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Accounting and payroll resources for small business owners.

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Small Business Accounting

You May Need to Make Estimated Tax Payments

1 min read

You May Need to Make Estimated Tax Payments

You may have to make estimated tax payments if you earn income that's not subject to withholding, such as income from self-employment, interest,...

Updated Guidance on Business Vehicle Depreciation

7 min read

Updated Guidance on Business Vehicle Depreciation

The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain...

Business Owners, Your Financial Statements Are Trying to Tell You Something

2 min read

Business Owners, Your Financial Statements Are Trying to Tell You Something

Business owners are commonly and rightfully urged to generate financial statements regularly in compliance with Generally Accepted Accounting...

Chart a Tax Course for Business Travel

4 min read

Chart a Tax Course for Business Travel

Are you planning to take a business trip this year? If your destination is known for its cultural or recreational attractions, you might want to...

Eight Red Flags for IRS Audits

4 min read

Eight Red Flags for IRS Audits

The number of people being audited by the IRS isn't that high. For many years, less than 1% of taxpayers undergo face-to-face audits (although...

Withdrawing Cash from Your C Corporation

3 min read

Withdrawing Cash from Your C Corporation

C corporation owners often need to take cash out of the business to pay personal expenses or to shield excess cash from creditors. Paying dividends...

3 min read

Do's and Don'ts for Business Expense Deductions

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is...

The Value of Using One Service Provider for Accounting, Payroll, and Taxes

1 min read

The Value of Using One Service Provider for Accounting, Payroll, and Taxes

Navigating the landscape of accounting and payroll decisions is an essential choice for small business owners. There are advantages to bringing these...

What is Bookkeeping, and Why is it important for Small Businesses?

2 min read

What is Bookkeeping, and Why is it important for Small Businesses?

Running a small business requires you to understand the financial health of the business. Most people know that a business’s financial statements...

What Accounting Services Does My Small Business Need?

1 min read

What Accounting Services Does My Small Business Need?

One of the most common statements we hear from prospective clients is, “I don’t know what services my business needs.” At first glance, accounting...

Payroll Deduction IRAs Are a No-Cost Benefit

1 min read

Payroll Deduction IRAs Are a No-Cost Benefit

If you've considered setting up a retirement plan for your employees and decided it was too costly or too much trouble, there is an alternative. No...

LLC: A Blueprint to Limit Liability and Cut Taxes

3 min read

LLC: A Blueprint to Limit Liability and Cut Taxes

There is generally no one legal structure that works best for all businesses. The most favorable choice depends on a number of factors, including the...

The IRS Has Announced Increased Retirement Plan Benefits for 2024

2 min read

The IRS Has Announced Increased Retirement Plan Benefits for 2024

With the 2024 tax year right around the corner, there's good news coming from the IRS. According to a recent announcement from the tax agency (Notice...

Be a Hands-On Owner to Maximize Profits

2 min read

Be a Hands-On Owner to Maximize Profits

Over the years, McDonald's has been able to sell hundreds of billions of hamburgers. The business started with a single drive-in burger stand started...

Have You Outgrown the Year-end Accounting Approach?

1 min read

Have You Outgrown the Year-end Accounting Approach?

When you start a small business, many items are on your to-do list. While bookkeeping, accounting, taxes, and payroll may not be your favorite...

Year-End Bonuses: Tax Issues for Employers and Employees

2 min read

Year-End Bonuses: Tax Issues for Employers and Employees

The holidays are often referred to as "the most wonderful time of year" — and, for some people, that's due in part to their year-end bonuses. While...

Six Reasons TMA May not be a Good Fit for your Business

2 min read

Six Reasons TMA May Not Be a Good Fit for Your Business

We believe that investing in good accounting processes can benefit most small businesses. While we love helping small business owners, not everyone...

Hit the Ground Running: 7 Tips for New Business Owners

3 min read

Hit the Ground Running: 7 Tips for New Business Owners

Launching a new business can be a daunting endeavor. As soon as you form the company, you'll face many important decisions — ranging from the mundane...

Leveraging the Power of Your Company's Managers

2 min read

Leveraging the Power of Your Company's Managers

The strength of every business is its people. But if your top managers aren't getting the most from their respective teams, your company is operating...

Tips to Boost Hiring Success

1 min read

Tips to Boost Hiring Success

It's the goal of every boss: Hire the right person to fit the right job. To achieve this goal, put more time and energy into a job analysis, which...

Ask the Right Questions When Growing the Family Business

1 min read

Ask the Right Questions When Growing the Family Business

Profit growth and business expansion are two key goals for many family businesses. In order to successfully reach your targets, however, you must...

Advantages of Group Term Life Insurance as an Employee Benefit

2 min read

Advantages of Group Term Life Insurance as an Employee Benefit

Tax-favored fringe benefits can help your business attract and retain skilled workers. One benefit that's been around for decades and is typically...

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

6 min read

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

As year-end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax...

What Makes TMA Accounting Different from Other Accounting Firms?

2 min read

What Makes TMA Accounting Different from Other Accounting Firms?

Each accounting firm or service provider has their own way of operating and serving their clients. While the goal for each is ultimately the same,...

Why an Accounting Service is Worth the Cost for Your Small Business

2 min read

Why an Accounting Service is Worth the Cost for Your Small Business

Running a small business requires the owners to juggle a lot. These tasks can take up much, if not most, of your time. So, it can be hard to keep...

Know the Rules Before Your Organization Brings in Interns

3 min read

Know the Rules Before Your Organization Brings in Interns

If you have a backlog of projects piling up because there just aren't enough hours in the day, you may consider hiring interns to help you get caught...

Federal Tax News for Individuals

2 min read

Federal Tax News for Individuals

Tax season is long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits but...

Update on New Retirement Account Catch-Up Contribution Rules

3 min read

Update on New Retirement Account Catch-Up Contribution Rules

The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought numerous changes to the retirement and estate planning landscape in...

Will Your Crypto Transactions Be Reported on a Form 1099?

3 min read

Will Your Crypto Transactions Be Reported on a Form 1099?

Some taxpayers may be unaware of all the federal tax reporting requirements for cryptocurrency transactions — especially when it comes to issuing and...

Why is Good Bookkeeping so Difficult (and Important)?

2 min read

Why is Good Bookkeeping so Difficult (and Important)?

TMA Accounting has been helping small businesses with their bookkeeping for nearly 25 years. While a lot can happen in 25 years, we appreciate our...

Protect Your Company Retirement Plan from an IRS Attack

1 min read

Protect Your Company Retirement Plan from an IRS Attack

When your company sponsors a qualified retirement plan, you must comply with complex rules established by the IRS and the Department of Labor. Ignore...