# Dunn CPA Firm — St. Louis CPA, Tax Planning, Accounting & Payroll > Dunn CPA Firm is a St. Louis, Missouri CPA and accounting firm founded by Tom Dunn, CPA. With 40+ years of founder experience and 260+ combined partner years, the firm provides proactive, year-round tax planning, accounting, bookkeeping, payroll, and CPA advisory services to small business owners, midsized companies, individuals, families, nonprofits, and trusts throughout the St. Louis metropolitan area. Recognized 8 consecutive years by St. Louis Small Business Monthly as a Best in Business winner and BBB Accredited. > Core service areas covered below include tax planning and preparation, accounting, bookkeeping, payroll, CPA guidance and advisory, and IRS/state audit defense. The firm serves clients across St. Louis City, St. Louis County, Chesterfield, Kirkwood, Clayton, Creve Coeur, Ladue, Town and Country, Frontenac, Webster Groves, Ballwin, and surrounding St. Louis metro communities. The following links represent the firm's primary content and service pages. --- ## Pages - [Contact Us](https://tomdunncpa.com/contact-form/) - [677 Craig](https://tomdunncpa.com/677craig/): 20 Office spaces is Creve Coeur, MO | Contact Tom Dunn today. - [St. Louis CPA Buyer](https://tomdunncpa.com/st-louis-cpa-buyer/): Before you sell your accounting practice with a broker, give Dunn CPA Firm a chance to meet your needs. Contact us today. - [St. Louis CPA Partner](https://tomdunncpa.com/st-louis-cpa-partner/): Take advantage of all the perks and monetary reward that having your own practice offers, without the hassle. Contact Tom Dunn today. - [Audits, Reviews, and Compilations for St. Louis Businesses](https://tomdunncpa.com/audits-reviews-and-compilations-for-st-louis-businesses/): Trust Dunn CPA Firm for expert audit reviews and tailored accounting solutions to navigate your financial complexities with confidence. - [Privacy Policy](https://tomdunncpa.com/privacy-policy-2024/): Last updated: April 18, 2024 This Privacy Policy describes Our policies and procedures on the collection, use and disclosure of... - [Accounting for Startup Companies](https://tomdunncpa.com/outsourced-accounting-startups/): Our firm was designed to proactively serve the needs of startup business owners. Learn more about our outsourced account for startups. - [Home - 2022](https://tomdunncpa.com/home-2022/): We are dedicated to the success of our clients by providing professional, reliable, and affordable accounting in St. Louis. - [Careers](https://tomdunncpa.com/careers/): Careers With Dunn CPA Firm Dunn CPA Firm is among the most decorated St. Louis, Missouri full-service accounting firms with... - [Small Business Accountant Videos](https://tomdunncpa.com/small-business-accountant-videos/): Tom Dunn in Action Expert Accounting and Tax Services Advice and Insights Video Library - [St. Louis Outsourced CFO Services](https://tomdunncpa.com/outsourced-cfo-services-for-hire/): Dunn CPA Firm offers decades of experience, solving unique financial challenges, and providing outsourced CFO services for clients. - [Home](https://tomdunncpa.com/): We are dedicated to the success of our clients by providing professional, reliable, and affordable accounting in St. Louis. - [Accounting Industry Expertise](https://tomdunncpa.com/accounting-industry-expertise/): Our firm is designed & staffed to proactively serve the needs of small business owners from many industries. Learn about our accounting industry expertise. - [Organizations](https://tomdunncpa.com/organizations/): See where Dunn CPA Firm is listed and registered and registered as a licensed CPA in Missouri. - [News & Tips](https://tomdunncpa.com/news-tips/): Read up on the latest industry news, tips, and tricks from the Dunn CPA Firm. - [Awards](https://tomdunncpa.com/awards/): Tom Dunn has been recognized by many organizations as a truly decorated accountant you can rely on. Check out our awards. - [Dunn CPA Firm History](https://tomdunncpa.com/tom-dunn-cpa-firm-history/): Read about where Tom Dunn CPA started and our journey to get to where we are today. - [Testimonials](https://tomdunncpa.com/testimonials/): Learn about our committment to you by checking out a few testimonials from our satisfied clients. - [About Us](https://tomdunncpa.com/about-us/): The Dunn CPA Firm was built on a foundation of integrity & excellence for providing our clients with unparalleled accounting, tax & business guidance. - [Tom Dunn’s Resume](https://tomdunncpa.com/tom-dunns-resume/): The Dunn CPA Firm holds over 260 combined years of expert experience solving complex accounting, business and tax issues. - [Contact Us](https://tomdunncpa.com/contact-us/): Being a fierce advocate for your success means dedicating a firm CPA partner to work with you. Schedule your no cost personal consultation today. - [Proactive Accounting](https://tomdunncpa.com/proactive-accounting/): Dunn CPA Firm offers proactive accounting for all types of businesses in a variety of industries. Learn more about our commitment to you. - [Our Commitment](https://tomdunncpa.com/our-commitment/): We are fierce advocates for all our clients, working honestly and ethically to serve your needs. Trust us to handle all your accounting needs. - [St. Louis Accounting for Nonprofits](https://tomdunncpa.com/st-louis-accounting-for-nonprofits/): The Dunn CPA Firm has a team of CPA partners who are ready to handle St. Louis accounting for nonprofits. Check out our site for info. - [St. Louis Midsized Company Accounting](https://tomdunncpa.com/st-louis-midsize-company-accounting/): Our firm was designed & staffed to proactively serve the needs of midsize business owners. Learn more about our St. Louis midsized company accounting plan. - [St. Louis Private and Personal Accountants](https://tomdunncpa.com/st-louis-private-accounting/): The Dunn CPA Firm understands the importance of a St. Louis private and personal accountant. Schedule a free consultation today. - [St. Louis Estate and Trust Planning Services](https://tomdunncpa.com/st-louis-trust-estate-planning-services/): The Dunn CPA Firm has extensive experience with trust planning services, wealth transfer, and proper asset management St. Louis. - [Real Cost Savings](https://tomdunncpa.com/st-louis-real-cost-savings/): An affordable & properly engaged accountant can often provide a St. Louis real cost savings plan for you and your business. - [St. Louis Affordable Accounting Services](https://tomdunncpa.com/st-louis-affordable-accounting-services/): The Dunn CPA Firm offers a full suite of cost savings and affordable accounting services in St. Louis. Learn more about our commitment. - [St. Louis CPA Firm Advice & Guidance](https://tomdunncpa.com/st-louis-cpa-firm/): The Tom Dunn St. Louis CPA Firm offers a full suite of affordable and cost-saving accounting in St. Louis. Turn to us for expert solutions. - [St. Louis Bookkeeping Services](https://tomdunncpa.com/st-louis-bookkeeping-services/): The Dunn CPA Firm has comprehensive, affordable, and reliable bookkeeping services. Learn more about our commitment to you. - [St. Louis Small Business Accountant](https://tomdunncpa.com/st-louis-small-business-accountant-cpa/): Contact the Dunn CPA Firm for a St. Louis small business accountant that understands your needs and to proactively serves them. - [St. Louis Payroll Accountant and Services](https://tomdunncpa.com/payroll-accountant-services/): The Dunn CPA Firm offers affordable, full-service payroll accountant services for families, non-profits, and all other businesses. - [St. Louis Tax Accountant and Tax Planning Services](https://tomdunncpa.com/st-louis-tax-accountant/): Schedule a consultation with a tax accountant who can help you with St. Louis tax planning services. Learn more about our commitment to you. - [St. Louis Accounting Services](https://tomdunncpa.com/accounting/): The Dunn CPA Firm offers a full suite of St. Louis accounting services that are affordable. Turn to us for expert solutions. --- ## Posts - [Tom’s Personal Mission Statement: “Advance the World Around Me”](https://tomdunncpa.com/toms-personal-mission-statement-advance-the-world-around-me/): Discover Tom's personal mission to advance our community and clients through dedicated service at Dunn CPA Firm. - [Why Every Business Owner Needs a Personal and Professional Mission Statement](https://tomdunncpa.com/why-every-business-owner-needs-a-personal-and-professional-mission-statement/): Discover why a clear mission statement drives better decisions for every business owner at Dunn CPA Firm. - [Begin with the End in Mind](https://tomdunncpa.com/begin-with-the-end-in-mind/): It is common for me when I get a new client or I’m talking to a new prospective client. I... - [Why Business Owners Can’t Afford to Stop Learning](https://tomdunncpa.com/why-business-owners-cant-afford-to-stop-learning/): New St. Louis or any St. Louis business. Don’t have any choice anymore. With regard to lifelong learning, Sharpening the... - [How St Louis Entrepreneurs Can Keep Up with Lifelong Learning](https://tomdunncpa.com/how-st-louis-entrepreneurs-can-keep-up-with-lifelong-learning/): St. Louis business owners can thrive by embracing change and growth opportunities. Discover how St. Louis Entrepreneurs Can Keep Up with Lifelong Learning. - [How We Help St Louis Business Owners with Their Challenges](https://tomdunncpa.com/how-we-help-st-louis-business-owners-with-their-challenges/): We specialize in providing solutions to challenges faced by businesses in St. Louis as we help small business owners thrive. - [Why Every Small Business Owner Needs a Personal Mission Statement](https://tomdunncpa.com/small-business-owner-mission-statement/): The small business owner world would be really overwhelming to most people if they did not have their own personal... - [How we Measure Success with Our Tax Planning Clients](https://tomdunncpa.com/how-we-measure-success-with-our-tax-planning-clients/): We measure success. Beyond just tax savings. This may sound boring, but first is compliance. A lot of people come... - [Overcoming Adversity as a Small Business Owner](https://tomdunncpa.com/overcoming-adversity-as-a-small-business-owner/): Discover expert insights on overcoming adversity as a small business owner to thrive in tough times with Dunn CPA Firm. - [A Commitment to Growth is Important to Small Business Success](https://tomdunncpa.com/commitment-to-growth-small-business-success/): Discover how a steadfast commitment to growth drives small business success at Dunn CPA Firm. Learn to thrive in today's market. - [How Small Businesses Can Change Regulations](https://tomdunncpa.com/how-small-businesses-can-change-regulations/): Understand how small businesses can shape regulations and enhance compliance efforts. Discover How Small Businesses Can Change Regulations today. - [How Small Businesses Can Stay Current with Compliance Requirements](https://tomdunncpa.com/stay-ahead-small-business-compliance-strategies/): Master the art of small business compliance with effective strategies to navigate requirements for operational clarity and confidence. - [Key Factors for Success in Small Businesses](https://tomdunncpa.com/key-factors-for-succeeding-in-small-business/): Discover essential strategies for succeeding in small business with insights from Dunn CPA Firm to boost your entrepreneurial journey. - [What New Business Owners Need to Know About Startup Costs and Taxes](https://tomdunncpa.com/essential-guide-startup-costs-and-taxes/): Discover key insights on startup costs and taxes for new business owners to ensure financial success from the start. - [Smart Retirement Planning for Couples: What You Need to Know About Spousal IRAs](https://tomdunncpa.com/smart-retirement-planning-spousal-iras/): Discover essential tips for couples on Spousal IRAs and smart retirement planning for a secure financial future. - [Consequences for Non-Compliance for Small Businesses](https://tomdunncpa.com/consequences-for-non-compliance-for-small-businesses/): Discover the serious implications of non-compliance for small businesses. Learn how to avoid costly mistakes at Dunn CPA Firm. - [Compliance Challenges for Small Businesses](https://tomdunncpa.com/small-business-compliance-overcoming-key-challenges/): Gain vital insights on overcoming key challenges in small business compliance and learn to navigate complex regulations effectively. - [Strategies for Attracting High Quality Job Candidates](https://tomdunncpa.com/attracting-high-quality-job-candidates/): Discover effective strategies for attracting high quality job candidates to enhance your small business hiring process. - [The Four Phases of Small Business Ownership](https://tomdunncpa.com/the-four-phases-of-small-business-ownership/): Discover the key phases of small business ownership with insights from Dunn CPA Firm to guide your entrepreneurial journey. - [6 Payroll Tax Tips Every Small Business Should Know](https://tomdunncpa.com/essential-payroll-tax-tips-small-businesses/): Discover vital payroll tax tips to avoid penalties and ensure compliance for your small business. Expert advice from Dunn CPA Firm. - [Could You Qualify for Head of Household Status?](https://tomdunncpa.com/could-you-qualify-for-head-of-household-status/): When preparing your tax return, we’ll select the filing status that fits your situation: single, married filing jointly, married filing... - [Who Should Older Entrepreneurs Work With To Be Successful?](https://tomdunncpa.com/who-should-older-entrepreneurs-work-with-to-be-successful/): Discover essential partnerships for older entrepreneurs to thrive and leverage their experience for greater business success. - [How Middle-Aged Entrepreneurs Can Leverage Their Experience for Business Success](https://tomdunncpa.com/how-middle-aged-entrepreneurs-can-leverage-their-experience-for-business-success/): Discover how middle-aged entrepreneurs can use their experience to overcome challenges and thrive in business. - [The Key to Success for Young Entrepreneurs: Building a Strong Support Network](https://tomdunncpa.com/the-key-to-success-for-young-entrepreneurs-building-a-strong-support-network/): Discover how a strong support network is the key to success for young entrepreneurs in their business journey. - [Challenges of Starting a Business at Midlife](https://tomdunncpa.com/starting-a-business-at-midlife/): Discover key challenges of starting a business at midlife and how to navigate financial responsibilities and career shifts effectively. - [Advantages of Starting a Business When You're Young](https://tomdunncpa.com/advantages-of-starting-a-business-when-youre-young/): Explore the key benefits of starting a business when you're young with insights from Dunn CPA Firm to boost your entrepreneurial journey. - [How to Find Motivation as a Small Business Owner](https://tomdunncpa.com/how-to-find-motivation-as-a-small-business-owner/): Discover proven strategies for staying motivated as a small business owner, from morning gratitude practices to embracing life's challenges. Learn how resilience and perspective can help you navigate entrepreneurial ups and downs with confidence. - [Advice for Business Owners Who Are Feeling Disconnected From Their Businesses According to Tom Dunn](https://tomdunncpa.com/advice-for-business-owners-who-are-feeling-disconnected-from-their-businesses-according-to-tom-dunn/): Discover insights from Tom Dunn on reconnecting with your business and overcoming feelings of disconnection for sustained growth. - [Tax Strategies for Entrepreneurs: Essential Tips from Dunn CPA Firm](https://tomdunncpa.com/tax-strategies-for-entrepreneurs-essential-tips-from-dunn-cpa-firm-2/): Discover essential tax strategies for entrepreneurs from Dunn CPA Firm to navigate business taxes and maximize your savings. - [Evolving Your Attitude as a Small Business Owner](https://tomdunncpa.com/evolving-your-attitude-as-a-small-business-owner/): Explore the four evolutionary phases of business ownership: from mastering competency and achieving work-life balance to creating a flexible blend and finding personal fulfillment. Learn how one entrepreneur's journey reveals the path to building a sustainable, joyful business. - [Competing for Talent Against Big Companies: The Small Business Advantage](https://tomdunncpa.com/competing-for-talent-against-big-companies-the-small-business-advantage/): Discover how small businesses can effectively compete for talent against larger companies by leveraging unique advantages like long-term job security and accelerated growth opportunities. Learn actionable strategies for attracting and retaining top talent. - [Planning for Unforeseen Financial Circumstances as a Small Business Owner](https://tomdunncpa.com/planning-for-unforeseen-financial-circumstances-as-a-small-business-owner/): Discover essential financial strategies for small business owners. Learn how to establish a safety net, generate free working capital, and optimize cash flow. Ensure your business thrives through uncertainties. - [Tax Strategies for Entrepreneurs](https://tomdunncpa.com/tax-strategies-for-entrepreneurs/): Discover essential tax strategies for entrepreneurs from Dunn CPA Firm. Learn about entity selection, minimizing risks, tax elections, compliance, and building an advisory team. Get expert guidance on optimizing your startup's tax position and avoiding costly mistakes. Contact Dunn CPA Firm for personalized tax advice tailored to your business needs. - [Financial Mistakes Made by Older Entrepreneurs](https://tomdunncpa.com/financial-mistakes-made-by-older-entrepreneurs/): Starting a business in your 50s or 60s is exciting, but comes with unique challenges, especially when it comes to... - [Tax Strategies for Entrepreneurs: Essential Tips from Dunn CPA Firm](https://tomdunncpa.com/tax-strategies-for-entrepreneurs-essential-tips-from-dunn-cpa-firm/): Navigating business taxes as an entrepreneur is daunting, no matter where you are in your business journey. At Dunn CPA... - [Starting a Business in Your 50s and 60s: Embracing the Advantages and Overcoming the Challenges](https://tomdunncpa.com/starting-a-business-in-your-50s-and-60s-embracing-the-advantages-and-overcoming-the-challenges/): Starting a business is an exciting venture at any age, but doing so in your fifties and sixties brings a... - [Going Above and Beyond: Dunn CPA Firm's Commitment to Client Service](https://tomdunncpa.com/going-above-and-beyond-dunn-cpa-firms-commitment-to-client-service/): Experience exceptional, personalized service at Dunn CPA Firm. We offer quick turnarounds on financial statements and provide support during staffing challenges. Trust us to be your reliable partner for all your accounting needs. - [How We Help Clients Face Challenges](https://tomdunncpa.com/how-we-help-clients-face-challenges/): Tom Dunn CPA offers personalized financial solutions for small-to-medium businesses. Our expert team tackles challenges, provides continual support, and empowers clients to achieve lasting financial success. Free consultation available. - [Building Strong Client Relationships: The Dunn CPA Firm Approach](https://tomdunncpa.com/building-strong-client-relationships-the-dunn-cpa-firm-approach/): Building strong client relationships at Tom Dunn CPA Firm goes beyond services offered. We provide personalized guidance, consistent support, and reliable, comprehensive outsourced accounting solutions tailored to individual needs. Contact us today for a free consultation. - [Striking the Balance: Managing Remote Work in Today's Business Landscape](https://tomdunncpa.com/striking-the-balance-managing-remote-work-in-todays-business-landscape/): Explore the balance between flexibility and productivity in remote work. Learn how hiring the right people, effective monitoring, and strategic in-person meetings can enhance remote work environments for business success. - [Crafting Culture](https://tomdunncpa.com/crafting-culture/): Discover the power of a concise mission statement in driving company culture and success. Learn how leadership by example is key to living out values. - [The Future of Accounting in 2024](https://tomdunncpa.com/the-future-of-accounting-in-2024/): Discover how the future of accounting is evolving