Every business starts out as someone’s dream. But while dreams may be priceless, businesses require an accurate valuation before buying or selling. Arriving at a total picture of a business’s value involves quite a bit more than just profits and losses. In fact, to really understand a business’s price tag, we need a 3-dimensional approach, examining its past, present, and—most importantly—future.
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Considering a future for our families beyond our own lifespans can lead to some of the most difficult financial decisions. We want to be here earning a living and guiding our family’s future every step of the way. But the reality, sadly, requires us to make plans in the event of incapacitation and death—plans that simply can’t be wished away.
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If you own a small business, you know how confusing, complicated, and scary it can be to remit payroll taxes and quarterly taxes. Even if you use a tool like Quickbooks, which supposedly handles all of your tax concerns for you, it’s still very intimidating because if you make a mistake, you could end up paying back taxes. This can put a strain on your cash flow and could even force you to have to take out a loan for payroll.
Find out moreAldridge, Borden & Company is pleased to announce the promotion of Principal Joe Mills, CPA, to Partner.
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Until now, your small business has gotten by with delinquent financial data, weak internal controls, and staff turnover. You can afford an accounting and reporting platform for payroll applications, processing purchases and disbursements, handling credit cards and expense reports, and financial reporting that integrate with your bank accounts. Save valuable time from the administrative burdens of cutting checks, keeping up with journal entries on a spreadsheet, and using a desktop payroll solution.
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In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls.
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Many people are familiar with Roth IRAs. These popular retirement accounts feature tax-free withdrawals as long as certain conditions are met. But did you know that employers can offer designated Roth contributions as part of the 401(k) plans they sponsor for employees?
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RETAIL BUSINESS ACCOUNTING Your retail business is a complex entity offering a myriad of products and services. Beyond keeping track of inventory, payroll, loss management, and profits, there’s always the current tax season to consider too.
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Estimated Reading Time: < 4 minutes A gift—no matter how large or small—can have a profound impact on the people we love. If anything, the holiday season inspires us to make those kinds of profound impacts.
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Governor Ivey signed a bill lowering the state food tax rate from 4% to 3% on September 1, 2023. In 2024, the tax will be lowered to 2%. Although it’s contingent on the projections for the Education Trust Fund raising by 3.5% for 2025.
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You may have already read our blog on the Alabama Overtime Pay Exemption. If you haven’t had the chance to read it, visit the link here.
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If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).
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Business owners and their leadership teams are rightly urged to engage in regular strategic planning to move their companies, thoughtfully and consciously, in a positive direction.
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Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.
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Filing your income tax return can be a time-consuming hassle. By using TaxCaddy and SafeSend Returns, you’ll save time and enjoy a more streamlined, paperless and automated experience. Your tax professional’s work is complicated, but your part should not be.
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On June 8, 2023, Governor Kay Ivey passed legislation regarding overtime pay exemption earned by full-time hourly employees from Alabama gross income and consequently from Alabama state income tax. The exemption will apply to wages earned for any hours worked over 40 in any given week starting January 1, 2024, through June 30, 2025.
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Safeguarding your assets and controlling risks are essential to your family and business success. We thought this service offering from the County would be something most of our clients would benefit from using.
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I am going to be discussing the basics of tax depreciation, and what can be depreciated to minimize the taxpayer’s taxable income.
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Not-for-profit organizations play a vital role in society by addressing social, environmental, and economic issues that affect communities
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As a business owner, you want to understand how your business’s financial performance positions your company in your market. Strong business accounting and knowledge of what impacts your business’s finances can become a sword and shield in your battle for a more significant market share.
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If you’re a small business owner, you are clearly a subject matter expert in your industry and business. However, it’s not likely that you’re also an accounting expert — perhaps you even hate it! Keeping up with your books and taking the time to manage payroll can cut into the time and resources you would otherwise spend focusing on your clients and products/services. This can end up costing you significantly, especially if you aren’t experienced with business accounting.
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The joys of commercial or residential property ownership cannot be overstated. From a financial standpoint, property is a unanimously celebrated asset. But owning property also has an unfortunate side effect—costly and frustrating property taxes. Contrary to popular opinion, your property tax isn’t immovable (or movable only in an upward direction). Though predicated on the overall value of your property, there are methods, tips, and tricks for lowering or limiting your property tax burden.
