Tax Strategy for Small Business

Welcome to our ‘Tax Strategy for Small Business’ section, where we offer a wealth of knowledge and insights on various aspects of business taxation. Our team of experienced CPAs and financial experts regularly share articles to help you navigate the complex world of business taxes. Whether you’re seeking tips for deductions, updates on tax regulations, or strategies for tax optimization, you’ll find valuable information here. Stay informed and make informed tax decisions with Bearden, Stroup & Associates, CPAs.

Can A Business Deduct Bad Debts? 

Bookkeeping & Accounting Systems, Tax Strategy for Small Business /

Business owners often ask if they can write off bad debts from customers. The answer depends on whether the taxpayer is using the cash basis or the accrual basis of accounting. For cash-basis taxpayers, however, the short answer is no. You generally can’t take a deduction for unpaid amounts because your taxable income already shows only the cash you actually received.  Cash Basis vs. Accrual Basis Accounting  Why Cash-Basis Taxpayers Don’t Deduct Unpaid Invoices  At […]

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Reasons to Start a New LLC 

Business Growth and Strategy, Tax Strategy for Small Business /

When to Create a Second Legal Entity Separate from Your Main LLC  Most small businesses begin with a single LLC, and that is usually the right approach. One entity is usually simpler, cheaper, and easier to manage. But as a business accumulates assets, expands activities, or engages in more complex transactions, sometimes a second LLC is not only reasonable, but strategically

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Drive Down Business Taxes with Vehicle Cost Deductions

Tax Strategy for Small Business /

Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Here’s a roadmap to drive down business taxes with vehicle cost deductions. Let’s start by defining “local transportation.” It refers to travel when

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One Big Beautiful Bill Act – What It Means for You as an Individual Taxpayer 

Tax Strategy for Small Business /

We’ve been waiting in anticipation for a few years now about what the extension of the Trump tax reform Tax Cuts & Jobs Act would look like.  Now it’s here – the One Big, Beautiful Bill Act.  Setting other issues aside and focusing just on the tax law provisions, we’re fairly happy with the bill. 

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One Big Beautiful Bill Act – What It Means for Businesses 

Tax Strategy for Small Business /

We’ve been waiting in anticipation for what the extension of the tax law would be in the 2nd Trump administration.  Now it’s here – the One Big, Beautiful Bill Act.  Focusing just on the tax law provisions, we’re fairly happy with the bill.  The OBBBA generally extended all the provisions of the Tax Cuts &

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Are Accounting Fees Tax Deductible: Separating Fact from Fiction for Small Businesses

Tax Strategy for Small Business /

Hiring an accounting firm is a big decision for any small business. Every dollar counts when you’re juggling expenses and trying to keep the business growing. When you hear that accounting fees might be tax-deductible, that sounds like a win. But with tax laws constantly changing, it’s easy to get confused about what you can

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