with increasing complexity and demand. Learn how Dunn Accounting Firm is adapting its solutions to navigate this changing landscape and support clients with expertise and confidence. - [My Advice to Other Accounting Professionals](https://tomdunncpa.com/my-advice-to-other-accounting-professionals/): Maximize client satisfaction and build strategic partnerships in your accounting practice by prioritizing clients' needs, providing tailored solutions, and focusing on transparency. Explore collaboration opportunities and forge alliances to elevate your service offerings and drive sustainable growth. - [Why Become an Entrepreneur?](https://tomdunncpa.com/why-become-an-entrepreneur/): Being an entrepreneur is no easy task, but that should not deter you from pushing through and making your dreams a reality. - [Overcoming Fear in Entrepreneurship](https://tomdunncpa.com/overcoming-fear-in-entrepreneurship/): Learn some of the best ways to overcome fear when it comes to starting your own business and use the support of others. - [How Small Businesses Survived—and Thrived—During COVID-19](https://tomdunncpa.com/how-small-businesses-survived-and-thrived-during-covid-19/): Small businesses, both emerging and well-established, were deeply affected by COVID-19. Learn how small businesses survived & thrived. - [How to Build a Tax-Favored College Savings Funds](https://tomdunncpa.com/how-to-build-a-tax-favored-college-fund/): There are three well-known tax-favored college savings funds methods available to assist families with saving for future education expenses. Learn more. - [Sole Proprietor or LLC? File as an S Corporation and Cut Your Tax Bill](https://tomdunncpa.com/sole-proprietor-or-llc-file-as-an-s-corporation-and-cut-your-tax-bill/): Filing as an S corporation may help you realize tax savings on your sole proprietor or LLC business. Here's how. - [Tom Dunn Named Among Best Area Businesses for 9th Year in a Row](https://tomdunncpa.com/tom-dunn-named-among-best-area-businesses-for-9th-year-in-a-row/): Tom Dunn was recently named one of the St. Louis area's best payroll service providers by St. Louis Small Business Monthly. - [You May Benefit from Favorable Tax Changes This Year](https://tomdunncpa.com/you-may-benefit-from-favorable-tax-changes-this-year/): You and your family may benefit from favorable tax changes this year! Contact us for more information about your eligibility. - [Launching a Small Business? Here are Some Considerations for Small Business Taxes](https://tomdunncpa.com/launching-a-small-business-here-are-some-tax-considerations-to-understand-first/): Here are some tax considerations for small business owners when launching something new. Tom Dunn can give you the advice you need. - [Understand the Tax Implications of Buying or Selling a Business](https://tomdunncpa.com/understand-the-tax-implications-of-buying-or-selling-a-business/): If you are buying or selling a business this year, make sure you understand the tax implications. Tom Dunn can help with timely tax advice. - [Favorable Tax Breaks for Small Businesses](https://tomdunncpa.com/favorable-tax-breaks-for-businesses/): There are several tax breaks for small businesses. Here's what you should know as you plan your 2020 taxes and set goals for the year ahead. - [Taking distributions from a traditional IRA](https://tomdunncpa.com/taking-distributions-from-a-traditional-ira/): Contact us to conduct a review of your traditional IRAs and to analyze other aspects of your retirement planning. - [The easiest way to survive an IRS audit is to get ready in advance](https://tomdunncpa.com/the-easiest-way-to-survive-an-irs-audit-is-to-get-ready-in-advance/): The IRS normally has 3 years within which to conduct an IRS audit, it often doesn’t begin until a year or more after you file a return. - [There may be relief from tax liability for “innocent spouses”](https://tomdunncpa.com/there-may-be-relief-from-tax-liability-for-innocent-spouses/): If you file a joint tax return with your spouse, you should be aware of your individual liability as well as innocent spouses. - [Why it’s important to plan for income taxes as part of your estate plan](https://tomdunncpa.com/why-its-important-to-plan-for-income-taxes-as-part-of-your-estate-plan/): Learn why it is important to plan for income taxes as a part of your estate plan. Tom Dunn CPA can help you plan for the future. - [The tax rules for deducting the computer software costs of your business](https://tomdunncpa.com/the-tax-rules-for-deducting-the-computer-software-costs-of-your-business/): You should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing or developing computer software. - [Can investors who manage their own portfolios deduct related expenses?](https://tomdunncpa.com/can-investors-who-manage-their-own-portfolios-deduct-related-expenses/): In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses.... - [Business website costs: How to handle them for tax purposes](https://tomdunncpa.com/business-website-costs-how-to-handle-them-for-tax-purposes/): The business use of websites is widespread. Learn how to handle business website costs for tax purposes. Contact us today. - [Employers have questions and concerns about deferring employees’ Social Security taxes](https://tomdunncpa.com/employers-have-questions-and-concerns-about-deferring-employees-social-security-taxes/): The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer social security taxes. - [Homebuyers: Can you deduct seller-paid points?](https://tomdunncpa.com/homebuyers-can-you-deduct-seller-paid-points/): If you’re buying a home, or you just bought one, you may wonder if you can deduct mortgage points paid on your behalf by the seller. - [5 key points about bonus depreciation](https://tomdunncpa.com/5-key-points-about-bonus-depreciation/): Are you aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property? - [CARES Act made changes to excess business losses](https://tomdunncpa.com/cares-act-made-changes-to-excess-business-losses/): The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. Read on to find out more. - [The possible tax consequences of PPP loans](https://tomdunncpa.com/the-possible-tax-consequences-of-ppp-loans-and-loan-proceeds/): Congress may pass new legislation directing IRS to allow deductions for expenses paid with PPP loan proceeds. Continue reading to learn more. - [The tax implications of employer-provided life insurance](https://tomdunncpa.com/the-tax-implications-of-employer-provided-life-insurance/): Does your employer provide you with group term life insurance? Continue reading to learn more about the tax implications this could entail. - [File cash transaction reports for your business — on paper or electronically](https://tomdunncpa.com/file-cash-transaction-reports-for-your-business-on-paper-or-electronically/): You may be required to submit forms to the IRS to report these cash transactions. Contact Dunn CPA Firm for more info. - [Are scholarships tax-free or taxable?](https://tomdunncpa.com/are-scholarships-tax-free-or-taxable/): For a scholarship to be tax-free, certain conditions must be satisfied. Read on to find out what those are and then contact Tom Dunn CPA. - [Why do partners sometimes report more income on tax returns than they receive in cash?](https://tomdunncpa.com/why-do-partners-sometimes-report-more-income-on-tax-returns-than-they-receive-in-cash/): Unlike regular corporations, you aren’t subject to partnership income tax. Instead, each partner is taxed on the partnership’s earnings. - [Take advantage of a “stepped-up basis” if you inherited property](https://tomdunncpa.com/take-advantage-of-a-stepped-up-basis-on-inherited-property/): Fair market value basis rules apply to inherited property that’s includible in the deceased’s gross estate. - [Some people are required to return Economic Impact Payments that were sent erroneously](https://tomdunncpa.com/some-people-are-required-to-return-economic-impact-payments-that-were-sent-erroneously/): Some people are required to return Economic Impact Payments that were sent erroneously. Continue reading to learn how this could impact you. - [Steer clear of the Trust Fund Recovery Penalty](https://tomdunncpa.com/steer-clear-of-the-trust-fund-recovery-penalty/): The Trust Fund Recovery Penalty is among the more dangerous tax penalties as it applies to a broad range of actions and people in a business. - [Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill](https://tomdunncpa.com/havent-filed-your-2019-business-tax-return-yet-there-may-be-ways-to-chip-away-at-your-bill-business-relief/): Retroactive COVID-19 business relief: The CARES Act, passed earlier in 2020, includes some retroactive tax relief for business taxpayers. - [If you’re selling your home, don’t forget about taxes](https://tomdunncpa.com/if-youre-selling-your-home-dont-forget-about-taxes/): Make sure you understand the tax implications before selling your home. We can help plan ahead to minimize taxes and answer any questions. - [Launching a business? How to treat start-up expenses on your tax return](https://tomdunncpa.com/launching-a-business-how-to-treat-start-up-expenses-on-your-tax-return/): Start-up expenses include those incurred or paid when creating an active trade or business — or investigating one's creation or acquisition. - [Good records are the key to tax deductions and trouble-free IRS audits](https://tomdunncpa.com/good-business-records-are-the-key-to-tax-deductions-and-trouble-free-irs-audits/): Taking a meticulous, proactive approach to how you keep business records can protect your deductions and help make an audit less painful. - [Student loan interest: Can you deduct it on your tax return?](https://tomdunncpa.com/student-loan-interest-can-you-deduct-it-on-your-tax-return/): Contact us if you have questions about deducting student loan interest or for information on other tax breaks related to paying for college. - [Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible](https://tomdunncpa.com/fortunate-enough-to-get-a-ppp-loan-forgiven-expenses-arent-deductible/): Rent obligations, utility payments, and payroll costs consisting of wages and benefits paid to employees are deductible expenses. - [Did you get an Economic Impact Payment that was less than you expected?](https://tomdunncpa.com/did-you-get-an-economic-impact-payment-that-was-less-than-you-expected/): Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the... - [Business charitable contribution rules have changed under the CARES Act](https://tomdunncpa.com/business-charitable-contribution-rules-have-changed-under-the-cares-act/): In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize... - [IRA account value down? It might be a good time for a Roth conversion](https://tomdunncpa.com/ira-account-value-down-it-might-be-a-good-time-for-a-roth-conversion/): The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn.... - [Answers to questions you may have about Economic Impact Payments](https://tomdunncpa.com/answers-to-questions-you-may-have-about-economic-impact-payments/): Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to... - [COVID-19: IRS announces more relief and details](https://tomdunncpa.com/new-covid-19-law-makes-favorable-changes-to-qualified-improvement-property-2/): In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with... - [New COVID-19 law makes favorable changes to “qualified improvement property”](https://tomdunncpa.com/new-covid-19-law-makes-favorable-changes-to-qualified-improvement-property/): The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many... - [CARES ACT changes retirement plan and charitable contribution rules](https://tomdunncpa.com/cares-act-changes-retirement-plan-and-charitable-contribution-rules/): As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you... - [The new COVID-19 law provides businesses with more relief](https://tomdunncpa.com/the-new-covid-19-law-provides-businesses-with-more-relief/): On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers.... - [Cash payments and tax relief for individuals in new law](https://tomdunncpa.com/cash-payments-and-tax-relief-for-individuals-in-new-law/): A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to... - [The Two Main Roles All Small Business Owners Serve](https://tomdunncpa.com/the-two-main-roles-all-small-business-owners-serve/): I read and see a lot of business stories about the different personality types of entrepreneurs and small business owners,... - [Why you should keep life insurance out of your estate](https://tomdunncpa.com/why-you-should-keep-life-insurance-out-of-your-estate/): If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family... - [What You Should Know About Business Partnerships](https://tomdunncpa.com/what-you-should-know-about-business-partnerships/): Partnerships may seem like a good idea when you start a business. Most of the time they work well. As... - [The 2019 gift tax return deadline is coming up](https://tomdunncpa.com/the-2019-gift-tax-return-deadline-is-coming-up/): If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re... - [How business owners may be able to reduce tax by using an S corporation](https://tomdunncpa.com/how-business-owners-may-be-able-to-reduce-tax-by-using-an-s-corporation/): Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so,... - [The Secrets of Making Certain the Business is the Right One for You](https://tomdunncpa.com/the-secrets-of-making-certain-the-business-is-the-right-one-for-you/): How do you know if you have started the right type of business for you and that you will remain... - [Answers to your questions about 2020 individual tax limits](https://tomdunncpa.com/answers-to-your-questions-about-2020-individual-tax-limits-2/): Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation.... - [The No. 1 Goal for All Business Owners - Form a Healthy Habit to Create Momentum](https://tomdunncpa.com/the-no-1-goal-for-all-business-owners-form-a-healthy-habit-to-create-momentum/): Small business owners usually have a wide range of business goals at the beginning of the year. From my experience,... - [Help protect your personal information by filing your 2019 tax return early](https://tomdunncpa.com/help-protect-your-personal-information-by-filing-your-2019-tax-return-early/): The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you... - [New rules will soon require employers to annually disclose retirement income to employees](https://tomdunncpa.com/new-rules-will-soon-require-employers-to-annually-disclose-retirement-income-to-employees/): As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers... - [New law helps businesses make their employees’ retirement secure](https://tomdunncpa.com/new-law-helps-businesses-make-their-employees-retirement-secure/): A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small... - [Your home office expenses may be tax deductible](https://tomdunncpa.com/your-home-office-expenses-may-be-tax-deductible/): Technology has made it easier to work from home so lots of people now commute each morning to an office... - [Do you have a side gig? Make sure you understand your tax obligations](https://tomdunncpa.com/do-you-have-a-side-gig-make-sure-you-understand-your-tax-obligations/): The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019... - [Small businesses: Stay clear of a severe payroll tax penalty](https://tomdunncpa.com/small-businesses-stay-clear-of-a-severe-payroll-tax-penalty/): One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold... --- ## Videos - [What to Do During Times of Expansion](https://tomdunncpa.com/video/what-to-do-during-times-of-expansion/) - [The Importance of Being Organized with Your Finances - Vol 1 Ep 7](https://tomdunncpa.com/video/the-importance-of-being-organized-with-your-finances-vol-1-ep-7/) - [When a Small Business Needs to Scale](https://tomdunncpa.com/video/when-a-small-business-needs-to-scale/) - [How We Help Small Businesses Succeed](https://tomdunncpa.com/video/how-we-help-small-businesses-succeed/) - [Order Acquisition vs. Order Fulfillment](https://tomdunncpa.com/video/order-acquisition-vs-order-fulfillment/) - [At Dunn CPA Firm, our goal is to help small businesses succeed](https://tomdunncpa.com/video/at-tom-dunn-cpa-firm-our-goal-is-to-help-small-businesses-succeed/) - [Order Acquisition vs. Order Fulfillment - Talk with Tom Vol 1 Ep 4](https://tomdunncpa.com/video/order-acquisition-vs-order-fulfillment-talk-with-tom-vol-1-ep-4/) - [Talk with Tom Dunn CPA - Vol 1 Ep 2 - Overcoming Fear in Entrepreneurship](https://tomdunncpa.com/video/talk-with-tom-dunn-cpa-vol-1-ep-2-overcoming-fear-in-entrepreneurship/) - [Talk with Tom Dunn Vol 1 Ep 1 - Entrepreneurship and Motivation](https://tomdunncpa.com/video/talk-with-tom-dunn-vol-1-ep-1-entrepreneurship-and-motivation/) - [Human Capital and Opportunities in a Small Business](https://tomdunncpa.com/video/human-capital-and-opportunities-in-a-small-business/) - [Technology in the Workplace](https://tomdunncpa.com/video/technology-in-the-workplace/) - [Financial Compliance | The Advantage of Using Tom Dunn CPA](https://tomdunncpa.com/video/financial-compliance-the-advantage-of-using-tom-dunn-cpa/) - [What to Do in a "Down" Year - Vol 1 Ep 6](https://tomdunncpa.com/video/what-to-do-in-a-down-year-vol-1-ep-6/) - [Why Business Owners Need to Focus](https://tomdunncpa.com/video/why-business-owners-need-to-focus/) - [When to Expand Your Business](https://tomdunncpa.com/video/when-to-expand-your-business/) - [Expanding a Business During a Recession](https://tomdunncpa.com/video/expanding-a-business-during-a-recession/) - [What To Do If You Get An IRS Audit Notice?](https://tomdunncpa.com/video/what-to-do-if-you-get-an-irs-audit-notice/) - [What Is an IRS Audit and What is Involved?](https://tomdunncpa.com/video/what-is-an-irs-audit-and-what-is-involved/) - [How We Benefit Clients Involved with an Audit](https://tomdunncpa.com/video/how-we-benefit-clients-involved-with-an-audit/) - [How to Prepare for an IRS Audit](https://tomdunncpa.com/video/how-to-prepare-for-an-irs-audit/) - [The Importance of Supporting IRS Documentation](https://tomdunncpa.com/video/the-importance-of-supporting-irs-documentation/) - [Surviving Difficult Financial Times](https://tomdunncpa.com/video/surviving-difficult-financial-times/) - [Recession is an Opportunity](https://tomdunncpa.com/video/recession-is-an-opportunity/) - [Preparing for a Recession as a Small Business Owner](https://tomdunncpa.com/video/preparing-for-a-recession-as-a-small-business-owner/) - [How Have Tom Dunn CPA Clients Pivoted Their Businesses in 2021](https://tomdunncpa.com/video/how-have-tom-dunn-cpa-clients-pivoted-their-businesses-in-2021/) - [The Difficulty in Finding Employees](https://tomdunncpa.com/video/the-difficulty-in-finding-employees/) - [Competing for Employees with Large Companies](https://tomdunncpa.com/video/competing-for-employees-with-large-companies/) - [Advice for Making a First Hire](https://tomdunncpa.com/video/advice-for-making-a-first-hire/) - [A Creative Human Capital Plan](https://tomdunncpa.com/video/a-creative-human-capital-plan/) - [Recruiting and Retaining Employees](https://tomdunncpa.com/video/recruiting-and-retaining-employees/) - [What to Expect from Newly Hired Employees](https://tomdunncpa.com/video/what-to-expect-from-newly-hired-employees/) - [Aligning Employee Expectations](https://tomdunncpa.com/video/aligning-employee-expectations/) - [Positive Energy and Positive Outlook for Business Owners](https://tomdunncpa.com/video/positive-energy-and-positive-outlook-for-business-owners/) - [Customers On the Verge of Going Out of Business](https://tomdunncpa.com/video/customers-on-the-verge-of-going-out-of-business/) - [How We Help Clients Solve Accounting Problems](https://tomdunncpa.com/video/how-we-help-clients-solve-accounting-problems/) - [The Biggest Problems I See When Meeting Prospective Clients](https://tomdunncpa.com/video/the-biggest-problems-i-see-when-meeting-prospective-clients/) - [The Transformation of the Workforce in 2020](https://tomdunncpa.com/video/the-transformation-of-the-workforce-in-2020/) - [How Has the Dunn CPA Firm Evolved Over 15 Years?](https://tomdunncpa.com/video/how-has-the-tom-dunn-cpa-firm-evolved-over-15-years/) - [How Did the Dunn CPA Firm Adapt to the Challenges of 2020?](https://tomdunncpa.com/video/how-did-the-tom-dunn-cpa-firm-adapt-to-the-challenges-of-2020/) - [Our Three Service Models](https://tomdunncpa.com/video/our-three-service-models/) - [The Donut Making Machine and Multiple Streams of Revenue](https://tomdunncpa.com/video/the-donut-making-machine-and-multiple-streams-of-revenue/) - [Why Determination is Important For Entrepreneurs](https://tomdunncpa.com/video/why-determination-is-important-for-entrepreneurs/) - [Why Adaptability is Important for Small Business Owners](https://tomdunncpa.com/video/why-adaptability-is-important-for-small-business-owners/) - [What is Your Accounting Experience, Tom?](https://tomdunncpa.com/video/what-is-your-accounting-experience-tom/) - [Why Our Business Perspective is Different Vol 1 Ep 9](https://tomdunncpa.com/video/why-our-business-perspective-is-different-vol-1-ep-9/) - [What Our Clients Are Saying](https://tomdunncpa.com/video/what-our-clients-are-saying/) - [Tom Dunn CPA Testimonial](https://tomdunncpa.com/video/tom-dunn-cpa-testimonial/) - [The Ideal Time to Use Our Services - Vol 1 Ep 5](https://tomdunncpa.com/video/the-ideal-time-to-use-our-services-vol-1-ep-5/) --- # # Detailed Content ## Pages - Published: 2026-02-03 - Modified: 2026-02-03 - URL: https://tomdunncpa.com/contact-form/ Please contact me via my contact form at vcita: Contact Form for Dunn CPA Firm, LLP --- > 20 Office spaces is Creve Coeur, MO | Contact Tom Dunn today. - Published: 2026-01-01 - Modified: 2026-01-01 - URL: https://tomdunncpa.com/677craig/ The Estate Professional Offices | 677 Craig Rd 20 Office Spaces in Creve Coeur, MO HIGHLIGHTS Fully Built Out as Professional Services Office1 Private Office10’ Finished CeilingsCentral Air and HeatingKitchenPrivate RestroomsSecurity SystemHigh CeilingsRecessed LightingAfter Hours HVAC AvailableFits 1 Person4 Conference RoomsHigh End Trophy SpaceReception AreaPrint/Copy RoomFully CarpetedCorner SpaceDrop CeilingsNatural LightEmergency Lighting PROPERTY DETAILS Affordable Luxury in Private Individual Executive Offices. 