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April 18 is the deadline for filing your 2022 tax return.
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ax reporting can be a complex and confusing task, especially when it comes to understanding the various forms and requirements. Recently, the rules surrounding Form 1099-K have undergone significant changes, and it’s important to stay informed to ensure accurate reporting. We’ll discuss the updates in 1099-K reporting for the 2024 tax year and how they may affect you.
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The idea has been building for years, and now you’re finally making it happen. Your startup business is nearly off the ground! Whether you’re months or days from opening, or if you’ve just opened for the first time, how you manage your accounting at the outset can set the overall tone for success.
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Starting up your workday, as a business owner, executive, or manager, you’ve most likely got a checklist or group of essential tasks. Prioritizing can make all the difference. It takes a great deal of organization and foresight to handle the macro and micro. At Aldridge Borden, we help our business owners optimize financial goals by increasing business valuation.
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Financial health and physical health share a lot in common. Both can seem fine one day only to decline rapidly the next. And in both measurements of health, we may only be one emergency away from desperation without even knowing it.
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In today’s world, where so many people are working from home, and data threats are continually evolving and threatening your business’s security, it can be challenging to maintain the security and efficiency of your data systems. Now more than ever, it is vitally important to employ the services of information technology (IT) experts.
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Aldridge, Borden & Company is pleased to announce Principal Amanda Hines, CPA, is promoted to Partner.
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We would like to honor and congratulate our very own CFO, Ashley Lough, on her new position as Chair of the Audit Committee of the Board for River Region United Way!
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Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity.
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The Alabama Accountability Act allows Alabama taxpayers and businesses to contribute to Scholarship Granting Organizations to claim a dollar-for-dollar tax credit for 100% of their Alabama tax liability. The limit to the credit for individuals is $100,000. Businesses can also reserve a tax credit for 100% of their total tax liability with no dollar limit. The credit can be carried forward for three years. The mission for these organizations is to provide scholarships to low income students to attend public and private schools in the state.
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The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs).
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Aldridge, Borden & Company is pleased to announce several employee promotions.
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By Rhonda L. Sibley, CPA, AEP The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, has caused tax advisers to review and question the proper entity selection for business clients. To properly advise business owners, CPAs must proactively consider the impact that the entity structure will have on a client’s estate plan. An adviser cannot be shortsighted in how the choice of entity will affect future generations. This discussion considers some of the key differences that affect post-mortem planning when looking at entity selection.
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Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you plan to retire:
Find out moreIt’s a classic situation: your business is growing just enough to keep everyone busy – maybe too busy – but you’re worried about whether or not to hire a new employee
Find out moreThe debits and credits of accounting remain the same, but accounting for nonprofit organizations includes a unique challenge: functional expenses. In another article, I explained how to separate expenses by function.
Find out moreIf you have a business that isn’t profitable after paying owner-operators a market-based wage, then you do not really have a business, you have a very stressful job.
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You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married).
Find out moreNonprofit organization memberships are becoming increasingly common, often implemented for their humanitarian benefits. In this discussion, we’ll break down the details of accounting for memberships for a nonprofit organization.
Find out moreIn another post, we talked about how to handle missing receipts. While receipts should be collected for all expenses, receipts are particularly important for substantiating reimbursements to employees and third parties. With more nonprofits hiring remotely and turning to a work-from-home model, employee reimbursements for organization expenses are becoming commonplace.
Find out moreYour contribution revenue is increasing each year, and your organization is growing. You’re taking on bigger projects and eyeing bigger grants from bigger donors.
Find out moreOrganizational expenses may be paid in many ways, from direct ACHs and wires, to vendor drafts on the bank account, to debit and credit cards.
Find out moreWant to reward your employees for a job well done, or provide a celebratory gift?
Find out moreAt the very minimum, restaurant operators need a weekly overview of cash flow and labor costs to stay current on how the restaurant is doing, and prevent financial surprises.
Find out moreAs creative as they get, it never changes my answer. In the discussion below, we delve into the ins and outs of donated services for small businesses.
