The Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13 seems like it would be old news. But the provision for accounting for current expected credit loss (CECL) went into effect for not-for-profits in calendar years ending in 2023 and fiscal years ending in 2024. Also, it doesn’t apply
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5 QuickBooks Reports to Review Each Month
Understanding your business’s financial health is essential for long-term success. QuickBooks® offers a powerful reporting tool suite that can provide critical insights to support decision-making and help you comply with accounting and tax rules. Accrual-basis QuickBooks users should get in the habit of reviewing the following five reports monthly to
Continue ReadingHiring Independent Contractors? Make Sure You’re Doing it Right
Understanding worker classification Tax law requirements for businesses differ for employees and independent contractors. And determining whether a worker is an employee or an independent contractor for federal income and employment tax purposes isn’t always straightforward. If a worker is classified as an employee, your business must: In contrast, if a
Continue ReadingA Tax Guide to Choosing the Right Business Entity
One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications.
Continue ReadingThe One Big Beautiful Bill Act Brought Up Discussions on “Above-the-Line” and “Below-the-Line” Tax Deductions. What’s the Difference?
During the lengthy debate over provisions of the One Big Beautiful Bill Act, we often heard tax deductions described as “above-the-line” or “below-the-line.” What’s the difference? The “line” refers to the place on your tax return that lists adjusted gross income (AGI). Above-the-line deductions reduce income before calculating AGI. This
Continue ReadingEvaluating Business Decisions Using Breakeven Analysis
You shouldn’t rely on gut instinct when making major business decisions, such as launching a new product line, investing in new equipment or changing your pricing structure. Projecting the financial implications of your decision (or among competing alternatives) can help you determine the right course of action — and potentially
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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."