110 - 210 square foot interior offices starting at $395 a month and 150-210 square foot exterior offices with opening windows starting at $695 a month. All include high speed internet (a savings of over $125 a month). No minimum lease term! Your office should be private, comfortable and relaxing. The Estate Professional Offices have in every way been designed to be luxurious, sunny, bright, private, pleasant and relaxing. Windows at the end of every hallway. Wood with glass office doors and lighted wall sconce at each office entry, crown molding with LED backlighting, gorgeous lobby and break room with windows. Ten foot high ceilings, bright lighting, thoughtful design, lots of windows and high end finishes all around. Locking mailboxes for each office. Dozens of great restaurants, shopping, golf, walking and other amazing amenities all within a short walk. And, lots of convenient free parking. An office building doesn't have to feel crowded or uncomfortable. The Estate is a private work place that you can enjoy. It's a lifestyle decision. Choose an office that meets not only your business but also your personal needs. Call (314) 500-1201 to come and... --- > Before you sell your accounting practice with a broker, give Dunn CPA Firm a chance to meet your needs. Contact us today. - Published: 2026-01-01 - Modified: 2026-01-01 - URL: https://tomdunncpa.com/st-louis-cpa-buyer/ Sell YourSt. Louis-BasedAccounting Practice Before you sell your accounting practice to a broker, give Dunn CPA Firm a chance to meet your needs. Select a time to speak with Tom via the buttons below - or give us a call at (314) 500-1201 to start a discussion. Phone Call Zoom Call Office Meeting The Tom Dunn Difference At Dunn CPA Firm we take a white glove approach to your business and are driven by the quality to ensure zero interruption and top notch service. (it’s a win/win). Stay involved (if desired) Retain employees Keep clients (big or small) Avoid brokerage fees Share profits Maintain the integrity of your life’s work Experienced in customizing a long-term plan that allows for seamless transitions when selling your firm. The manner in which our practice acquires firms like yours ensures your clients never feel the impact and preserves the lifetime value of your clientbase. Your best interest in mind Preserving the integrity of your accounting practice, retaining your portfolio of business, maintaining the quality of one-on-one service you pride yourself on and taking care of your current colleagues and employees moving into the future. An alternative route Oftentimes when accountants sell their business through a brokerage, employees and clients alike are forced out to fit the mold of the purchasing entity. Our alternative route avoids unnecessary expenses associated with a brokerage while keeping those you care about as clients or employees. Stay involved We believe in allowing you to be involved post-acquisition as much... --- > Take advantage of all the perks and monetary reward that having your own practice offers, without the hassle. Contact Tom Dunn today. - Published: 2026-01-01 - Modified: 2026-01-01 - URL: https://tomdunncpa.com/st-louis-cpa-partner/ Become a St. Louis Accounting Firm Partner Before you invest your life savings (and then some) on starting your own CPA Firm from the ground up, consider becoming a Dunn CPA Firm partner. Take advantage of all the perks and monetary reward that having your own practice offers, without the hassle or logistics that come along with starting your own business. Select a time to speak with Tom via the buttons below - or give us a call at (314) 500-1201 to start a discussion. Phone Call Zoom Call Office Meeting The Dunn CPA Firm Difference At Dunn CPA Firm we operate at the highest level and we’re inviting you to, not only be a part of our talented accounting team, but to take ownership. Why Partner With Dunn CPA: Proven reputation of award winning service Start working immediately with our existing client base Flexibility to bring in and grow your own book of business No startup costs! Job security and flexibility Well-oiled machine w/ proven standard operating procedures already in place An established and reputable accounting firm in the St. Louis area for over 20 years. We have acquired awards and accolades, celebrating the quality of service we provide our clients. We take a lot of pride in our work, are hungry for the next big thing and looking for a bright person to carry us into the future. Our team is looking to expand and is interested in not only bringing on a talented certified public accountant, but... --- > Trust Dunn CPA Firm for expert audit reviews and tailored accounting solutions to navigate your financial complexities with confidence. - Published: 2025-02-12 - Modified: 2025-02-12 - URL: https://tomdunncpa.com/audits-reviews-and-compilations-for-st-louis-businesses/ - Categories: Service, Accounting Services Expert accounting services to give you peace of mind Which Service Is Right for You? Not sure whether you need an audit, review, or compilation? Here’s a quick guide: Need full assurance? → You need an Audit. Need limited assurance with analysis? → A Review Just need properly formatted statements? → A Compilation is all you need. At Dunn CPA, we help businesses across St. Louis determine the best financial reporting solution for their needs. What sets our Audit & Assurance Services Apart? Clarity and Confidence: When it comes to financial reporting, accuracy is non-negotiable. Our team delivers thorough, unbiased audits designed to instill confidence in your financial statements while meeting all regulatory requirements. Customized Solutions: No two businesses are the same. Whether you’re preparing for a big merger, pursuing funding or simply need to meet annual compliance requirements, our solutions are tailored to align with your objectives. Proactive Insights: We don’t just check boxes - we dig deeper. By identifying potential risks and uncovering opportunities, we empower you to make strategic decisions that drive growth and efficiency. Review Services: A Step Below an Audit, A Step Above Assurance A financial review provides limited assurance that your financial statements are free from material misstatements. It’s a perfect solution for businesses that need a credible financial assessment without the scope of a full audit. What’s Included in a Review? Analytical Procedures – We analyze financial statements to identify trends, discrepancies, or areas that may need further investigation. Inquiry-Based Approach – Instead of deep-dive testing, we conduct targeted inquiries to ensure... --- - Published: 2024-04-22 - Modified: 2024-04-22 - URL: https://tomdunncpa.com/privacy-policy-2024/ Last updated: April 18, 2024 This Privacy Policy describes Our policies and procedures on the collection, use and disclosure of Your information when You use the Service and tells You about Your privacy rights and how the law protects You. We use Your Personal data to provide and improve the Service. By using the Service, You agree to the collection and use of information in accordance with this Privacy Policy. This Privacy Policy has been created with the help of the Free Privacy Policy Generator. Interpretation and Definitions Interpretation The words of which the initial letter is capitalized have meanings defined under the following conditions. The following definitions shall have the same meaning regardless of whether they appear in singular or in plural. Definitions For the purposes of this Privacy Policy: Account means a unique account created for You to access our Service or parts of our Service. Affiliate means an entity that controls, is controlled by or is under common control with a party, where "control" means ownership of 50% or more of the shares, equity interest or other securities entitled to vote for election of directors or other managing authority. Company (referred to as either "the Company", "We", "Us" or "Our" in this Agreement) refers to Dunn CPA Firm, 677 Craig Rd St. Louis, MO 63141. Cookies are small files that are placed on Your computer, mobile device or any other device by a website, containing the details of Your browsing history on that website among its many... --- > Our firm was designed to proactively serve the needs of startup business owners. Learn more about our outsourced account for startups. - Published: 2023-03-31 - Modified: 2024-05-28 - URL: https://tomdunncpa.com/outsourced-accounting-startups/ Outsourced Accounting for Startups Proactive Accounting and Tax Strategies for Your Startup Schedule a Free Consultation One of the most critical aspects of starting a new company is proper financial management. Regardless of the industry you're in, the services you provide or the scale at which you do business, many entrepreneurs underestimate the importance of proper accounting and financial management; it is crucial to the success of any new venture. The Dunn CPA Firm offers decades of experience in solving unique financial challenges and providing outsourced accounting services to startup ventures. We are dedicated to helping the businesses that we work with thrive, no matter what the current economic climate may bring. Why Startups Need Professional Accountants Growth can look a lot of different ways, depending on what you’re trying to accomplish. We understand that business models and strategic plans are a lot like snowflakes (no two are exactly the same). The Dunn CPA Firm offers a full suite of outsourced accounting startup services to meet your needs at any juncture of your growth trajectory; whether simple and complex. Tax Compliance A professional accountant from The Dunn CPA Firm will help ensure that a startup company is fully compliant with all relevant tax laws and regulations. We will help prepare and file tax returns, ensure that taxes are paid on time, and help them avoid penalties and fines. Financial Planning We will help a startup company develop a financial plan that outlines the company's financial goals, forecasts revenues and expenses,... --- > We are dedicated to the success of our clients by providing professional, reliable, and affordable accounting in St. Louis. - Published: 2022-09-28 - Modified: 2024-05-09 - URL: https://tomdunncpa.com/home-2022/ St. Louis Accounting Services For a Better Chance at Success, Life Changing Results and Peace of Mind. Schedule a Free Consultation Why Us Personal service and proactive solutions are at the core of our award-winning accounting, tax and advisory services. We are dedicated to the success of our clients by providing professional, reliable, and affordable accounting in St. Louis. The Dunn CPA Firm was built on a foundation of integrity and excellence for providing our clients with unparalleled accounting, tax and business guidance services. Our Commitment Accounting Services The Dunn CPA Firm was built on a foundation of integrity and excellence for providing our clients with unparalleled accounting, tax and business guidance services. Accounting Tax Bookkeeping Payroll CFO For Hire CPA Guidance & Advice Who We Serve We know that the only constant in business is change; We will work closely with you to anticipate issues and opportunities to maximize your business and financial goals. We will be there with advice and guidance to help keep you organized and on track. Small Business Owners Midsized Companies Individuals & Families Nonprofits Trusts We are consistently recognized for our accounting and tax expertise, excellent customer service and overall value. Tom has 35+ Years Of Accounting Experience Partners At The Firm Have 260+ Years Of Accounting Experience --- - Published: 2022-09-01 - Modified: 2025-01-07 - URL: https://tomdunncpa.com/careers/ Careers With Dunn CPA Firm Dunn CPA Firm is among the most decorated St. Louis, Missouri full-service accounting firms with a record of success for over 25 years. Personal service and proactive solutions are at the core of our award-winning accounting, tax and advisory services. We are dedicated to the success of our clients by providing professional, reliable, and affordable accounting in St. Louis. If you are a Degreed Accountant or a Certified Public Accountant looking to make a change, I want to talk to you! Schedule a chat! Current Openings Tax Accountant CPA A growing, boutique 25 person CPA firm focused on small businesses, midsize companies, nonprofits, trusts, individuals and families is looking for an experienced tax and accounting CPA who can perform and review both tax and accounting work. This is a unique opportunity to be a long term member of our very special firm. Will be working with very experienced CPA's with a strong track record of developing members into significant roles both professionally and financially. Nice career paths and opportunity within the growing firm. Focused, diligent work during weekday business hours, but no crazy hours, even during busy season. Workload is more balanced and year round. This firm is unique in that it maximizes the good things about public accounting and minimizes the bad and is not like any other CPA firm. For example:We believe that our members' welfare and happiness has to be prioritized in order to have highly satisfied clients. The firm is committed... --- - Published: 2021-12-02 - Modified: 2024-05-09 - URL: https://tomdunncpa.com/small-business-accountant-videos/ Tom Dunn in Action Expert Accounting and Tax Services Advice and Insights Video Library --- > Dunn CPA Firm offers decades of experience, solving unique financial challenges, and providing outsourced CFO services for clients. - Published: 2021-06-01 - Modified: 2024-11-13 - URL: https://tomdunncpa.com/outsourced-cfo-services-for-hire/ - Categories: Service, Accounting Services Expert Financial Solutions, Customized For Your Unique Business Needs The Dunn CPA Firm offers decades of experience, solving unique financial challenges, and providing outsourced CFO services for its clients. We are dedicated to helping the businesses that we work with thrive, no matter what the current economic climate may bring. Our Outsourced CFO Services Financial Reporting Key Performance Indicators Business Consulting Forecasting & Budgeting Training & Mentoring Cash Planning & Management Monthly Reporting Packages Software Planning General Ledger Maintenance Outsourced CFO Services FAQs What do St. Louis outsourced CFO services include for local businesses? Our St. Louis outsourced CFO services provide expert financial leadership and strategic guidance for growing businesses. As your outsourced CFO in St. Louis, we deliver comprehensive financial planning, strategic budgeting, cash flow optimization, and detailed profitability analysis to drive your business forward. How can St. Louis small businesses benefit from outsourced CFO services? Our outsourced CFO services give St. Louis small businesses access to executive-level financial expertise without the cost of a full-time CFO. By choosing our St. Louis outsourced CFO solutions, you gain strategic financial guidance and leadership that scales with your business growth, all at a fraction of traditional CFO costs. What meeting frequency can I expect with outsourced CFO services? Our St. Louis outsourced CFO services offer flexible engagement models tailored to your business needs. Whether you need weekly strategic sessions, monthly financial reviews, or quarterly planning meetings, your outsourced CFO provides consistent support and guidance aligned with your business objectives. How do outsourced CFO services differ from traditional accounting support? While... --- > We are dedicated to the success of our clients by providing professional, reliable, and affordable accounting in St. Louis. - Published: 2020-08-12 - Modified: 2024-10-31 - URL: https://tomdunncpa.com/ St. Louis Accounting Services For a Better Chance at Success, Life-Changing Results & Peace of Mind. Small Business Owners Midsized Companies Individuals & Families Nonprofits Trusts Accounting Tax Bookkeeping Payroll CFO For Hire CPA Guidance & Advice Schedule a Free Consultation Why Us Personal service and proactive solutions are at the core of our award-winning accounting, tax and advisory services. We are dedicated to the success of our clients by providing professional, reliable, and affordable accounting in St. Louis. The Dunn CPA Firm was built on a foundation of integrity and excellence to provide our clients with unparalleled accounting, tax, and business guidance services. Schedule a brief chat with one of our accountants! Schedule a Free Consultation https://youtu. be/I3ncVk2CDOM Our firm was designed and staffed to passionately serve the needs of: Small Business Owners Midsized Companies Individuals & Families Nonprofits Trusts We know that the only constant in business is change; we will work closely with you to anticipate issues and opportunities to maximize your business and financial goals. We'll be there with advice and guidance to help keep you organized and on track. Schedule a Free Consultation The Dunn CPA Firm was built on a foundation of integrity and excellence for providing our clients with unparalleled accounting, tax and business guidance services. Accounting Tax Bookkeeping Payroll CFO For Hire CPA Guidance & Advice We have been recognized over the past 8 consecutive years for our accounting and tax expertise, excellent customer service and overall value. Tom has 40+ Years... --- > Our firm is designed & staffed to proactively serve the needs of small business owners from many industries. Learn about our accounting industry expertise. - Published: 2020-07-02 - Modified: 2024-05-28 - URL: https://tomdunncpa.com/accounting-industry-expertise/ - Categories: Why Us, Service Helping you make informed financial decisions The Dunn CPA Firm has experience working with clients in over 100 different industries, including expertise and a working knowledge in the following: Construction Home Remodeling Home Furnishing Electronics Technology Healthcare Medical Medical Practices Dental Physical Therapy Optical Chiropractic Care Providers, Adult & Child Manufacturing Distribution Non-Profit Real Estate Property Management Retail Wholesale Restaurants Food Service Professional Services & Consulting Education Web Based Business E-Commerce Legal Training Engineering Insurance Daycare Sports Exercise And Gyms Human Resources IT Agriculture Finance Advertising Marketing Transportation --- > See where Dunn CPA Firm is listed and registered and registered as a licensed CPA in Missouri. - Published: 2020-05-27 - Modified: 2024-05-21 - URL: https://tomdunncpa.com/organizations/ - Categories: Service, About See where Dunn CPA Firm is listed and registered and registered as a licensed CPA. Missouri State Board of Accountancy List of Licensed CPA’s The Native Society --- > Read up on the latest industry news, tips, and tricks from the Dunn CPA Firm. - Published: 2020-05-21 - Modified: 2024-05-28 - URL: https://tomdunncpa.com/news-tips/ News & Tips Articles Press Releases Many of our new clients come to us looking for advice and solutions for their current issues; we have over 260 combined years of expert experience solving complex accounting, business and tax issues. Schedule a no-cost personal consultation with one of our CPA partners today, so we can help you quickly get back on track. Schedule a Free Consultation --- > Read about where Tom Dunn CPA started and our journey to get to where we are today. - Published: 2020-05-05 - Modified: 2026-03-10 - URL: https://tomdunncpa.com/tom-dunn-cpa-firm-history/ - Categories: About, Service Over 35 Years of Accounting Experience Tom Dunn left his big company career to become an entrepreneur where he owned and operated ten small businesses with his entrepreneurial brother, including a CPA firm to support those businesses as well as outside clients. 