Ashley C Priest CPA PA

06/02/2025

POV from a “real human” accountant today 🤣🥴:

AI is great in many ways and advancing things tremoundously. However, I had to remind the QB payroll AI agent this morning that Arkansas (AR) is not Alaska (AK). Assuming that it’s a “he” based on his name, said “the state of AK” three times which I had to be sure and clarify with him. I had a strong concern that they would, in fact, send payroll tax payments to the state of Alaska. His response: “thank you for reminding me.” You’re welcome, AI accountant that goes by John. 🤷🏻‍♀️🤣🥴

There is still hope for humans!

12/04/2024

A big win for companies that were required to file. We will be closely following further releases and updates.

08/20/2024

Always a good day when Mountain Valley Water comes to restock your office! Check them out for all of your water needs! THE BEST! 💚

01/25/2024

For all you business owners out there (small and large) and fellow accountants - Gusto is the way to go for all of your payroll needs! I've been using them for years for clients and my own firm! Use this link and you will be guided right through it all to get started. Let me know if you have any questions! 😁

Sign up and we both get gift cards.

12/08/2023

As year-end is quickly approaching (ready or not🫣) and you are trying to gather as many deductions as possible, I want to encourage you to consider a stock donation, especially for stocks, bonds, and real estate especially if held for more than one year and has appreciated in value! It's, of course, not only a great way to donate to your favorite charitable organization(s), church, etc. as they are not taxed on their donations of any kind but also a wonderful tax advantage for you. It's essentially an allowed way to fully max out your contribution not only for your personal income tax position but also to give the maximum contribution to that organization that is close to your heart.

The best benefit for you when it comes to assets held for more than a year is related to these held assets that have appreciated (increased) in value. You would not only get the charitable donation deduction of the fair value at the date of donation but also could avoid a capital gains tax of up to 20% depending on your tax bracket. If the asset was held for less than a year, you are limited to taking the purchase price of the asset as your contribution instead of the value at the date of donation. If the value of the short-term asset has actually depreciated though, then it would be a benefit for you as the purchase price would be greater in that situation.😁

11/10/2023

If you are looking for a payroll provider for your business, I highly recommend Gusto! I use this cloud payroll platform for most all of my clients and wouldn't have it any other way!

Sign up and we both get gift cards.

11/10/2023

PSA for all you parent business owners. Free weekly tax advice.😁

Did you know you can hire your child(ren) as an employee and deduct their paid wages from your business income and also not be subject to F**A or FUTA (social security, medicare tax, and federal unemployment) if under the age of 18? Added bonus: it's not taxable to them if at or under the annual standard deduction for single filers (i.e. standard deduction for 2023 is $13,850). To put this in a more insightful perspective, use this further as a way to pay for your child's needs and wants instead of out of your pocket with no benefit. Make sure to NOT pay with cash, but rather with a check or direct deposit (within your active payroll system) into your child's checking or savings account. Genius.

Obviously, they would need to be able to provide employment services for you that are not only appropriate for their age but also a reasonable duty for your business. Make sure to add them on as an employee just like you would any other (i.e. adequate hire/payroll forms) and document their hours/services provided throughout the year. Further, they would still receive a W-2 from your company at year-end like your other employees and would file a tax return, however, due to the standard deduction for their filing, it would eliminate any tax due. Make sure to report that they can be claimed by someone else on their tax filing so you can still receive the child credits that you are eligible for and claim them as an exemption on your personal return.

Keep in mind that these details are for businesses that are not corporated or a partnership (i.e. sole props reported on Schedule C or Schedule F for farming reporting). If either of these are the tax setup of your business, the wages are subject to F**A and FUTA taxes, however, give you a further business deduction for half of their F**A taxes (7.65% of the 15.3% total) and FUTA. If considering, I highly recommend seeking a qualified accountant to ensure your basis is covered and any questions/concerns are handled. Link to a helpful summary on the IRS website is https://www.irs.gov/newsroom/tax-treatment-for-family-members-working-in-the-family-business .

FS-2019-14, October 2019 ― One of the advantages of someone running their own business is hiring family members.

10/30/2023

Ahhh the prep for year end has begun. 😑🤓

I’ll be sharing some “tax” advice (more like tidbits) over the next few months, so be 👀.

04/24/2023

Thank you, Signature Bank! You guys are the best and I appreciate, as always, your thoughtfulness and taking such good care of your tenants! ❤️

04/12/2023

Thank you First Community Bank!! 🥸🙌🏻💙