The summer is over and cooler weather is here. You've filed and paid your taxes and there's nothing left to do but sit back with you Pumpkin Spice Latte and enjoy watching Postseason Baseball (Go Stros'!!). As much as you might be trying to avoid thinking about taxes, now is the perfect time to take a closer look at your businesses taxes and implement tax planning strategies to owe less tax come April. You may be thinking "Where do I start?". There are many list on the intern

It's summer time and you know what that means, it's time for road trips, sitting by the pool and staying close to the A/C. During the middle of the year most people aren't thinking about Roth IRAs and Taxes, thoughts about 1040s and the IRS are miles & months away. Taxes may not be the first thing on everyone's mind but right now we are in the middle of a golden opportunity. Right now, July of 2022, is the perfect time to convert amounts from your traditional IRA & 401Ks to a

One of the most common questions I get are about S-Corporations (S-Corp) and if it's actually worth it to be in one. S-Corps can provide some easy tax savings, especially if combined with other strategies. S-Corps are also one of the first things I consider when looking at businesses that are profitable but don't yet have a strategy in place. However, it's important to consider all the pros as well as the cons to be sure an S-Corp is right for you. There are many things to c

Here at Ryan Beals CPA, PLLC, we operate a little differently than most traditional CPA firms. We offer our services on a monthly subscription basis. We deeply believe in the benefits this service model provides but here's the honest truth... the subscription model is not for everyone. Whether you are looking for a new tax professional or are looking for the first time, we want you to be informed so you can make the right decision for you. Let's compare and contrast the diffe

One of the most rewarding moments in owning a successful business is paying yourself for your hard work. Two of the most commonly asked questions I get from business owners are "How do I pay myself?" and "If I transfer money to myself, is it taxable?". The answer can vary widely depending on how your business is set up. Here are some general best practices to pay yourself depending on your business setup. Sole Proprietor & Single Member LLC This is the most common setup, espe