2001 Tom made a strategic decision to focus on the CPA firm and only offer services to outside clients and his brother continued to operate the other small businesses which he still does to this day. 2006 Tom Dunn CPA added it’s first partner in addition to Tom and became Dunn CPA Firm. 2007 Dunn CPA Firm grew steadily over the years and added six additional partners bringing the firm total to seven partners. 2015 Dunn CPA Firm doubled in size by absorbing an affiliate firm Phil Brumbaugh, CPA, adding five additional partners bringing the total to twelve partners. 2016 Dunn CPA Firm purchased it’s own office building at 677 Craig Road, centrally located within a mile of the 270/Olive intersection where Tom grew up and still lives, and completely renovated the first floor as it’s long term location to serve the greater metropolitan St. Louis area. 2017 Dunn CPA Firm absorbed an affiliate CPA firm named Spinnaker Financial Services, LLC. 2023 Dunn CPA Firm absorbed affiliate firms Meyer, Balmes & Associates and La Mear & Rapert, welcoming two new partners and bringing the firm’s total to 25 partners. 2025 Dunn CPA Firm absorbed an affiliate CPA firm, Spinner & Co. , welcoming two more partners, bringing the total to 30, and opening our... --- > Learn about our committment to you by checking out a few testimonials from our satisfied clients. - Published: 2020-03-23 - Modified: 2024-05-20 - URL: https://tomdunncpa.com/testimonials/ - Categories: Why Us, Service See what others are saying and discover how we can help you too https://youtu. be/lN4kUTz6UKQ https://youtu. be/MvwEhDMTFYw --- > The Dunn CPA Firm was built on a foundation of integrity & excellence for providing our clients with unparalleled accounting, tax & business guidance. - Published: 2020-03-23 - Modified: 2024-05-21 - URL: https://tomdunncpa.com/about-us/ - Categories: Service, About Best St. Louis Accounting and Tax Firm The Dunn CPA Firm was built on a foundation of integrity and excellence for providing our clients with unparalleled accounting, tax and business guidance services. We are fierce advocates for all our clients, working honestly and ethically to serve your needs. Our proactive service model takes a comprehensive approach, ensuring all our clients receive expert personal guidance and continuous attention from our CPA partners. Our suite of affordable services includes: Complete Accounting Services Tax Planning, Strategy, And Preparation Bookkeeping Services Payroll Services Expert CPA Planning, Strategy And Guidance Outsourced Controller And CFO Services Tom has 35+ Years of Accounting Experience Partners at the Firm have 260+ Years of Accounting Experience The Dunn CPA Firm offers complete outsourcing opportunities that will ensure your accounting, tax, bookkeeping, and payroll functions will be professional and affordable, completed with real cost savings in mind. --- > The Dunn CPA Firm holds over 260 combined years of expert experience solving complex accounting, business and tax issues. - Published: 2020-03-14 - Modified: 2024-05-28 - URL: https://tomdunncpa.com/tom-dunns-resume/ - Categories: Service, About Over 35 Years of Accounting Experience DUNN CPA FIRM CPA & OWNER (January 2001 to PRESENT) St. Louis CPA Firm Providing Complete Accounting Services To Businesses And Their Owners. THE ADVANCE GROUP CFO & OWNER (January 2001 to December 2005) Privately Owned Conglomerate Of Small Businesses, Including, Remodeling, Handyman, Landscape, Lawn, Retail Convenience, Gasoline, Carwash And Auto Repair. ENTERPRISE RENT-A-CAR Fortune 250 Privately Owned; Semi-Public SEC; $6 Billion Revenue; 4,500 Branches; Five Countries; Automobile, Light Truck And Truck Rental; Leasing, Wholesale, Retail And Auto Dealership. CORPORATE ACCOUNTING 130 Professionals Stewarding Most Financial Areas And Admin Systems; Led Corporate Accounting And Admin Systems (PeopleSoft); Coordinated Or Supported Most Financial And Administrative Areas. Vice President Corporate Controller (June 1994 To January 2001) Assistant Vice President Corporate Controller (February 1993 To May 1994) Corporate Controller (December 1992 To January 1993) CHIEF OPERATING OFFICER’S OFFICE – COO and other operations executives. Corporate Business Manager (October 1990 To November 1992) – Provided Executive Level Admin Support To The COO And Other Operations Officers, Corporate Liaison To Subsidiary Controllers And Provided Support To General Managers Across The Nation, Led Support For Mergers/Acquisitions And Finance Company Startup. CORPORATE ACCOUNTING 45 Professionals, Performance/External Reporting And Tax Support. Assistant Corporate Controller (April 1989 To September 1990) Oversight Of Corporate Accounting Operations. Accounting Manager (November 1987 To March 1989) Management Of Corporate Accounting Operations. Accounting Supervisor (February 1987 To October 1987) Supervised Performance And External Reporting. Accountant (September 1986 To January 1987) Prepared Performance And External Reporting. CHROMALLOY AMERICAN CORPORATION Fortune 500 Public SEC Company, International... --- > Being a fierce advocate for your success means dedicating a firm CPA partner to work with you. Schedule your no cost personal consultation today. - Published: 2020-02-28 - Modified: 2026-04-03 - URL: https://tomdunncpa.com/contact-us/ Contact Us Being a fierce advocate for your success means dedicating a firm CPA partner to proactively and affordably work with you to provide you with every advantage to better ensure your financial success. Schedule your no cost personal consultation today to get started. Speak with an Accountant Our no-obligation initial consultation is absolutely free. Schedule a brief chat with one of our experts! Schedule a Free Consultation Locations Creve Coeur - Main Office677 Craig Rd. , Suite 100St. Louis, MO 63141Crestwood - Branch Office50 Crestwood Executive Center, Ste #400St. Louis, MO 63126 Contact Us Phone: (314) 500-1200Fax: 314-228-0111Email: tom@tomdunncpa. comPhone: (314) 842-1120Fax: (314)842-0921Email: tom@tomdunncpa. com Many of our new clients come to us looking for advice and solutions for their current issues; we have over 260 combined years of expert experience solving complex accounting, business and tax issues. Schedule a no-cost personal consultation with one of our CPA partners today, so we can help you quickly get back on track. Schedule a Free Consultation --- > Dunn CPA Firm offers proactive accounting for all types of businesses in a variety of industries. Learn more about our commitment to you. - Published: 2020-02-28 - Modified: 2024-05-28 - URL: https://tomdunncpa.com/proactive-accounting/ - Categories: Why Us, Service Anticipating future financial needs and taking steps to ensure they are met. Best practice demands a proactive accounting. Staying current with the ever-changing tax codes and providing maximum benefit for our clients is core to The Dunn CPA Firm. Going beyond simply recording past transactions – We emphasize anticipating future financial needs and taking steps to ensure those needs are met. At Dunn CPA we use financial data to make informed decisions about the future of your business. --- > We are fierce advocates for all our clients, working honestly and ethically to serve your needs. Trust us to handle all your accounting needs. - Published: 2020-02-28 - Modified: 2024-05-20 - URL: https://tomdunncpa.com/our-commitment/ - Categories: Service, Why Us Tax & Accounting Value Through Expertise, Dedication & Affordability. We are fierce advocates for all our clients, working honestly and ethically to serve your needs. We have a true passion for our client’s success. Tom and many others in the firm have successfully run small businesses. We know through personal experience just how hard it is to balance a business, family, and other interests. Walking into your regularly scheduled meeting will be a gratifying experience, knowing your bookkeeping, payroll, tax filings, local government filings, state government filings, etc. will all be completed and waiting for you. You will have the peace of mind knowing everyone at the Dunn CPA Firm is committed and passionate in helping you achieve your personal and professional goals. --- > The Dunn CPA Firm has a team of CPA partners who are ready to handle St. Louis accounting for nonprofits. Check out our site for info. - Published: 2020-02-27 - Modified: 2024-05-21 - URL: https://tomdunncpa.com/st-louis-accounting-for-nonprofits/ - Categories: Service, Who We Serve Affordable Nonprofit Accounting and Tax Services Not-for-profit associations and nonprofit start-ups require specific expertise and experience to stay ahead of the ever-changing tax regulations, IRS reporting requirements, and compliance issues. Not for Profit Services: Application For Exempt Status Board Training And Governance Preparation Of Forms 990EZ, 990, 990-T And 990-PF Internal Control System Guidance Outsourced Accounting, Bookkeeping And Payroll Controller Or CFO Responsibilities Accounting Standards Alternative Investments Charitable Gift Vehicles Endowments Regulatory Compliance And Many More Some of the Organizations We Serve: Private Schools Public Charities Private Foundations Performing Arts Organizations Sports Clubs And Organizations 509(A)(3) Supporting Foundations United Way Affiliates Churches And Ministries Hospital Foundations Nonprofit Organizations With Earned Income Activities Nonprofit Organizations With A For Profit Subsidiary Employee Benefit Plans --- > Our firm was designed & staffed to proactively serve the needs of midsize business owners. Learn more about our St. Louis midsized company accounting plan. - Published: 2020-02-27 - Modified: 2024-05-21 - URL: https://tomdunncpa.com/st-louis-midsize-company-accounting/ - Categories: Service, Who We Serve Proactive Accounting and Tax Strategies for Midsized Companies Our firm was designed and staffed to proactively serve the needs of midsize business owners. We also offer a comprehensive and affordable suite of accounting, tax, bookkeeping, and payroll services to keep everything organized and on track. We Help: Business Founders Successful Business Owners Entrepreneurs S-Corporations Sole Proprietors Business Start-Ups Business Turnarounds Outsourcing Corporations Partnerships Rental Properties 1099 Businesses Home Businesses LLC’s And Many More As a Dunn CPA Firm client, you will receive: Affordable End To End Accounting, Bookkeeping, Payroll And Tax Services CPA Driven Individualized Tax Saving Strategies Weekly Meetings With A CPA Partner To Proactively Plan, Problem Solve And Develop Strategies For Maximum Business And Tax Benefit Regular Expert Guidance And Advice To Help Grow Your Business Complete Outsourcing Of Your Accounting, Bookkeeping And Payroll Is Available Fast And Timely Response To All Of Your Questions --- > The Dunn CPA Firm understands the importance of a St. Louis private and personal accountant. Schedule a free consultation today. - Published: 2020-02-27 - Modified: 2024-05-21 - URL: https://tomdunncpa.com/st-louis-private-accounting/ - Categories: Service, Who We Serve Customized Tax and Accounting Services for Individuals and Families The Dunn CPA Firm understands the importance of private and personal accountants for individuals and families in St. Louis. Our comprehensive suite of family accounting services and office tax include: Complete Tax Planning And Guidance Full Suite Of Accounting Services Cash Flow Management & Bookkeeping Family Office Best Business Practices Succession Planning Estate, Gift, And Trust Planning Asset Management Planning Estate And Financial Planning Client Education And Family Meetings Philanthropy Planning Risk Management Reviews Tax Domicile Planning --- > The Dunn CPA Firm has extensive experience with trust planning services, wealth transfer, and proper asset management St. Louis. - Published: 2020-02-27 - Modified: 2024-05-21 - URL: https://tomdunncpa.com/st-louis-trust-estate-planning-services/ - Categories: Service, Who We Serve Expert Accounting and Tax Services for Trusts The Dunn CPA Firm has extensive experience with estate planning, wealth transfer, proper asset management, and trust planning services in St. Louis. At The Dunn CPA Firm, we will be there to help proactively guide and manage all aspects of the complex tax laws and any accounting services you may need. We Help: Special Needs Trusts Revocable Living Trusts Irrevocable Living Trusts Grantor Trusts Third Party Disability Trusts First Party Disability Trusts Charitable Trusts Simple Trusts Complex Trusts --- > An affordable & properly engaged accountant can often provide a St. Louis real cost savings plan for you and your business. - Published: 2020-02-24 - Modified: 2024-05-20 - URL: https://tomdunncpa.com/st-louis-real-cost-savings/ - Categories: Why Us, Service Cost Saving Accounting, Tax, Bookkeeping & Payroll Services We are a skilled group of accounting and tax experts that truly cares about your success and bottom line. Many business owners believe they are saving money by handling their own accounting, tax, bookkeeping, and payroll functions, but this usually ends up being the most expensive solution in the end. The truth is an affordable and properly engaged accountant can often provide more savings than the fees they charge for these services. At the Dunn CPA Firm, this is the principal goal we have for every client engagement. The Dunn CPA Firm offers complete outsourcing opportunities that will ensure your accounting, tax, bookkeeping, and payroll functions will be professional and affordable, completed with real cost savings in mind. --- > The Dunn CPA Firm offers a full suite of cost savings and affordable accounting services in St. Louis. Learn more about our commitment. - Published: 2020-02-24 - Modified: 2024-05-21 - URL: https://tomdunncpa.com/st-louis-affordable-accounting-services/ - Categories: Why Us, Service Expert accounting solutions, saving you time, money and frustration We are a skilled group of accounting and tax experts that truly cares about your success and bottom line. The Dunn CPA Firm offers a full suite of cost savings and affordable accounting services in St. Louis. We are dedicated to the needs of small business owners, midsized companies, individuals, families, trusts, nonprofits, and other entities. When it comes to accounting software and hosting, you have many options. The Dunn CPA Firm expertly supports all QuickBooks Online, Desktop, Enterprise versions, as well as Sage and Zero. We will help you select the right software and provide you support, training and hosting if required to fully support your growing needs. --- > The Tom Dunn St. Louis CPA Firm offers a full suite of affordable and cost-saving accounting in St. Louis. Turn to us for expert solutions. - Published: 2020-02-13 - Modified: 2024-11-13 - URL: https://tomdunncpa.com/st-louis-cpa-firm/ - Categories: Service, Accounting Services Every business can greatly benefit from timely advice and guidance from the right CPA firm. The Dunn CPA Firm works with small and midsized companies, as well as nonprofits, individuals, families, and trusts in St. Louis, to provide you real cost savings. Our Affordable CPA Advisory and Guidance Services Include: Business Planning Business Re-Balancing & Process Improvement Financial Business And Family Consulting Accounting Function Quality, Reliability, Redundancy, Continuity, Succession CFO Guidance Litigation Support Affirmation Letters Loan Application Support Budget Preparation Forecast Preparation Comparison Financial Statements Outsourced CFO Services Outsourced Controller Services CPA Firm Advice & Guidance FAQs What advisory services does your St. Louis CPA firm provide? Our St. Louis CPA firm delivers expert financial guidance across tax planning, business strategy, and financial management. As your trusted St. Louis CPAs, we provide comprehensive advice to help businesses and individuals make informed decisions that drive financial success and sustainable growth. How does strategic guidance from a St. Louis CPA firm benefit my organization? Our St. Louis CPA firm's advisory services help you develop and implement effective financial strategies aligned with your goals. From detailed budgeting to investment planning, your dedicated CPA provides professional guidance to optimize your financial performance and support informed decision-making. What fee structures does your St. Louis CPA firm offer for advisory services? Our CPA firm in St. Louis provides flexible engagement options to match your needs. Whether you're seeking one-time strategic guidance or ongoing CPA advisory services, we offer transparent pricing structures that deliver value while accommodating different budgets and service requirements. Who can benefit from St. Louis CPA firm guidance? Our... --- > The Dunn CPA Firm has comprehensive, affordable, and reliable bookkeeping services. Learn more about our commitment to you. - Published: 2020-02-13 - Modified: 2024-11-13 - URL: https://tomdunncpa.com/st-louis-bookkeeping-services/ - Categories: Service, Accounting Services One of the most difficult and time-consuming administrative tasks for small to mid sized businesses and nonprofit organizations is staying up-to-date with bookkeeping services. The Dunn CPA Firm has comprehensive, affordable, and reliable bookkeeping services in St. Louis. We are a skilled group of accounting and tax experts that truly cares about your success and bottom line. Our Affordable Bookkeeping Services Include: Enter Debit Card Payments Enter Wire Transfers Enter ACH Payments Enter Deposits Enter Credit Card Charges & Credits Reconcile Bank Accounts Reconcile Credit Card Accounts Reconcile Vendor Accounts Manage Cash Transaction Preparation Services Include: Enter Cash Payments Enter Bills Pay Bills Maintain Accounts Payable Listing Create Invoices Apply Payments Create Deposits Maintain Accounts Receivable Listing Pay Independent Contractors Document Management Services Include: Filing By Vendor, Asset, Liabilities And Other Receipt Preparation, Organization And Filing Purge Files Annually After Three-Year Retention Bookkeeping Services FAQs What comprehensive bookkeeping services does Dunn CPA Firm provide in St. Louis? Our professional bookkeeping services include complete financial transaction management, detailed bank reconciliation, accounts payable and receivable processing, and comprehensive payroll services. As a leading St. Louis