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.
Building Your Dreams, Building Your Business: How to Get a Contractor's License in Tennessee
Earning a contractor's license in Tennessee unlocks business opportunities in the state's booming construction industry. Passing exams, securing finances and insurance, and registering your business are all part of the process. Learn how to obtain your license in Tennessee and how Callison CPA can help partner with you for success!
The October 15th Tax Deadline: Why It Matters and What You Need to Know
The October 15th deadline applies to those who filed an extension, live abroad, or are in eligible military service. It extends your filing time, NOT your payment deadline. Penalties for missing it are steep, so e-file by the deadline, pay what you can if unable to file, or contact the IRS for help.
Conquering Tax Season: A Tennessee Realtor's Guide
Tennessee realtors are self-employed and responsible for their own taxes. They can deduct business expenses like mileage, marketing, and home office costs to reduce their tax burden. Keeping good records and consulting a tax professional can make tax filing easier.
Should You Hire a Tax Professional?
Hiring a tax professional offers expertise, stress reduction, and audit protection, but costs money and requires finding the right person. Consider professional help if your taxes are complex, you had life changes, faced past issues, or simply need peace of mind.
Understanding the Difference Between CPA Compilation and Review Services
CPA compilations organize financial data without assurance, suitable for internal use and cost-effective. CPA reviews provide limited assurance through analytical procedures, ideal for external reporting and enhanced credibility. Choose based on purpose, budget, stakeholder requirements, and business complexity.
Callison CPA Opens New Office in CBL Center
Callison CPA has opened a new office at CBL Center in Chattanooga, Tennessee. Our firm offers a ful range of services, including personal and business tax preparation and filing, bookkeeping and payroll, and business advisory services.
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.