Tennessee Contractors: Reviewed Financial Statements
Tennessee contractors require reviewed financial statements for licenses exceeding $1.5 million. These statements, prepared by a CPA, offer a level of financial verification. Callison CPA can help analyze your records, create the statements, and provide a limited assurance report. With proper preparation and a qualified CPA, you can secure the necessary documents to obtain your Tennessee contractor's license.
How a Potential TikTok Ban Could Impact Businesses and Creators
A potential TikTok ban in the US could hurt businesses and creators who rely on the app to generate income. 69% of small businesses on TikTok say it has led to increased sales.
LLC Tax Savings: Answers to Common Questions & Maximizing Your Deductions
An LLC structure helps to protect the owners’ personal assets from lawsuits or debts associated with the LLC. There are other tax advantages, too, especially for small business owners.
Tennessee Economy Projected to Boom in 2024: What This Means for Contractors
Tennessee's economy is expected to outperform the U.S. economy in 2024 due to population growth and a strong manufacturing sector. For contractors, this means specific benefits and challenges. Let’s take a look at how to prepare for 2024.
Tax Tips for C Corporations
C corporations offer ownership flexibility and growth potential, but also face unique tax considerations. This guide explores C corp tax questions, benefits, and strategies compared to S corporations and LLCs, helping you make informed business structure decisions.
From Side Hustle to Smart Business: Tax Tips for Social Media Influencers
Social media influencing is considered a business by the IRS. Stay organized with income and expense tracking, understand relevant tax forms, maximize deductions, and consider professional help to ensure you're tax compliant and maximizing your earnings.
The Home Office Deduction: Turning Your Workspace into Tax Savings
The home office deduction can save you money if you have a dedicated workspace used regularly for business. Calculate your deduction using either the simplified or regular method, and report it on Form 8829. Beware of red flags like mixed-use spaces or poor documentation.
The Importance of CPAs for Contractors in Tennessee, Even for Small Projects
In Tennessee, contractors bidding on projects under $25,000 don't need a CPA-reviewed financial statement. However, working with a CPA offers benefits like accurate financial management, tax planning, strategic advice, and risk management, helping contractors achieve stability, growth, and long-term success beyond mere regulatory compliance.
Payroll Decoded: DIY vs. Outsourcing for Business Success
Managing payroll in-house can be complex and time-consuming. Outsourcing to Callison CPA offers expertise, saves time, and ensures accuracy. Consider outsourcing if your business is growing, payroll is increasingly complex, or you're experiencing errors and missed deadlines.
All content on this blog is intended for general informational purposes only and does not constitute legal or professional advice. Please contact a member of our team for accounting advice specific to your situation or needs.