bookkeeping services provider, we customize our solutions to align perfectly with your business requirements and industry standards. How often are your bookkeeping services performed? We offer flexible bookkeeping services that adapt to your business needs. Our St. Louis bookkeeping team can provide daily, weekly, or monthly service packages. Whether you need real-time bookkeeping services or periodic updates, we establish a schedule that supports your business operations and reporting requirements. How do professional bookkeeping services differ from accounting services? While our bookkeeping services focus on essential daily financial tracking and transaction management,... --- > Contact the Dunn CPA Firm for a St. Louis small business accountant that understands your needs and to proactively serves them. - Published: 2020-02-11 - Modified: 2024-05-21 - URL: https://tomdunncpa.com/st-louis-small-business-accountant-cpa/ - Categories: Service, Who We Serve Accounting and Tax Solutions for Small Businesses Our firm was designed and staffed to proactively serve the needs of small business owners with a small business accountant. We have been recognized over the past 8 consecutive years as a small business accountant with tax expertise, excellent customer service and overall affordability and value. We Help: Business Founders Successful Business Owners Entrepreneurs S-Corporations Sole Proprietors Business Start-Ups Business Turnarounds Outsourcing Corporations Partnerships Rental Properties 1099 Businesses Home Businesses LLC’s And Many More Our Small Business Client Value Includes: A Business Problem Solving Partner Personal One-On-One Experience Affordable And Proactive Accounting And Tax Solutions Certified Public Accountant Advice And Guidance 260 Combined Years Of Expert Experience Award Winning Client Service --- > The Dunn CPA Firm offers affordable, full-service payroll accountant services for families, non-profits, and all other businesses. - Published: 2020-02-03 - Modified: 2024-11-13 - URL: https://tomdunncpa.com/payroll-accountant-services/ - Categories: Service, Accounting Services Affordable full service accountant payroll services for businesses of all sizes, nonprofit organizations, and families in St. Louis. Our Affordable Payroll Services Include: Add Employees Calculate Incentive-Based Pay Process Garnishments Prepare Payroll Submission Prepare Payroll Distribute Paychecks Make Employee Direct Deposits Make Retirement Plan Deposits Prepare Monthly, Quarterly And Annual Federal, State And City Payroll Tax Returns Make Payroll Tax Deposits Resolve Notices For Federal, State & City Payroll Tax Returns And Payments Prepare Census Report For Benefit Plan Quotes Payroll Accountant and Services FAQs What comprehensive payroll services does your St. Louis payroll accountant team provide? Our St. Louis payroll services include complete payroll processing, tax compliance management, direct deposit administration, and employee benefits handling. As experienced payroll accountants, we deliver comprehensive solutions tailored to St. Louis businesses, ensuring accurate and timely payroll management. How does a St. Louis payroll accountant ensure compliance with regulations? Our payroll services team maintains extensive knowledge of federal, Missouri state, and St. Louis local payroll requirements. Your dedicated payroll accountant handles all tax calculations, compliance reporting, and regulatory filings, protecting your business from costly penalties while ensuring seamless payroll operations. Can your St. Louis payroll services adapt to different business sizes? Our professional payroll services accommodate businesses of all sizes across the St. Louis metro area. Whether you're a small business owner or managing a growing company, your payroll accountant will customize our services to match your specific needs, workforce size, and industry requirements. What electronic payment options do your payroll services include? As your St. Louis payroll accountant, we implement efficient direct deposit systems through our payroll services platform. This... --- > Schedule a consultation with a tax accountant who can help you with St. Louis tax planning services. Learn more about our commitment to you. - Published: 2020-02-03 - Modified: 2024-11-13 - URL: https://tomdunncpa.com/st-louis-tax-accountant/ - Categories: Accounting Services, Service A skilled group of expert tax accountants that truly cares about your success and bottom line. According to the Wall St. Journal, most tax codes change every 9 months. How can you possibly be expected to keep up with the IRS and effectively run your business? Meet with an expert tax accountant. Our St. Louis tax accountants lead tax planning services are specifically designed to advise and guide small business owners, midsized companies, nonprofits, individuals, and families to realize all possible tax advantages under the IRS tax codes. We understand how the IRS works. All of the deadlines, notices, and penalties can dominate your life. We can help eliminate the worry and stress, allowing you to get back to focusing on growing your business. Do not try to handle an IRS audit by yourself. The IRS has broad powers and any interaction with them needs to be taken seriously and done professionally. The Dunn CPA Firm partners will advise and guide you through this complex situation. Tax Accountant and Tax Planning FAQs What tax services does your St. Louis tax accountant team provide? Our St. Louis tax accountants provide comprehensive tax services for both individuals and businesses. From professional tax preparation to strategic tax planning services, we ensure each client receives personalized attention from an experienced tax accountant who understands both federal and Missouri state tax requirements. How can a St. Louis tax accountant help minimize my tax burden? Our tax planning services focus on proactive strategies to reduce your tax liability. As experienced St. Louis tax accountants, we work year-round to identify tax-saving opportunities, implement... --- > The Dunn CPA Firm offers a full suite of St. Louis accounting services that are affordable. Turn to us for expert solutions. - Published: 2019-12-19 - Modified: 2024-11-13 - URL: https://tomdunncpa.com/accounting/ - Categories: Service, Accounting Services Expert accounting services to give you peace of mind We are a skilled group of accounting and tax experts that truly care about your success and bottom line. The Dunn CPA Firm offers a full suite of St. Louis accounting services that are affordable and cost-saving. We are dedicated to the needs of small business owners, midsized companies, individuals, families, trusts, nonprofits, and other entities. Accounting Services FAQs What accounting services does Dunn CPA Firm provide in St. Louis? At Dunn CPA Firm, we offer comprehensive accounting services tailored to St. Louis businesses, including bookkeeping, tax preparation, and financial advisory. Our accounting services support small and medium-sized businesses, non-profits, and startups across the Greater St. Louis area, ensuring both compliance and strategic financial management. How will professional accounting services benefit my business growth? Our professional accounting services provide critical financial insights that drive business growth. Through detailed financial analysis, professional bookkeeping, and expert accounting services, we help St. Louis businesses make data-driven decisions, optimize cash flow management, and identify strategic growth opportunities. What advantages come with outsourcing accounting services to Dunn CPA Firm? When you partner with Dunn CPA Firm for accounting services, you gain access to a dedicated team of St. Louis CPAs without the overhead of in-house accounting staff. Our full-service accounting solutions ensure accurate financial records, timely reporting, and expert financial guidance while allowing you to focus on core business operations. How do you protect client data when providing accounting services? As a trusted provider of accounting services in St. Louis, we implement enterprise-grade security measures... --- --- ## Posts > Discover Tom's personal mission to advance our community and clients through dedicated service at Dunn CPA Firm. - Published: 2026-02-17 - Modified: 2026-02-17 - URL: https://tomdunncpa.com/toms-personal-mission-statement-advance-the-world-around-me/ - Categories: small business accounting At Dunn CPA Firm, everything we do is rooted in service to our clients, our team and our community. That clarity starts at the top, and it’s been that way since the very beginning. When Tom Dunn launched this firm over 25 years ago, he didn’t just start a business—he set his personal mission in motion. It’s a simple one: “Advance the world around me. ” That’s it.   Why It Matters Tom’s mission statement has shaped the culture of Dunn CPA Firm and how we do business. It reflects a mindset that success isn’t just about personal achievement; it’s about lifting others up along the way. Yes, Tom wanted to grow a successful practice. But he believed the best way to advance personally was to help as many people as possible do the same. That belief is woven into every client meeting, every consulting call and every internal conversation about how we can support our team and serve our clients better. Growth with Purpose From a one-person firm to a team of over 30 partners and thousands of clients, the growth of Dunn CPA Firm is a reflection of that mission in action. The goal has always been to grow with intention, bringing others along and creating meaningful, lasting value for the people we serve. That’s why we work closely with small business owners on both their books and tax filings, as well as the long-term health and clarity of their operations. We believe every client we serve should... --- > Discover why a clear mission statement drives better decisions for every business owner at Dunn CPA Firm. - Published: 2026-02-17 - Modified: 2026-02-17 - URL: https://tomdunncpa.com/why-every-business-owner-needs-a-personal-and-professional-mission-statement/ - Categories: small business accounting At Dunn CPA Firm, we believe clarity drives better decision-making—and that clarity starts with knowing why you do what you do. That’s why Tom Dunn encourages every business owner to develop both a personal and a professional mission statement. Your Personal Mission Statement Sets the Course For Tom, everything started with a personal mission:“Advance the world around me. ” That personal mission became the lens through which he makes decisions in life, and in business. It also helped reveal one of his most important roles: to serve as the economic resource provider for his family.   If you’re running a business, managing a team or caring for loved ones, your personal mission statement can bring direction to all of it. Your Professional Mission Grows From Your Personal One Once you have clarity in your personal life, you can build from it. For Tom, his professional mission statement and what guides the firm day to day is a direct extension of his personal values. It focuses on creating real value, supporting clients, helping people grow and building a business with integrity. Why This Matters to Our Clients Our firm’s mission reflects Tom’s core belief: success comes from helping others succeed. That means every recommendation, every financial strategy, every consulting engagement is focused on building clarity, solving problems and creating long-term wins for the people we serve. Start With Your Mission As a business owner or entrepreneur, defining your personal and professional mission statements gives you a compass you can turn to... --- - Published: 2026-02-06 - Modified: 2026-02-06 - URL: https://tomdunncpa.com/begin-with-the-end-in-mind/ - Categories: Uncategorized https://www. youtube. com/watch? v=WSgnk9Y42pw It is common for me when I get a new client or I'm talking to a new prospective client. I really do recommend Stephen Covey. Seven Habits all the Time. Especially someone who is struggling to get their arms around their life and where they want to go with their business. It's the same thing I described from my own business is that they have to then use those habits to envision where they want to go with their life, what personal mission statement they want, how that affects the business model that they create and the mission statement for the business. Going through the re envision reiterations and then a brand new business. I try to get the clients to focus on performing the core competencies of that business because if they try to delegate the thing that a client is coming to them for, To paying them money for. That's the critical core competency. In the early stages, that really needs to be on the business owners. The small business owner shoulders now. Later on, as the business has success and it's growing, there is a point where the business owner leads to morph out of doing the work and then start working on the business in order to focus on the things that really need to get done. The other heavy habits of putting first things first and what have you. But I see a lot of times people work on the business... --- - Published: 2026-02-06 - Modified: 2026-02-06 - URL: https://tomdunncpa.com/why-business-owners-cant-afford-to-stop-learning/ - Categories: Uncategorized https://www. youtube. com/watch? v=LHLJJeZrG68 New St. Louis or any St. Louis business. Don't have any choice anymore. With regard to lifelong learning, Sharpening the soft. Significantly more important than when Covey ever wrote a book. If you think about it, the pace, how the pace of change has picked up since then. They just don't have any choice. And they have to find a way to do it with their own things that they would like to read and watch that circle of consulting team around them. That they built so that they can grow up. They have to, I think, get prepared for ever quickening pace of change. Which knows where that's going to go. But you really don't have any choice anymore. At Dunn CPA Firm, we work with small business owners across St. Louis who are navigating a faster, more complex environment than ever before. The pace of change, especially in areas like regulation, technology and customer behavior, has only increased. For business owners trying to grow or stay competitive, that means one thing: you have to keep learning. The Speed of Change Has Outpaced Experience When Covey first introduced his 7 Habits, lifelong learning was a competitive edge. Today, it’s a requirement. Even the most seasoned entrepreneurs can’t rely on past knowledge alone because industries are evolving too quickly. That doesn’t mean you need to become an expert in everything. But it does mean you need systems and habits that keep you learning, aware and adaptable.... --- > St. Louis business owners can thrive by embracing change and growth opportunities. Discover how St. Louis Entrepreneurs Can Keep Up with Lifelong Learning. - Published: 2025-12-15 - Modified: 2025-12-10 - URL: https://tomdunncpa.com/how-st-louis-entrepreneurs-can-keep-up-with-lifelong-learning/ - Categories: Uncategorized https://www. youtube. com/watch? v=Odj20X2Rw0U St. Louis business owners, as far as keeping up with life longer, learning and change, I really think the best way to do it is for them to build this little circle of consultants around them because it's changing so fast and it's so technical on all these sub areas that I don't think anybody can really keep up with it. In all areas, my mom is technical as they come. And I have that circle of consultants on my insurance broker. I have a health insurance broker. I have several lawyers that are part of my team. I have digital marketing team, public relations team. So it's just too much for one person to be good enough and anything or keep up with it enough. Really. I think the key tool is to build that team of consultants around you. It doesn't cost them. A lot of these consultants, they just get their. They get paid from the regular services they provide anyway. The insurance broker is going to get paying the extra. You just pay for the same with the health insurance broker. You'll have to pay for the digital marketing or pay for public relations or the lawyers. But you can often get them on retainer. And one of the services we have very affordable retainers a bit you can connect with them. To take your questions that you get from your own research and your own exposure, get to that, let them... --- > We specialize in providing solutions to challenges faced by businesses in St. Louis as we help small business owners thrive. - Published: 2025-12-08 - Modified: 2025-12-08 - URL: https://tomdunncpa.com/how-we-help-st-louis-business-owners-with-their-challenges/ - Categories: Uncategorized https://www. youtube. com/watch? v=NrDJ53mlKmc So we've helped many small business owners in St. Louis with their challenges. What we often do is help them create a new business model. We try to teach them the new skills, new understandings of different strategies, processes how to run a business so that they can get on board with the new business model, really get behind it. And then we try to encourage them to build this circle of consultants around so that they can stay up to speed with all the different technical areas that most business owners need. But we do that all the time for people. Many small business owners, they just don't quite have the Rubik's Cube lined up yet. And that it's hard, it's not easy to do, but we can make a huge difference with that, and then teach them how to do that: what the skills are, what the strategies are. They get on board with that so they can get motivated, find their motivation and then start having success. Helping St. Louis Business Owners Build Stronger Models and Better Systems At Dunn CPA Firm, we’ve worked with many small business owners across the St. Louis region who are working hard to grow, adapt and improve their operations, but are often left feeling stuck or overwhelmed. One of the most impactful ways we help is by guiding them through a clearer, more effective business model. When the Current Model Isn’t Working Running a small business is... --- - Published: 2025-11-20 - Modified: 2025-11-20 - URL: https://tomdunncpa.com/small-business-owner-mission-statement/ - Categories: Uncategorized The small business owner world would be really overwhelming to most people if they did not have their own personal mission statement. I'm drawing a lot of this stuff now from Steven Covey. But you have to know where you're trained to go with your life. In your personal mission statement how? And then how your business is helping you get there. And that is what gives you the dig your heels in on those two steps forward, on the one step back. That's what gets you to dig your heels in because you know where you're going and it gives you motivation. If you don't have that. Then these steps. Small businesses, so difficult in a step back can feel some devastating. I think you could lose your mojo. So you got to have your own psychological act together to be a small business owner, to be successful and do it for the long. https://www. youtube. com/watch? v=I779JrXUQcY Running a small business is demanding. Success requires more than skill—it requires a strong sense of direction. Without it, the day-to-day pressures, setbacks and uncertainty can quickly become overwhelming. At Dunn CPA Firm, we’ve worked with hundreds of business owners who are navigating both growth and challenge. One of the most powerful tools we see among those who persevere is a clearly defined personal mission statement. Knowing Where You’re Going A personal mission statement is a statement about what matters to you, what you’re working toward and how you want your... --- - Published: 2025-11-20 - Modified: 2025-11-20 - URL: https://tomdunncpa.com/how-we-measure-success-with-our-tax-planning-clients/ - Categories: Uncategorized We measure success. Beyond just tax savings. This may sound boring, but first is compliance. A lot of people come to us while business owners come to us and they're out of compliance. Got all kinds of