For startups in Chicago’s bustling entrepreneurial ecosystem, from the innovation hubs of the West Loop to the tech corridors of River North, managing finances effectively can make the difference between success and failure. Professional bookkeeping services aren’t just a luxury – they’re a crucial investment in your startup’s future. Here’s why Chicago startups need to […] Read more “Why Chicago Startups Need Bookkeeping Services”
Start-up Blog
In today’s fast-paced business environment, maintaining accurate and up-to-date accounting records isn’t just good practice—it’s essential for survival and growth. While many small business owners might be tempted to handle their books independently or put off accounting tasks until tax season, this approach can lead to costly mistakes and missed opportunities. Let’s explore why investing […] Read more “Why Current and Accurate Bookkeeping is Essential for Your Business Success”
An asset sale is a transaction where a company sells some or all of its tangible and intangible assets rather than its stock. This type of sale can include physical assets like equipment and inventory, as well as intangible assets such as patents, trademarks, and customer lists. In an asset sale, the buyer selectively purchases […] Read more “What is an Asset sale and tax benefits?”
Backdoor Roth IRAs have emerged as a strategic tool for high-income earners looking to maximize their retirement savings. Roth IRAs can be essential to retirement preparation, but only up to certain income levels ($161,000 in 2024). You become ineligible once you exceed the Modified Adjusted Gross Income limit. Once you’ve hit the income ceiling for […] Read more “What is the Back Door Roth?”
Planning for retirement involves more than just saving money; it also requires strategic thinking about taxes. By employing tax-efficient strategies, you can maximize your after-tax income and ensure a more comfortable retirement. Here are some key strategies to consider, updated with the 2024 tax year amounts: 1. Utilizing Tax-Advantaged Accounts Roth IRAs: Contributions to Roth […] Read more “Tax-Efficient Retirement Strategies: Maximizing Your After-Tax Income”
The clock is ticking on Section 199A of the 2017 Tax Cuts and Jobs Act (TCJA)—the Qualified Business Income Deduction. Since its inception, this provision has significantly impacted small business owners and entrepreneurs. With the deduction set to expire at the end of 2025, understanding its implications and planning for the future is crucial. This […] Read more “Section 199A: Everything You Need to Know About the Qualified Business Income Deduction”
Employee compensation is a critical aspect of any company’s strategy, and stock options play a significant role in attracting and retaining top talent. By offering employees a stake in the company’s success, businesses can align the interests of their workforce with their own long-term goals. Two primary types of stock options are Incentive Stock Options […] Read more “ISO vs NSO: Everything Your Company Needs to Know”
Starting a business is an exhilarating journey, filled with dreams of success and innovation. However, navigating the financial landscape can be daunting. Choosing the right accounting services is crucial for ensuring the financial health and success of your startup long-term. This guide will help you understand how to evaluate accounting services to best meet your […] Read more “How to Evaluate Accounting Services for Startups”
When managing business expenses, understanding how to depreciate a vehicle used for business purposes can significantly impact your tax benefits. This blog post will guide you through the key concepts and rules surrounding auto depreciation, including the Section 179 deduction, special depreciation allowance, and Modified Accelerated Cost Recovery System (MACRS) depreciation. Section 179 Deduction Special Depreciation Allowance MACRS […] Read more “Understanding Auto Depreciation: A Guide for Business Owners”
Attracting and retaining top talent is a constant challenge for businesses, especially startups. While Incentive Stock Options (ISOs) have gained considerable attention, Non-Qualified Stock Options (NSOs) offer a flexible and valuable alternative that can be tailored to meet your company’s unique needs. Let’s delve into the world of NSOs and uncover their benefits for both employers […] Read more “What are NSOs?”
In the fast-paced world of startups, attracting and retaining top talent is crucial for success. One powerful tool that has gained popularity is the Incentive Stock Option (ISO). ISOs offer tax advantages compared to similar options, such as NSOs. ISOs are more than just a form of compensation that can drive your company’s growth, fostering […] Read more “What are ISOs?”
No matter the business, a firm understanding of your company’s financial metrics is a must. But it doesn’t stop there. You also have to effectively communicate these metrics and what they mean for your company to both investors and potential investors. Among these metrics, we will look specifically at two today that stand out as […] Read more “Non-GAAP Accounting Metrics: ARR and MRR”