Austin Malone, CPA PLLC

01/28/2023

I've had several people ask me lately about preparing their own taxes. You can definitely do it on your own, especially if all you have is a W-2 (i.e., you are an employee).

Just think through what types of income and assets you have, and figure out what tax form that will be reported on. Keep in mind, if you have investments (stocks, bonds, retirement accounts, businesses, real estate) lots of those forms have different dates they are due.

Never file a return until you're sure you have everything . . . it causes more trouble than it is worth.

As far as actually preparing your return: you should always use software and file electronically. If you're expecting a refund, get your direct deposit info in there. There are a ton of options, but I really don't like a lot of the big ones.

My #1 recommendation is 1040.com . . . they are a flat fee, with no nickel and diming. They are made by the same company that makes my professional software. I believe the fee is $25.

01/24/2023

Are you a small business owner who feels like data is overwhelming? Do you feel like your accounting data is only good for tax filing purposes and nothing else?

If so, then this post is for you! Good accounting data can actually be used to help you make better, faster business decisions - the kind of decisions that identify opportunities for growth, and can identify problems early.

If you feel like you're not using your financial data to make management decisions, and would like to change that, you're not alone. I can't tell you how many times I've spoken with clients who said things like "I had no idea I was making that much" or "Wow, I didn't realize we were losing money on these jobs."

Learn how to make smarter business decisions using the same accounting data that seemed useless before. To learn how, follow the link below!

Click here to learn more about how small business owners can use their accounting data for more than just taxes: https://www.austinmalonecpa.com/post/accounting-for-growth

01/16/2023

I know that many people rely on their tax refund to fund major life events. But, this year, several tax breaks for "normal people" are set to expire.

Professionals across the board are anticipating much smaller tax refunds this year (2022 Tax Year).

I wrote this article that summarizes the exact changes that might impact you (link below).

https://www.austinmalonecpa.com/post/your-tax-refund-might-be-disappointing-this-year

01/13/2023

So, you've got a business and it's making money. Things are great, right? 🥳

But, did plan for how to pay your taxes? 🤔

The self-employed are supposed to make quarterly installments towards their tax bill. Ideally, this makes filing very similar to those who are employees, you might even get a small refund.

However, in practice, many self-employed taxpayers pay nothing throughout the year and end up with a crazy bill come Tax Day. Sometimes, this can even put the business in a cash flow crunch, with no good way to pay the tax.

This sounds like an issue that is simple to avoid, but to many small business owners, it is intimidating and confusing. That's why I wrote an article on my blog that describes how you can create a system for your business that eliminates nasty tax bills in April.

01/10/2023

Did you know that even if you pay someone to prepare your tax returns, you are ultimately responsible for the completeness and accuracy of the returns?🧐

Part of owning a business and filing taxes is keeping good records. However, different deductions can have different recordkeeping requirements. 🗂

That's why I wrote this article that summarizes some of the basic recordkeeping requirements for small business owners. You can read more about it on my blog (link below).

https://www.austinmalonecpa.com/post/business-recordkeeping-requirements

01/05/2023

Did you know that businesses can be taxed 4 different ways? Did you know that generally have a choice in how your business is taxed? Crazy, right?🤯

I wrote this article to help small businesses get an idea of what their options are, and why they might pick one structure over another. You can read more about it on my blog (link below).

https://www.austinmalonecpa.com/post/which-entity-is-right-for-my-business

01/03/2023

I've noticed many of my customers will ask the same questions. Starting a new small business or growing an existing one is tough, and most find the financial management chores the most intimidating.😣

I decided to write a series that I thought would be helpful to those who are considering or just want a deeper understanding of some of the tax consequences of being self-employed.

If you think you might be interested in something like that, you can join my email list and I'll send you a checklist that covers the most common pitfalls faced by small business owners with links to even more useful info. ☑️

You can get it here: https://page.co/jfzf6

12/26/2022

Welcome! For those that don't know me, I'm Austin Malone and I got into accounting because I love working with entrepreneurs, and I realize that many people are confused and overwhelmed at the idea of managing their business finances.

I'll be sharing content from my website and blog here that I think might be helpful. If that sounds like something that interests you, I'd appreciate you liking and following the page.

If you know someone who is looking for a new CPA, the first step is to schedule a free, initial consult with me. You can schedule a call using this link:

During this call, we'll discuss services you are looking for me to provide. From there, I'll show you what you can expect during the onboarding process and next steps.