A collage illustration depicting various elements related to year-end tax planning, including a calculator, financial documents, a piggy bank, and a clock, with the keyword "Depreciation" incorporated.

Year-End Tax Strategies: A Smart Business Owner’s Guide to Saving Money

Business Tax, Accounting, Business FinanceNovember 16, 20240Comments
The holidays are approaching, and while you're busy making plans for festive celebrations and well-deserved time off, don't forget about your year-end tax planning! At XOA TAX, we believe that a little proactive planning can go a long way in maximizing your tax savings. Think of us as your friendly financial coaches, here to guide…

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An advertising illustration of a smiling taxpayer confidently holding an "Audit Techniques Guide."

What Do IRS Auditors Look For? Using ATGs to Avoid Tax Audits

Business Tax, Accounting, Individual TaxNovember 16, 20240Comments
Hey everyone, it's XOA TAX, your trusted source for all things tax-related. Ever wished you could peek behind the curtain and see what IRS auditors are looking for when they review tax returns? Well, you actually can! The IRS publishes Audit Techniques Guides (ATGs) that provide valuable insights into their audit procedures for specific industries…

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People building a "Form 990" with blocks labeled "Grants," "Donations," and "Fundraising."

Avoid Nonprofit Tax Troubles: Your Essential Guide

Nonprofit Tax, Accounting, Business TaxNovember 14, 20240Comments
This comprehensive guide equips nonprofits with ten essential strategies to navigate the complex world of taxes, maintain compliance, and protect their valuable resources.

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A conveyor belt with boxes labeled "FIFO" and "LIFO" leading to a calculator displaying "COGS".

E-commerce Inventory Management: A CPA’s Guide to Success

Accounting, Bookkeeping, Business TaxNovember 14, 20240Comments
This comprehensive guide helps e-commerce businesses master inventory management, understand accounting methods like FIFO and LIFO, optimize tax strategies, and leverage technology for success.

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Business owner at a crossroads choosing between "Salary" and "Owner's Draw."

Owner’s Draw vs. Salary: Making the Right Pay Decision for Your Business in 2024

Business Tax, Accounting, PayrollNovember 14, 20246Comments
This comprehensive guide clarifies the differences between owner’s draw and salary for small business owners in 2024, exploring tax implications and helping you choose the best payment method for your business structure.

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A vibrant illustration of a restaurant kitchen with chefs and a manager using an IMS tablet.

Restaurant Inventory Management Best Practices for 2024

Accounting, Bookkeeping, RestaurantsNovember 12, 20240Comments
Master restaurant inventory management in 2024 with these expert best practices, from implementing inventory management systems (IMS) and FIFO methods to optimizing supplier relationships and reducing food waste, to boost profitability and efficiency.

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A colorful block illustration of a busy restaurant with the word "Budgeting" in a thought bubble.

Restaurant Budgeting Guide: Keep Your Restaurant Financially Healthy

Restaurants, Accounting, Bookkeeping, Business FinanceNovember 11, 20240Comments
Learn how to create a thriving restaurant budget by mastering key expenses, following a step-by-step guide, leveraging technology, and understanding industry benchmarks, all with expert CPA advice.

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A collage of bookkeeping elements.

10 Bookkeeping Tips for Small Businesses to Thrive in 2024

Bookkeeping, AccountingNovember 11, 20240Comments
This blog post provides ten essential bookkeeping tips for small businesses to thrive in 2024, covering automation, financial forecasting, expense tracking, and more, helping owners streamline their finances and make informed decisions.

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A stylized illustration of an accountant juggling financial documents.

Why QuickBooks is Still the Go-To for Your Business in 2024

QuickBooks, Accounting, Bookkeeping, PayrollNovember 11, 20240Comments
Discover why QuickBooks remains the top choice for small business accounting software in 2024, offering comprehensive features, cloud accessibility, AI automation, and robust reporting to simplify your financial life.

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A scale with one side weighed down by money, representing passive loss, and the other side lifting a small house, representing rental income.

Navigating the $150,000 Passive Loss Threshold: A CPA’s Guide

Real Estate Tax, Accounting, Tax Law, Tax PlanningNovember 10, 20240Comments
Imagine this: you've invested in a rental property to generate some extra income and build long-term wealth. But instead of profits, you're facing losses in the early years. The good news is, the tax code allows you to deduct these passive losses (PALs) against other income – but there's a catch. There's an income threshold…

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