GAAP (Generally Accepted Accounting Principles) has long been considered the gold standard for financial reporting. Public companies are required to prepare their financial statements in accordance with GAAP, and most private businesses also follow these standards, although some elect simplified alternatives for certain complex accounting rules, such as lease accounting.
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Self-Employed? Make Sure You’re Claiming These Valuable Tax Deductions
If you’re self-employed, every legitimate tax deduction matters. Yet many sole proprietors, freelancers, and independent contractors miss valuable deductions simply because they aren’t familiar with the rules or fail to keep adequate records. Here’s a quick overview of the filing requirements for self-employed taxpayers, along with five commonly overlooked deductions
Continue ReadingThe Internal Revenue Service has released final regulations regarding tax breaks on tips
Last year, the Internal Revenue Service introduced a new income tax deduction for qualified cash tips under the One Big Beautiful Bill Act (OBBBA). The deduction is set to expire after 2028. In September 2025, the IRS issued proposed regulations to help guide taxpayers. The agency has now released final
Continue ReadingWhat Is Your Possible Business Vehicle Tax Deduction?
If you used one or more vehicles for business purposes in 2025, you may qualify for important tax deductions on your 2025 income tax return. Businesses are typically allowed to deduct expenses related to the business use of a vehicle, along with depreciation. However, the rules can be complex, and
Continue ReadingTrump Accounts Explained: What Parents Need to Know
A new tax-advantaged way to help children build savings for the future was created under the One Big Beautiful Bill Act (OBBBA): Trump Accounts (TAs). Under a pilot program, parents can elect to establish a TA for a U.S. citizen child born between 2025 and 2028, and the federal government
Continue ReadingYear-End Tax Planning for Accrual-Basis Taxpayers
Accrual-basis taxpayers have unique opportunities—and risks—at year-end. Below is a structured checklist covering income acceleration/deferral, expense strategies, inventory, payroll, asset purchases, and other key areas. 1. Income Review & Deferral/Acceleration Income Recognition 2. Expense Accruals General Accruals Common Year-End Accruals Related-Party Review 3. Inventory & COGS 4. Fixed Assets &
Continue ReadingYear-end Budgeting: Find Smart Ways to Boost Your Bottom Line — Without Hurting Your Top Line
As 2025 winds down, business owners and managers are ramping up their planning efforts for the new year. Part of the annual budgeting process is identifying ways to lower expenses and strengthen cash flow. When cutting costs, think beyond the obvious, such as wages, benefits, and employee headcount. These cutbacks
Continue ReadingNew Payroll Tax Reporting Rules Require Attention
The One Big Beautiful Bill Act (OBBBA) made changes to or introduced a number of tax laws pertaining to business. New regulations governing payroll tax reporting and information returns are among the changes that are likely to significantly affect payroll management firms and employers. Let’s examine the changes that will
Continue ReadingBest Recordkeeping Practices for Businesses
Running a successful business takes more than offering outstanding products or services. Behind the scenes, meticulous recordkeeping plays a vital role in maintaining financial health, ensuring compliance, and maximizing tax savings. Proper documentation can make the difference between securing valuable tax deductions or losing them under scrutiny. A recent U.S.
Continue ReadingBookkeeping vs. Accounting: What Small Businesses Need to Know
According to the U.S. Chamber of Commerce, there are more than 33 million small businesses in the United States today. In an increasingly competitive marketplace, one of the most important — yet often overlooked — elements of long-term success is maintaining accurate books and records. Whether you’re just launching a
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"Owning my own business, and being a one-woman show, I need the help of others. Trinity Small Business Solutions has shown me that they can bring everything together to be organized, orderly, and easy to manage. Taking the worry out of the equation, lets one do what they need to do, in order to run their business without worry of all the numbers, and paperwork. I look forward to working with them, to help me have a solid foundation, and run my design business with peace of mind."
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"I am not a fan of taxes and accounting. It’s complicated, tedious, and frustrating! When Trinity took on my bookkeeping and taxes they made my life so much easier. They quick and helpful, whether it was a question about payroll or handling invoicing. I highly recommend Trinity Small Business Solutions!"
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"I just wanted to thank you for taking care of my bookkeeping. Since you have taken over I have more control and clarity of my balance sheet. I’m also thrilled to have access to QuickBooks Online. Being able to see my P&L online anywhere is great. It’s also so easy to give my financials to my CPA at the end of the year."