problems because of that. We're taxing authorities in their lives, scattered and anxious and stressful. I measure been part of the 6,000 of them getting them into compliance and keep them that way because then everything starts to come and be more successful from there. It is certain key metrics and just depends on the business. But just a simple one that everybody needs is just the weekly cash flow and keeping the finger on pulls of that. That generally is the first indicator in any business, it's to how well it's doing in that week. The cash go up? Did it go down? Did it stay the same? And why? For all those things, and that's often lead honestly to business model modifications struggling with that. So an example is St. Louis client. It's come to me multiple times, different ones. And they had business models where they didn't collect any money from the client until after the service was performed. And so what that leads to is the faster they grow, and the more they grow, the more their cash deficit becomes. They just can't operate like that unless you've got tons of money and said no on the sidelines. Most people don't have that. So they have to had to... --- > Discover expert insights on overcoming adversity as a small business owner to thrive in tough times with Dunn CPA Firm. - Published: 2025-10-13 - Modified: 2025-10-13 - URL: https://tomdunncpa.com/overcoming-adversity-as-a-small-business-owner/ - Categories: Uncategorized https://www. youtube. com/watch? v=2XMhpyX68mo Small business owners. Face problems all the time. So every small business is two steps forward and one step back at best. And within those steps back. Are frustrating. Let's just call them traumatic, okay? You get the drive to move to digger heels and move forward from your own personal mission statement and where you're trying to go with your life. But that traumatic experience is an opportunity for you to then overcome that, develop resilience and grow what's called trauma growth. And what doesn't kill you makes you stronger, basically. And the trick is to not get caught up in the victim mindset. We'll look at the trauma or the problem as an opportunity. Get excited about it. It's life. It's your life. You're experiencing it. It's one of the benefits of life. You have to turn it around and how you think about it. And then you'll move out of the trauma. Phase and right into the trauma growth phase, and you'll build resilience and solve your problems in your human and move forward for two more steps. Every small business owner encounters challenges, and setbacks are often part of the process. Growth rarely happens in a straight line and more often looks like two steps forward, one step back. At Dunn CPA Firm, we work closely with business owners through both their wins and their obstacles. What we’ve seen consistently is that success isn’t defined by the absence of adversity, and is... --- > Discover how a steadfast commitment to growth drives small business success at Dunn CPA Firm. Learn to thrive in today's market. - Published: 2025-09-23 - Modified: 2025-09-12 - URL: https://tomdunncpa.com/commitment-to-growth-small-business-success/ - Categories: small business accounting Running a small business takes knowledge and experience, and, more importantly, a steady commitment to growth. Not just in revenue or team size, but in how you lead, make decisions and improve over time. At Dunn CPA Firm, we’ve worked with business owners at every stage of growth. One consistent trait separates those who build something lasting: they’re committed to improving. Even when things are working, they continue to refine how they operate and how they show up each day. Growth Is a Discipline It’s easy to focus on external milestones, but the most effective business owners treat growth as an ongoing responsibility. That might include: Learning new tools or systems Strengthening leadership or communication skills Staying open to feedback Revisiting operational habits that no longer serve the business This kind of growth isn’t always dramatic, but over time, it builds stronger businesses and more confident owners. Avoiding Growth Can Hold You Back Some business owners resist change. They stick with what’s familiar, even if it’s no longer working. In a challenging environment, that can create real limitations for both the business and the people running it. Choosing to improve, even in small ways, helps business owners adapt to uncertainty, make better decisions and support their team more effectively. A Support System Makes It Easier Growth doesn’t mean doing everything alone. In fact, the most successful business owners are the ones who seek out support early through trusted advisors, financial planning or operational guidance. At Dunn CPA Firm, we help... --- > Understand how small businesses can shape regulations and enhance compliance efforts. Discover How Small Businesses Can Change Regulations today. - Published: 2025-09-12 - Modified: 2025-09-12 - URL: https://tomdunncpa.com/how-small-businesses-can-change-regulations/ - Categories: small business accounting Regulations affect nearly every aspect of running a business, like zoning, licensing, payroll and tax compliance. It’s natural for business owners to wonder how much influence they really have in shaping those rules. Understanding how small businesses can change regulations is essential for effective engagement. The short answer: while broad change is difficult, there are still meaningful ways to stay engaged, especially at the local level. At Dunn CPA Firm, we encourage business owners to stay informed and focus on what’s most practical for their business. Start with What You Can Control Voting is the most straightforward way to engage with regulations. Some owners choose to participate in local business groups or industry associations to stay informed and build relationships that support long-term growth. Practical Ways to Stay Involved If you're looking to stay connected to the regulatory environment, here are a few places to start: Local chambers of commerce often advocate on behalf of small businesses Industry associations can serve as a bridge to policy conversations and offer updates on changing regulations City or county-level government involvement can be especially relevant for businesses affected by zoning or location-specific rules In some cases, these connections can also support your business development efforts—serving both a practical and strategic purpose. Know Where Your Time Is Best Spent It’s important to stay realistic about what you can influence. While larger companies may have more resources to advocate for change, small business owners often operate in what we call the “micro” world—the day-to-day decisions... --- > Master the art of small business compliance with effective strategies to navigate requirements for operational clarity and confidence. - Published: 2025-08-29 - Modified: 2025-08-29 - URL: https://tomdunncpa.com/stay-ahead-small-business-compliance-strategies/ - Categories: small business accounting Compliance as a small business owner is about more than just avoiding penalties—it’s about running your business with clarity and confidence. Keeping up with changing regulations, deadlines and other requirements can be overwhelming for many small business owners, and we’re here to help you navigate it. Build a Trusted Circle of Advisors Every business owner should have a go-to support network made up of professionals who understand the ins and outs of running a business. Ideally, this group should include: A CPA or accountant A business attorney An insurance broker An IT consultant or service provider Think of them as your personal board of advisors. They’re not just service providers—they’re consultants who can help you make informed decisions and stay ahead of potential issues. It's also wise to establish secondary contacts or backups for each role. That way, you're covered if someone retires, moves on, or encounters a limitation in their area of expertise. Don’t Wait Until There’s a Problem A lot of business owners reach out when there’s a compliance issue already on their desk. But proactive consulting is often more affordable—and far less stressful—than reactive cleanup. Even if regular weekly or monthly meetings aren’t in your budget, periodic check-ins with your CPA or advisory team can keep you on track. At Dunn CPA Firm, many of our clients engage us for ongoing business consulting—ranging from standing weekly sessions to occasional strategy calls throughout the year. We also provide a twice-monthly email newsletter full of relevant updates, reminders, and... --- > Discover essential strategies for succeeding in small business with insights from Dunn CPA Firm to boost your entrepreneurial journey. - Published: 2025-08-29 - Modified: 2025-08-29 - URL: https://tomdunncpa.com/key-factors-for-succeeding-in-small-business/ - Categories: small business accounting Starting a small business is more often a calling than it is just a career move. Many small business owners share a particular mindset of wanting to work for themselves—not just for flexibility or independence, but because they feel like they have to build something of their own.   Whether you’re already running a business or considering starting one, here are a few key factors that influence long-term success. Know Yourself and Be Willing to Adapt Your business starts with you. This means that your psychology, your habits and your self-awareness directly affect your company’s trajectory. Truly understanding your strengths and weaknesses helps you know where to ask for help. Self-awareness doesn’t come naturally to everyone, but it is something you can develop—the entrepreneurial journey is great at revealing who you are, and the more adaptable you are, the more likely you are to succeed.   Build the Right Support System Being in business for yourself doesn’t mean you should be in business by yourself. Building a strong network of advisors—your CPA, attorney, insurance broker and other specialists—can help you make better decisions, avoid costly mistakes and grow intentionally. This group should act as your sounding board and your safety net. When you hit a wall, this group of advisors is often who can help you see the path forward. Nail Down a Business Model That Works A surprising number of business owners struggle because their business model is off, leaving them frustrated, burnt out or stuck. The good news,... --- > Discover key insights on startup costs and taxes for new business owners to ensure financial success from the start. - Published: 2025-08-07 - Modified: 2025-08-07 - URL: https://tomdunncpa.com/essential-guide-startup-costs-and-taxes/ - Categories: small business accounting If you recently launched a new business—or plan to soon—you’re not alone. According to the U. S. Census Bureau, nearly 447,000 new business applications were filed in May 2025 alone. But what many new entrepreneurs don’t realize is that how you handle your startup expenses can have a major impact on your tax bill. Here’s what you need to know about how the IRS treats startup costs—and how to make the most of your deductions. Not All Startup Costs Are Immediately Deductible It’s a common misconception that you can deduct every dollar you spend while getting your business off the ground. In reality, the IRS places limits on both the timing and amount of deductions available for startup and organizational costs. Here are three key tax rules to keep in mind: What counts as a startup cost? These are costs you incur while: Investigating the creation or acquisition of a business Creating a business Preparing to engage in a for-profit activity The $5,000 deduction limitYou can choose to deduct up to $5,000 in startup costs and $5,000 in organizational costs in the year your business officially begins. But this deduction is reduced if your total startup or organizational expenses exceed $50,000. Any remaining costs must be amortized over 15 years. Timing mattersYou cannot claim startup deductions, including amortization, until your business is actively operating. That means: You’re generating (or are ready to generate) revenue You’re regularly and actively involved in the business You’ve taken clear steps with the intention of... --- > Discover essential tips for couples on Spousal IRAs and smart retirement planning for a secure financial future. - Published: 2025-07-09 - Modified: 2025-07-09 - URL: https://tomdunncpa.com/smart-retirement-planning-spousal-iras/ - Categories: small business accounting - Tags: tax benefits When it comes to building a strong financial future, retirement planning should be a team effort—even when only one spouse makes a paycheck. That’s where spousal IRAs come in. This often-overlooked strategy can be a smart, simple way to help both partners save for retirement, regardless of employment status. What Is a Spousal IRA? A spousal IRA is simply a traditional or Roth IRA that one spouse contributes to on behalf of the other—typically the spouse with little or no earned income. The main requirement is that you must file a joint tax return. As long as the working spouse earns enough to cover both contributions, each spouse can fund their own IRA—opening the door to tax-advantaged retirement savings for both partners. 2025 Spousal IRA Contribution Limits The IRS has increased IRA contribution limits for 2025, giving couples even more room to grow their retirement funds: $7,000 per person under age 50 $8,000 per person age 50 or older (includes a $1,000 catch-up contribution) This means a couple could contribute up to $14,000–$16,000 total, even if only one spouse has earned income. Why It Matters In many households, one spouse takes time away from the workforce to raise children, care for a family member, or support the family in other ways. Without earned income, that spouse typically can't contribute to a retirement account. A spousal IRA changes that. By funding both accounts, couples can ensure that both partners are building long-term financial security. It’s not just about equalizing savings—it’s about... --- > Discover the serious implications of non-compliance for small businesses. Learn how to avoid costly mistakes at Dunn CPA Firm. - Published: 2025-06-23 - Modified: 2025-06-23 - URL: https://tomdunncpa.com/consequences-for-non-compliance-for-small-businesses/ - Categories: small business accounting - Tags: Small Business Tax When a business overlooks administrative responsibilities, the consequences are rarely small. At Dunn CPA Firm, we’ve seen how poor back-office management can impact even the most successful businesses. Over time, seemingly minor issues build into major operational problems—and in many cases, lead to failure. Maintaining strong administrative practices isn’t just a matter of good housekeeping. It’s essential to business stability, sustainability, and long-term growth. Here’s what business owners need to understand. The Risks of Inattention Neglecting administrative work is like driving with loose wheels—it may not cause immediate problems, but eventually, something will break down. And when it does, the results can be severe. Business owners who don’t prioritize administrative structure often experience: Disorganized financial records Missed tax filings or payment deadlines Operational inefficiencies Vendor or payroll issues Legal and compliance setbacks These issues compound quickly. What begins as a few missed details can spiral into large-scale disruptions that threaten the health of the entire business. Many Owners Don’t Seek Help Until It’s Too Late It’s not uncommon for business owners to reach out only after hitting a major pain point—when the damage has already been done. In these cases, businesses may be facing bankruptcy, financial restructuring, or a full operational restart. While recovery is possible, it’s far more effective to build the right foundation from the beginning. A proactive approach protects the business, preserves resources, and avoids unnecessary setbacks. Put Administration at the Front of the Line Administrative tasks should not be treated as an afterthought. They are not... --- > Gain vital insights on overcoming key challenges in small business compliance and learn to navigate complex regulations effectively. - Published: 2025-06-12 - Modified: 2025-06-12 - URL: https://tomdunncpa.com/small-business-compliance-overcoming-key-challenges/ - Categories: small business accounting - Tags: Small Business Tax Small business compliance is one of the most significant challenges facing small business owners today. The complexity of rules and regulations—federal, state, and local—creates a growing risk that many entrepreneurs underestimate. At Dunn CPA Firm, we’ve seen firsthand how quickly non-compliance can escalate into serious legal, financial, and operational consequences. For small businesses, administrative oversight and compliance management aren’t optional—they’re foundational. Here’s a breakdown of the key areas where business owners are most likely to run into trouble, and why proactive support matters. Compliance Is One-Third of Your Business Running a business isn’t just about generating sales or managing operations. Administrative compliance represents roughly one-third of your business responsibilities—and neglecting it can threaten the long-term viability of your company. Not meeting regulatory obligations may lead to penalties, audits, dissolved business status, or even full shutdown. Too often, small business owners find themselves overwhelmed by the volume and complexity of what’s required, which is why outside guidance becomes essential. Key Compliance Areas That Require The Most Attention Small business owners are subject to a broad range of regulations, many of which vary by location and business structure. The following are some of the most common, and most costly, compliance areas: 1. Employment Practices: Improper hiring processes, missing documentation, or mishandled terminations can result in significant liability.   2. Books and Records: Accurate and timely financial documentation is required by the IRS and other agencies, especially depending on how your business is structured.   3. Payroll Taxes: Payroll tax obligations exist at... --- > Discover effective strategies for attracting high quality job candidates to enhance your small business hiring process. - Published: 2025-05-27 - Modified: 2025-05-27 - URL: https://tomdunncpa.com/attracting-high-quality-job-candidates/ - Categories: small business accounting For small business owners, hiring the right people is a critical part of executing your broader business plan. But with limited time and resources, you can’t afford to try every hiring method available. That’s why the most effective small business hiring strategies rely on what we call a rifle shot approach: identifying the one method that reliably produces high-quality candidates for each role, specifically aimed at attracting high quality job candidates, and focusing your efforts there. At Dunn CPA Firm, we’ve seen this approach play out across businesses of all sizes, and we’ve experienced it ourselves. Here’s what that focused hiring strategy looks like in practice. Effective Strategies for Attracting High Quality Job Candidates You Don’t Need Every Channel—You Need the Right One In a small business, you often don’t have the luxury of using every recruitment method. Most owners eventually identify one reliable approach that works for the role at hand. That approach may differ depending on the type of position, but it becomes the go-to solution. Instead of spreading resources across multiple tools and platforms, the rifle shot strategy ensures that your limited time and budget are spent where they’re most likely to produce results. Referrals and Relationships Often Lead the Way In many cases, the most effective way to find a qualified candidate is through someone you, or someone in your network, already know. Referrals tend to yield stronger candidates, often with a better understanding of the role and expectations. Knowing someone directly, or getting a trusted... --- > Discover the key phases of small business ownership with insights from Dunn CPA Firm to guide your entrepreneurial journey. - Published: 2025-05-12 - Modified: 2025-05-12 - URL: https://tomdunncpa.com/the-four-phases-of-small-business-ownership/ - Categories: small business accounting At Dunn CPA Firm, we’ve advised and worked alongside hundreds of business owners throughout the course of their professional journeys. We’ve observed that the entrepreneurial path often follows four distinct phases.   