plus a little extra to mak...
02/02/2026

Most people only need enough cash in a checking account to cover a month's worth of spending, plus a little extra to make sure they avoid overdrafts. Beyond that, keeping more cash in your checking account could cost you a lot of money, because checking accounts earn little to no interest. Consider a high-yield savings account, IRA, or taxable brokerage account and don't let your money sit idle

Welcome to January 2026! This is typically a long busy month for business owners. Businesses with employees must send st...
01/02/2026

Welcome to January 2026! This is typically a long busy month for business owners. Businesses with employees must send staffers W-2 forms to report wages paid and taxes withheld. Businesses making use of independent contractors must also send certain 1099 forms to report money paid to them. January 31 is the deadline to have these forms sent out.

We often get asked why is bookkeeping reconciliation so important? Simply put, it verifies that financial records reflec...
12/03/2025

We often get asked why is bookkeeping reconciliation so important? Simply put, it verifies that financial records reflect all transactions by spotting discrepancies, identifying fraudulent activities or simple data entry errors. This is all essential for maintaining compliance and in the event of an audit, you can confidently provide accurate documentation.

The government might be shut down, but the IRS is still on duty for the time being. In its shutdown plans posted online...
10/03/2025

The government might be shut down, but the IRS is still on duty for the time being. In its shutdown plans posted online on Monday, the IRS said it planned to tap Inflation Reduction Act funds to keep operating as usual for five business days. The plans didn’t address what would happen if the shutdown extended beyond that duration, but many of the IRS’s nearly 75,000 employees would likely be furloughed causing delays in processing.

Fraudsters are always out to exploit our small businesses and it's not always easy to know if a company is legitimate, b...
09/03/2025

Fraudsters are always out to exploit our small businesses and it's not always easy to know if a company is legitimate, but here are a few tips to look for to avoid fake companies or scam websites.
1️⃣Take your time if you’re thinking about buying something. Pressure to buy right away is a bad sign.
2️⃣Getting emails asking for personal information is suspicious. Only share information when you’re sure it’s safe.
3️⃣If you get a call you're not expecting, make sure the caller is who they say they are.

With password breachs in the news almost daily, it’s important to be proactive and take some simple but crucial precauti...
08/05/2025

With password breachs in the news almost daily, it’s important to be proactive and take some simple but crucial precautions. A few smart habits and tools can go a long way in protecting your personal data and making it much harder for threat actors to get a hold of it. We always recommend using strong and unique passwords for each one of your accounts and enabling two-factor authentication (2FA) whenever it’s available for an extra layer of security.

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P. O. Box 16572
Asheville, NC
28806

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