Find out moreBy Anna Baumgardner, CPA | Published 06/17/2022 Whether you are looking to expand your team or are simply hiring staff due to natural turnover, working and hiring remotely is becoming popular. Hiring remote employees allows you to expand your talent search and find the best fit for the organization, but some hiring managers worry that
Find out moreRestaurants are doing more carry-out and delivery than ever, and maximizing revenue per square foot by using two, three, or more different delivery services to reach the most hungry customers as possible.
Find out moreSmall companies may shy away from offering such a plan under the common misconception that this benefit is complicated, risky, or too expensive.
Find out moreAs tech and bill pay processes evolve and small organizations become more agile, writing a physical check has become an outdated process.
Find out moreThe term net assets may pop up in financial statements whether you have a for-profit or a nonprofit entity, so I want to provide some key clarifications.
Find out moreIn the midst of planning fundraisers and campaigns, searching for expansion opportunities, managing internal staffing, and tracking expenses.
Find out moreAccording to Restaurantowner.com, the pre-tax average net profit for independent fast-casual (quick service) restaurants is 6-7% and 4-5% for full-service restaurants.
Find out moreWhen and How to Issue Donation Acknowledgements in Your Nonprofit
Find out moreS-corporation owners are constantly wondering why they are unable to claim the loss that is reported on their K-1
Find out moreThrough months of unimaginable hardships and uncertainty, restaurants around the country have been rethinking their operations.
Find out moreIn this blog, we give you the details on what you need to know about service charges vs tips, including how they affect taxes and financials.
Find out moreNot only should expenses be carefully categorized according to the type of expense, or account, but most not-for-profits also categorize expenses according to the activity, or class, that the expense supports.
Find out moreContributions fall into two categories: those with donor restrictions, and those without donor restrictions. Contributions with donor restrictions are designated by the donor for specific projects or purposes other than general use.
Find out moreA business entity type lets your state’s charter know how your entity is organized for legal purposes, informs your state’s taxation department for state taxes, and informs the Internal Revenue Service (IRS) for federal taxes.
Find out moreOne of the most important steps in setting up a business’s accounting function is choosing an accounting method. The accounting method you select determines how you treat each transaction for bookkeeping, accounting, and reporting purposes.
Find out moreWhen you think about accounting, what type of operation comes to mind?
Find out moreFor any venture to achieve success, it’s absolutely imperative to establish goals at the outset. Begin with the end in mind, as they say.
Find out moreOne of the most important steps in setting up a business’s accounting function is choosing an accounting method.
Find out morewhich helps the IRS and other 990-readers determine if the organization is expending funds in a manner that supports the organization’s non-profit status and mission.
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If you’re a restaurant owner, you know that success requires maintaining a delicate balance between great food and excellent service. Other aspects of your business need a sort of balance to be successful as well. For example, you may or may not balance your menu with both high-cost and low-cost items. When it comes to bookkeeping for restaurants, this same mentality applies, but even the most experienced restaurateurs find bookkeeping and accounting leave a sour taste in their mouths. Aldridge Borden and Co. provide the OneSource Solution to help restaurant owners, like yourself, manage their bookkeeping with ease. All it takes is a dash of accounting expertise and a pinch of intuitive software – now you’re cooking with gas!
Find out moreYou might assume that interns don’t receive many of the same benefits as employees – paid time off, insurance, retirement benefits
Find out moreUBTI is Unrelated Business Taxable Income, which in very dry and technical terms, is income generated from activities not substantially related to an organization’s tax-exempt purpose
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This article highlights the benefits and win/win for restaurants and accountants that use software like MarginEdge
Find out moreThis article looks at some best practices in restaurant accounting and then offers some tips on helpful features of modern accounting systems
Find out moreNonprofit organizations sell tickets, sponsorships, and other “ticket packages” that give a donor an exclusive table with 10 tickets.
Find out moreThe price is discounted to $12/lb with net 30 payment terms due to their consistent high-volume orders.
Find out morePlease join us this Monday at WeWork Wonderbread to learn how to manage accounting and tax processes that will help your business grow and succeed
Find out moreIf you have under 50 employees, you must provide group healthcare coverage or provide NOTHING at all related to health insurance.
Find out moreIf you rent your home for fewer than 15 days (say on Airbnb or VRBO) during the year, you can simply ignore the rental activity, pocket the cash, and not report the income.
Find out moreThe million dollar question. Here is a simple article that will break down the financial differences between leasing and buying a car
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