For middle-aged professionals who are currently running or preparing to launch a small business, understanding these phases can help provide clarity in decision-making and guide long-term planning. Phase 1: Competency The initial stage of business ownership is characterized by high personal involvement. The owner is often responsible for all key functions—service delivery, client acquisition, operations, and administration. This phase is defined by the need to demonstrate competency in the marketplace.   Strategic Focus: Develop reliable service delivery systems. Maintain strict oversight of cash flow and early financials. Establish a foundational client base through consistent, targeted marketing. Phase 2: Work-Life Balance As the business gains traction, owners begin to experience more predictable workflows and moderate client volume. Many owners experience improved work-life balance during this phase, with the flexibility to manage professional and personal commitments more effectively. Strategic Focus: Evaluate service pricing, client profitability, and recurring revenue potential. Formalize business processes to reduce owner dependency. Begin identifying opportunities for outsourcing or automation. Phase 3: Blended Lifestyle Once a business reaches steady growth, the owner is likely managing a full book of business and responding to increased demand. This often results in longer hours and non-traditional schedules, where professional and personal activities are more fluidly integrated.   Strategic Focus: Delegate operational responsibilities to internal team members or external partners. Implement... --- > Discover vital payroll tax tips to avoid penalties and ensure compliance for your small business. Expert advice from Dunn CPA Firm. - Published: 2025-04-21 - Modified: 2025-04-21 - URL: https://tomdunncpa.com/essential-payroll-tax-tips-small-businesses/ - Categories: small business accounting As a business owner, getting your payroll taxes right is essential. Mistakes can lead to penalties and unnecessary stress for you and your employees. Keep reading to learn six practical payroll tax tips to help keep your payroll tax process smooth and compliant: Payroll Tax Tips for Small Businesses 1. Keep Thorough, Organized Records Accurate recordkeeping is one of the simplest ways to stay ahead of potential payroll issues. Keeping track of employee hours, wages, tax withholdings, and any employer-paid contributions helps you ensure everything adds up. If you’re ever audited, this documentation is also your first line of defense. 2. Understand Federal Withholding Requirements There are two key components to federal payroll taxes: Federal income tax is withheld based on the employee’s Form W-4. You’ll calculate the amount to withhold using the IRS tax tables. FICA taxes (Social Security and Medicare) are split between employer and employee. For 2025, the Social Security rate is 6. 2% each (12. 4% total), up to a wage base of $176,100. Medicare is 1. 45% for both parties, with no income cap. As the employer, you’re responsible not only for withholding the correct amounts from employee paychecks — but also for matching them. 3. Don’t Forget About Employer Contributions Beyond federal income and FICA taxes, your business may owe additional payroll-related taxes: FUTA tax (Federal Unemployment Tax Act): Paid solely by employers to fund unemployment benefits. State unemployment insurance (SUI): Requirements vary depending on where you operate. Your state’s labor department or the... --- - Published: 2025-04-10 - Modified: 2025-04-10 - URL: https://tomdunncpa.com/could-you-qualify-for-head-of-household-status/ - Categories: small business accounting - Tags: tax benefits, tax deductions When preparing your tax return, we’ll select the filing status that fits your situation: single, married filing jointly, married filing separately, head of household, or qualifying widow(er). If you qualify, there are typically more favorable outcomes when you file as head of household rather than single. For example, the standard deduction for a single filer in 2025 is $15,000. If you were to meet the necessary requirements and file as head of household, however, that would jump to $22,500.   Understanding the Basics To qualify as head of household, you must have paid more than half the cost of maintaining a home for yourself and a “qualifying person” for more than half the year. A qualifying person typically means a dependent child or relative who lives with you and you can claim on your return. Who qualifies as a dependent child under the IRS guidelines? They must:  Live with you for more than half the year. Be your child, stepchild, adopted child, foster child, sibling, stepsibling, or a descendant of any of these. Be under 19 (or under 24 if a full-time student). Not provide more than half of their own financial support. If you’re divorced or separated, the custodial parent (who the child lives with most of the year) typically gets to claim head of household status, even if the other parent also claims the dependency exemption.   Other Common Questions Can both parents claim head of household if they live together but aren’t married? No. Even if you... --- > Discover essential partnerships for older entrepreneurs to thrive and leverage their experience for greater business success. - Published: 2025-04-02 - Modified: 2025-04-02 - URL: https://tomdunncpa.com/who-should-older-entrepreneurs-work-with-to-be-successful/ - Categories: small business accounting Starting or growing a business later in life comes with a powerful advantage: experience. Older entrepreneurs bring a deep well of industry knowledge, maturity, and wisdom that can serve as a foundation for building something meaningful. But success doesn’t happen in a vacuum. Even the most seasoned entrepreneurs need support, and the key is knowing who to bring alongside you. Leverage Strength Through Strategic Support Older entrepreneurs may face challenges—whether it’s keeping pace with rapidly evolving tech, staying connected to shifting market trends, or managing the intense energy demands of launching a business. The good news? These gaps can be filled by bringing in people with complementary strengths. One of the most effective ways to do this is by working with younger professionals. They often bring technical skills, fresh perspectives, and an energetic approach to a new business. When paired with an older entrepreneur’s insight and strategic thinking, it creates a dynamic, mutually beneficial partnership. Create a Win-Win Environment This isn’t just about getting help. it’s about creating opportunities for you and your partners. Young professionals gain invaluable knowledge and mentorship from someone with the experience they hope to gain someday. In turn, they contribute speed, tech fluency, and new ideas that help bring a vision to life. The synergy between generations can lead to innovative, resilient businesses that draw from the best of both worlds. Build a Diverse Team It’s not only about age, either. The most successful entrepreneurs—regardless of when they start—understand the value of diverse teams. Bringing... --- > Discover how middle-aged entrepreneurs can use their experience to overcome challenges and thrive in business. - Published: 2025-03-25 - Modified: 2025-03-25 - URL: https://tomdunncpa.com/how-middle-aged-entrepreneurs-can-leverage-their-experience-for-business-success/ - Categories: small business accounting Starting a business at any stage of life comes with its own challenges, but middle-aged entrepreneurs have one significant advantage—experience. Whether you’ve spent decades mastering a trade or managing teams, your background provides a strong foundation for launching a successful business.   Play to Your Strengths No matter their age, one of the biggest mistakes new entrepreneurs make is jumping into a business or industry they know nothing about. Yes, passion is important when starting a business, but expertise is essential. Your professional background allows you to be competitive in areas where you already have knowledge, credentials and a network. Middle-aged entrepreneurs should focus on business opportunities that align with their skill set rather than chasing a trend or industry they know little about. Order Fulfillment vs. Order Acquisition: Where Do You Fit? The next step is determining if you will be an order fulfillment business or an order acquisition business. Order fulfillment businesses focus on delivering high quality work to their clients. Examples include CPAs, contractors, or specialized service providers who may rely on word-of-mouth or targeted outreach to get customers. Order acquisition businesses are driven by sales and client relationships, and thrive on networking, pitching and bringing in new business. These business owners are often better at closing deals than performing the actual services, meaning they may need to build a bigger team to deliver the results they want. Most small business owners are naturally dominant in one area or the other. The big challenges come when they... --- > Discover how a strong support network is the key to success for young entrepreneurs in their business journey. - Published: 2025-03-14 - Modified: 2025-03-14 - URL: https://tomdunncpa.com/the-key-to-success-for-young-entrepreneurs-building-a-strong-support-network/ - Categories: small business accounting Starting a business at a young age is exciting and ambitious. One of the biggest challenges young entrepreneurs face, however, is a lack of experience. Education, certifications and licenses provide a strong foundation, but they can’t replace real-world business experience. The good news of all of this, though, is you don’t have to do it alone. Learn by Doing—But Don’t Go It Alone A lot of what business owners need to know can only be learned on the job—that’s why the most successful entrepreneurs understand the importance of surrounding themselves with a network of knowledgeable professionals.   Who Should Be in Your Support Network? Every business owner needs a team of trusted advisors, but this network is even more important for young entrepreneurs. A few professionals who can help bridge the experience gap include: A CPA - While CPAs make most people think of tax time, a CPA can also provide financial guidance, help you structure your business and ensure you’re making smart financial decisions from the get go. An Attorney - Working with an attorney can help prevent costly mistakes. An Insurance Agent - Working with an experienced agent ensures you have the right coverage to protect yourself and your business from risk. A Benefits Broker - If you plan to hire employees later on, it is important to understand benefits and compensation strategies. An Industry-Specific Consultant - Every industry has nuances that an experienced consultant can help you navigate. The Power of Asking for Help Many young entrepreneurs... --- > Discover key challenges of starting a business at midlife and how to navigate financial responsibilities and career shifts effectively. - Published: 2025-02-24 - Modified: 2025-02-24 - URL: https://tomdunncpa.com/starting-a-business-at-midlife/ - Categories: small business accounting Starting a business at midlife comes with challenges, but for those in this life stage, the stakes are sometimes higher. Financial responsibilities, career transitions, and the shift from the stability of a W-2 income to entrepreneurship can make the leap seem daunting. Understanding these challenges can help those starting a business at midlife navigate them successfully and build a thriving venture. Financial Pressures Are Higher Than Ever Financial pressure is one of the biggest challenges midlife entrepreneurs face. At midlife, expenses are typically at their peak—mortgages, college tuition, and other family responsibilities demand significant financial resources. Where a younger entrepreneur might have more flexibility, midlife business owners need to be more careful, balancing startup costs with existing financial commitments. Before launching a business, midlife entrepreneurs should evaluate their savings and potential cash flow to ensure financial stability during the early phases of the business. Breaking Free from the W-2 Mindset At midlife, many individuals have spent decades relying on the stability of a W-2 paycheck. The transition from a predictable income to the uncertainty of self-employment can be intimidating.   Shifting from an employee mindset to an entrepreneur mindset requires a mindset shift, learning to embrace flexibility, strategic planning, and proactive financial management. The Decision to Start Isn’t Always Voluntary For many midlife entrepreneurs, starting a business is not a carefully planned choice—it’s a necessity. Job losses, career stagnation, or shifts in workplace culture often push professionals to look for new opportunities. While transitions like these can be stressful, they... --- > Explore the key benefits of starting a business when you're young with insights from Dunn CPA Firm to boost your entrepreneurial journey. - Published: 2025-01-10 - Modified: 2025-01-10 - URL: https://tomdunncpa.com/advantages-of-starting-a-business-when-youre-young/ - Categories: small business accounting Starting a business is a big step for anyone at any age, but doing so while you’re young definitely offers a few benefits. At Dunn CPA Firm, we’ve seen how being a young entrepreneur can help someone pave the way for lasting success. A few advantages for starting your business young include:  Financial Flexibility Young entrepreneurs typically have fewer financial responsibilities than older individuals. Living with their parents or having a spouse with a stable job can provide them with a safety net that allows them to reinvest profits into their business without significant personal expense. Tech-Savviness Growing up with technology gives younger entrepreneurs a competitive edge over their older counterparts. When you know how to use social media and advanced software, you don’t have to hire additional employees to do this work, which translates into greater efficiency and cost savings. Energy and Drive Young entrepreneurs tend to be more enthusiastic about their business. This passion enables them to dedicate long hours to their work and tackle any challenges with strength and agility. Risk Tolerance With fewer financial commitments (think kids, a mortgage), young entrepreneurs are typically more willing to take calculated risks for their business. Being able to take risks can lead to innovation and significant rewards. Early Experience Getting into business ownership early builds valuable experience that will help as they grow into their career. Even setbacks teach skills like resilience, problem-solving and business acumen that lay a strong foundation for future success. Networking Opportunities Taking advantage of... --- > Discover proven strategies for staying motivated as a small business owner, from morning gratitude practices to embracing life's challenges. Learn how resilience and perspective can help you navigate entrepreneurial ups and downs with confidence. - Published: 2024-12-13 - Modified: 2024-12-13 - URL: https://tomdunncpa.com/how-to-find-motivation-as-a-small-business-owner/ - Categories: small business accounting Being motivated is a large part of being a successful small business owner. Staying motivated all the time, however, can be a challenge, especially when you’re dealing with the inevitable ups and downs of running a business. Here, Tom offers insights into how small business owners can remain resilient and motivated to move forward, even during tough times. Embracing the Journey When you run a small business, progress can often feel like two steps forward and one step back—maybe more. Challenges that you can’t control like economic downturns or the COVID-19 pandemic have pushed many small businesses to their limits. Small business owners, however, are resilient and tend to be up for the challenge. When setbacks happen, there are ways to stay motivated to help you power through. Dig In: When you hit a rough patch, it’s important to push forward. Small business owners are typically very determined and do not see failure as an option. Focus on Progress: Recognize that setbacks are just a part of the journey. Whenever you take a step back, look at it instead as an opportunity to reassess your situation, adapt and move forward again. Starting the Day with Gratitude One of the most effective ways to stay motivated, both personally and professionally, is by starting each day with gratitude. This simple practice can transform how you approach challenges and shift your perspective toward positivity. Morning Gratitude: Start your day by reflecting on what you’re thankful for. Workout Reflection: Combine your gratitude practice with... --- > Discover insights from Tom Dunn on reconnecting with your business and overcoming feelings of disconnection for sustained growth. - Published: 2024-12-05 - Modified: 2024-12-05 - URL: https://tomdunncpa.com/advice-for-business-owners-who-are-feeling-disconnected-from-their-businesses-according-to-tom-dunn/ - Categories: small business accounting https://www. youtube. com/watch? v=wq2RDDheRI4 So as your business grows, you could get to a point where you can't keep your arms around it or you're feeling disconnected. And so, but, uh, there's some, some basic, you know, practices that you can use to, uh, so to remedy that, you know, one is you want to develop simple reporting mechanisms. Uh, that, uh, will allow you to keep your finger on the pulse of the key metrics of the business. It can be done with a one page report, uh, that they send, some of your department heads send at the end of the month or the end of the week or whatever. It can be done with simple emails. It can be done with a, uh, A stand up, a weekly stand up meeting in each, for each department, um, there's, there's lots of ways to do it, but you, it needs to be a simple reporting system, uh, that people don't have to spend very much time, uh, to be in compliance with, but, and that doesn't take you very long, uh, but it helps you keep your, your finger on the pulse. That's the first thing. The second piece is as your business grows, you got to put successor partners in place. You got to start putting the successor people in place and, uh, they need to be competent and, you know, they, they may be, I mean, it'll have to be ready to take, take over their... --- > Discover essential tax strategies for entrepreneurs from Dunn CPA Firm to navigate business taxes and maximize your savings. - Published: 2024-11-22 - Modified: 2024-11-22 - URL: https://tomdunncpa.com/tax-strategies-for-entrepreneurs-essential-tips-from-dunn-cpa-firm-2/ - Categories: small business accounting Navigating business taxes as an entrepreneur is daunting, no matter where you are in your business journey. At Dunn CPA Firm, we understand the complexities and potential pitfalls that come with tax planning for startups. Entity Selection One of the first and most important steps in your tax strategy is selecting the proper business entity. Whether you choose a sole proprietorship, partnership, LLC or corporation will have significant tax implications. What you choose will depend on what type of business you plan to start, the number of people involved and your long-term goals. Each entity type comes with pros and cons, and choosing the wrong one for your business can cause unnecessary tax liabilities and complications later. Minimizing Risks with Partners and Employees While having partners in your business can reduce your workload with shared responsibilities, it’s often best to wait to take on a partner until absolutely necessary. If not managed properly, partnerships can become complicated and may lead to conflicts. In the same way, hiring employees too early can lead to employment tax liabilities that can be difficult to manage. Instead, in the beginning, it may be best to outsource work to contractors until you have proven your business model to be stable.   