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Returning Value Blog

Nick Wheeler, CPA

Recent Posts

Forecasts vs. Projections: What's the Big Difference?

Posted by Nick Wheeler, CPA on May 18, 2022

Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help ensure the assumptions underlying prospective financial statements make sense in today’s volatile marketplace.

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Posted in Business Advisory

The Tax Mechanics Involved in the Sale of Trade or Business Property

Posted by Nick Wheeler, CPA on Apr 26, 2022

What are the tax consequences of selling property used in your trade or business?

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Posted in Business Tax

Fully Deduct Business Meals This Year

Posted by Nick Wheeler, CPA on Apr 06, 2022

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).

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Posted in Business Tax

Taking The Opposite Approach: Accelerate Taxable Income and Defer Deductions

Posted by Nick Wheeler, CPA on Mar 22, 2022

Typically, businesses want to delay the recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to?

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Posted in Business Tax

The Election to Apply the Research Tax Credit Against Payroll Taxes

Posted by Nick Wheeler, CPA on Mar 02, 2022

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features that are especially favorable to small businesses:

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Posted in Business Tax

Important Tax Aspects of Operating Your Business as a Sole Proprietor

Posted by Nick Wheeler, CPA on Feb 14, 2022

If you’re in business for yourself as a sole proprietor or planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider:

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Posted in Business Tax

Are Gift Cards Really a "Gift" for the Restaurant Industry?

Posted by Nick Wheeler, CPA on Jan 25, 2022

Given the popularity of gift cards among both issuers and recipients, restauranteurs should understand the pros and cons of selling and issuing gift cards.

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Posted in Accounting & Outsourcing

Businesses With Employees Who Receive Tips May Be Eligible For a Tax Credit

Posted by Nick Wheeler, CPA on Jan 11, 2022

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.

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Posted in Business Tax

Rolling Forecasts Provide Flexibility in Uncertain Times

Posted by Nick Wheeler, CPA on Dec 13, 2021

Forecasting how your company is likely to perform over the next year can be challenging, especially when it’s unclear where the markets are heading. But accurate forecasts are critical when managing a business. For example, they may be used to order inventory, hire additional workers, apply for loans and credit lines, and evaluate investment alternatives.

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Posted in Business Advisory

Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties

Posted by Nick Wheeler, CPA on Nov 16, 2021

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush up on the tax rules associated with these expenses. Are they tax deductible by your business, and is the value taxable to the recipients?

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Posted in Business Tax

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