Making the Right Tax Elections Being taxed as a C corporation or an S corporation, for example, depends on your business’s success, revenue and profit levels. This decision can significantly impact your tax burden. Consulting with a team like ours can help you navigate... --- > Explore the four evolutionary phases of business ownership: from mastering competency and achieving work-life balance to creating a flexible blend and finding personal fulfillment. Learn how one entrepreneur's journey reveals the path to building a sustainable, joyful business. - Published: 2024-11-04 - Modified: 2024-11-04 - URL: https://tomdunncpa.com/evolving-your-attitude-as-a-small-business-owner/ - Categories: small business accounting Building a business is as much about your personal journey as it is making a profit. If your journey is anything like Tom’s, you’ve probably been through a few very distinct phases that have given you insight for creating a fulfilling, sustainable business. Competency Phase: Building a Foundation As an entrepreneur just starting out, your firm’s quality and reputation are all your responsibility—on top of all of the tasks you have to complete on a day-to-day basis. This phase is necessary to build your credibility, but you need support in order to grow sustainably.   Work-Life Balance Phase: Finding Your Support As your business expands, you need to be able to delegate some of your work to another person (or people) so you can balance your personal and professional life. At this stage, you will benefit from strategic hires that maintain your level of quality while also freeing up some of your personal time. Work-Life Blended Phase: Introducing More Flexibility This is where you introduce a bit more flexibility into your routine. A work-life blended approach is where you add flexibility to your life to make sure you are able to enjoy time with your family and friends, while still meeting the demands of your business.   Entertainment Phase: Finding Your Joy Eventually, as a business owner, you will reach a phase where your business becomes a source of personal fulfillment, not just professional. Aligning your business model with your passions allows you to create a business that succeeds and... --- > Discover how small businesses can effectively compete for talent against larger companies by leveraging unique advantages like long-term job security and accelerated growth opportunities. Learn actionable strategies for attracting and retaining top talent. - Published: 2024-10-22 - Modified: 2024-10-22 - URL: https://tomdunncpa.com/competing-for-talent-against-big-companies-the-small-business-advantage/ - Categories: Uncategorized, small business accounting In today’s job market, attracting and retaining talent is a challenge for all businesses, no matter your size. A concern unique to small businesses, however, is competing against larger companies that can offer things like higher salaries and expansive benefits packages. What your applicants may not realize is that as a small business, you also have advantages that larger companies don’t. The Promise of Long-Term Financial Security One of the biggest advantages of working for a small business is that small businesses are able to offer longer-term financial security. In the corporate world, you are much more likely to experience downsizing, restructuring and other changes that prioritize the company over the employee. Small companies tend to foster loyalty and stability, creating strong relationships between the owner and employees. When your employees know that you value them and are committed to their long-term success, they are more likely to remain loyal to you, even during challenging times. Unmatched Growth Opportunities Another significant advantage of a small business is its potential for growth. In large companies, an employee’s career progression can be stunted. Employees often find themselves stuck in positions with little opportunity for growth, as higher roles are already filled. Small businesses, however, are usually in some phase of growth or evolution, meaning there are almost always opportunities for growth. When you work for a small business, you contributions will also have a more noticeable impact, which can also lead to faster career growth. Plenty of job seekers are looking for... --- > Discover essential financial strategies for small business owners. Learn how to establish a safety net, generate free working capital, and optimize cash flow. Ensure your business thrives through uncertainties. - Published: 2024-10-08 - Modified: 2024-10-08 - URL: https://tomdunncpa.com/planning-for-unforeseen-financial-circumstances-as-a-small-business-owner/ - Categories: small business accounting As a small business owner, you’re familiar with how unpredictable running your business can be. Whether it’s an unexpected expense, a drop in revenue or an unforeseen market shift, you must always be prepared. While we can’t control these external factors, we can be prepared for them. The Importance of a Safety Net One of the most important things you can do for your small business is establish a safety net, more than likely in the form of a line of credit. This can be through your home equity, a brokerage account, a bank loan, or even credit cards with high limits. The key is to not use these credit lines, but to have them available as a backup if you ever need them. Having access to a substantial line of credit can reduce the stress of financial uncertainty and provide a cushion that allows you to continue operating as normal, even when cash flow may be tight.   Free Working Capital Strategies Outside of a line of credit, there are plenty of other strategies you can use to generate free working capital within your business. Having practices in place to gain free working capital contribute to a healthier cash flow and allow your business to thrive, even in challenging times. Strategies like this are important for all small business owners, but especially new business owners who may not fully understand their impact.   Balancing Cash Flow with Employee Expectations Payroll is a common area where business owners can optimize... --- > Discover essential tax strategies for entrepreneurs from Dunn CPA Firm. Learn about entity selection, minimizing risks, tax elections, compliance, and building an advisory team. Get expert guidance on optimizing your startup's tax position and avoiding costly mistakes. Contact Dunn CPA Firm for personalized tax advice tailored to your business needs. - Published: 2024-09-24 - Modified: 2024-09-24 - URL: https://tomdunncpa.com/tax-strategies-for-entrepreneurs/ - Categories: small business accounting Navigating business taxes as an entrepreneur is daunting, no matter where you are in your business journey. At Dunn CPA Firm, we understand the complexities and potential pitfalls that come with tax planning for startups. Corporate Entity Selection One of the first and most important steps in your tax strategy is selecting the proper business entity. Whether you choose a sole proprietorship, partnership, LLC or corporation will have significant tax implications. What you choose will depend on what type of business you plan to start, the number of people involved and your long-term goals. Each entity type comes with pros and cons, and choosing the wrong one for your business can cause unnecessary tax liabilities and complications later. Minimizing Risks with Partners and Employees While having partners in your business can reduce your workload with shared responsibilities, it’s often best to wait to take on a partner until absolutely necessary. If not managed properly, partnerships can become complicated and may lead to conflicts. In the same way, hiring employees too early can lead to employment tax liabilities that can be difficult to manage. Instead, in the beginning, it may be best to outsource work to contractors until you have proven your business model to be stable.   Making the Right Tax Elections Being taxed as a C corporation or an S corporation, for example, depends on your business’s success, revenue and profit levels. This decision can significantly impact your tax burden. Consulting with a team like ours can help you... --- - Published: 2024-09-12 - Modified: 2024-09-12 - URL: https://tomdunncpa.com/financial-mistakes-made-by-older-entrepreneurs/ - Categories: small business accounting Starting a business in your 50s or 60s is exciting, but comes with unique challenges, especially when it comes to managing finances. At Dunn CPA Firm, we’ve seen many older entrepreneurs make financial mistakes that could have been avoided with proper planning and advice. Here, we’ll highlight some common financial missteps made by older entrepreneurs and offer guidance on how to avoid them. Overestimating the Need for a Large Initial Investment Older entrepreneurs often think they have to make a large financial investment to get their business off the ground. Oftentimes, this leads them to spending a large chunk of their savings to buy or start their business. This approach is both risky and unnecessary. Contrary to what many people think, starting a business, especially at the micro-business level, does not require a significant upfront investment. Rather than invest heavily at the beginning, consider looking for opportunities to take over an existing business. Underestimating the Value of Sweat Equity Older entrepreneurs often overlook the value of simply putting in the hard work and time to build or turn around a business. By approaching struggling business owners and offering to take over their operations, you can often acquire a business with little to no upfront cost. The key is to manage the business better than the previous owner, which can often be achieved with the experience and maturity that come with age. Overlooking the Risk Factor It is easy to get caught up in the excitement of starting a new business,... --- - Published: 2024-09-04 - Modified: 2024-09-04 - URL: https://tomdunncpa.com/tax-strategies-for-entrepreneurs-essential-tips-from-dunn-cpa-firm/ - Categories: Uncategorized Navigating business taxes as an entrepreneur is daunting, no matter where you are in your business journey. At Dunn CPA Firm, we understand the complexities and potential pitfalls that come with tax planning for startups. Entity Selection One of the first and most important steps in your tax strategy is selecting the proper business entity. Whether you choose a sole proprietorship, partnership, LLC or corporation will have significant tax implications. What you choose will depend on what type of business you plan to start, the number of people involved and your long-term goals. Each entity type comes with pros and cons, and choosing the wrong one for your business can cause unnecessary tax liabilities and complications later. Minimizing Risks with Partners and Employees While having partners in your business can reduce your workload with shared responsibilities, it’s often best to wait to take on a partner until absolutely necessary. If not managed properly, partnerships can become complicated and may lead to conflicts. In the same way, hiring employees too early can lead to employment tax liabilities that can be difficult to manage. Instead, in the beginning, it may be best to outsource work to contractors until you have proven your business model to be stable.   Making the Right Tax Elections Being taxed as a C corporation or an S corporation, for example, depends on your business’s success, revenue and profit levels. This decision can significantly impact your tax burden. Consulting with a team like ours can help you navigate... --- - Published: 2024-08-09 - Modified: 2024-08-09 - URL: https://tomdunncpa.com/starting-a-business-in-your-50s-and-60s-embracing-the-advantages-and-overcoming-the-challenges/ - Categories: small business accounting Starting a business is an exciting venture at any age, but doing so in your fifties and sixties brings a unique set of challenges and advantages. While older entrepreneurs might face some hurdles, their level of experience, maturity, and clear understanding of their passions help outweigh the disadvantages. At Dunn CPA Firm, we believe this time of life can be the perfect time to start a new business journey, and we’ll be here to help you throughout the entire process. Overcoming Challenges With Starting a Business in Your 50s and 60s: Challenges older entrepreneurs face typically have nothing to do with their abilities, and instead have more to do with how fast-paced businesses work today. Technology evolves more and more quickly every day, which some middle-aged adults may struggle with. One way you can combat this is to take classes online or at a local community college. Older entrepreneurs may also work at a slower pace than their younger counterparts—while this can be viewed as a negative, it usually translates to more thoughtful decision-making and fewer impulsive errors.   Also as we age, we run into more personal health challenges. Maintaining a healthy lifestyle and a good work-life balance can help mitigate these concerns. Leveraging Your Advantages Starting a business later in life also offers you plenty of advantages, the biggest of these being the experience you have gained throughout your career. Working, living, learning and accumulating certifications gives you and your business credibility that only comes with a certain... --- > Experience exceptional, personalized service at Dunn CPA Firm. We offer quick turnarounds on financial statements and provide support during staffing challenges. Trust us to be your reliable partner for all your accounting needs. - Published: 2024-07-11 - Modified: 2024-07-11 - URL: https://tomdunncpa.com/going-above-and-beyond-dunn-cpa-firms-commitment-to-client-service/ - Categories: small business accounting At Dunn CPA Firm, we pride ourselves on doing whatever is necessary to support our clients. Our mission is to help people in any way we can, providing personalized, high-quality service that meets their unique needs. Personalized Service for Our Clients When you think of personalized services, you may only think of tailoring our accountant services to our clients’ needs; however, our team will also make house calls for our elderly and sick clients. We understand that getting to our office isn't always possible for everyone, so we're happy to do what we can to make a potentially stressful situation more manageable. Whether it's picking up documents or dropping off completed work, we're there to make things as convenient as possible for you. Quick Turnarounds When It Matters Most We also understand that timing can be critical. That's why we offer quick turnarounds on financial statements to help clients secure loans or process FAFSA applications for their children's college admissions. We know that these situations often come with tight deadlines, and we're here to ensure our clients have what they need when they need it. Supporting Clients Through Staffing Challenges Sometimes, unexpected challenges arise, such as when an employee on a client's staff quits. In situations like these, we're ready to step in and support our clients until they can get back on their feet. Our goal is to provide stability and continuity throughout the entire process to ensure our clients' operations continue to run smoothly. Our Dedication to Helping... --- > Tom Dunn CPA offers personalized financial solutions for small-to-medium businesses. Our expert team tackles challenges, provides continual support, and empowers clients to achieve lasting financial success. Free consultation available. - Published: 2024-06-28 - Modified: 2024-06-28 - URL: https://tomdunncpa.com/how-we-help-clients-face-challenges/ - Categories: small business accounting Small-to-medium sized business owners face a unique set of challenges, and the Tom Dunn CPA team is here to help tackle them. As a small, locally-based business ourselves, we find ourselves asking the same questions many of our clients come to us with—this unique perspective allows us to offer each of our clients the best personalized guidance possible. From navigating new tax regulations and overcoming financial setbacks to strategizing for future growth, our team is equipped to help you find a solution. Personalized Financial Solutions Something our team takes pride in is our ability to quickly assess our clients’ situations. Within our first conversation, we are able to pinpoint the underlying problems (not just the ones our clients present to us), and begin to develop personalized solutions to address them.   While our team prides ourselves on this and see it as a straightforward process, we understand that it can be a different story from the side of the small business owner. Accepting the reality of the financial challenges you are facing and taking the necessary next steps to overcome them can be intimidating. This is where our team’s role as your trusted financial advisors comes into play. Continual Support Leading to Lasting Changes We recognize that our clients need more than just solutions handed to them; they will also need continual support and guidance. Our expert team provides encouragement and assistance to help clients embrace change and navigate their path to financial stability and success. The Tom Dunn CPA... --- > Building strong client relationships at Tom Dunn CPA Firm goes beyond services offered. We provide personalized guidance, consistent support, and reliable, comprehensive outsourced accounting solutions tailored to individual needs. Contact us today for a free consultation. - Published: 2024-06-10 - Modified: 2024-06-10 - URL: https://tomdunncpa.com/building-strong-client-relationships-the-dunn-cpa-firm-approach/ - Categories: small business accounting Building strong client relationships is about more than the services you offer your clients—it’s about providing personalized guidance, consistent support and a sense of reliability. The connections we are able to make, and the relationships we are able to build, are at the center of our mission at Tom Dunn CPA Firm. Tailored Consulting Solutions We don’t have the exact same process for any two of our clients, because no two businesses, or individuals, need exactly the same services in exactly the same way. Our guidance consulting solution is designed to meet the individual needs of each client we serve. When clients partner with us, they gain access to personalized support and expertise that empowers them to navigate future financial decisions with confidence. Comprehensive Outsourced Accounting Services We offer a full outsourced accounting department solution for clients seeking full, comprehensive support for their business. This goes beyond traditional accounting, including ongoing, hands-on support with both accounting and administrative aspects of a clients’ business operations. Our goal is for our clients to be able to rely on our partners as an extension of their team. Built-In Support Infrastructure One important thing some firms overlook is the importance of consistency with clients. When our clients walk in our office, they are met with familiar faces who understand their business and unique circumstances. We also have redundancies built into our processes to guarantee seamless service, even when we face unexpected challenges. While our firm understands the importance of providing excellent service to our... --- > Explore the balance between flexibility and productivity in remote work. Learn how hiring the right people, effective monitoring, and strategic in-person meetings can enhance remote work environments for business success. - Published: 2024-05-29 - Modified: 2024-05-29 - URL: https://tomdunncpa.com/striking-the-balance-managing-remote-work-in-todays-business-landscape/ - Categories: Uncategorized, small business accounting In the ever-evolving landscape of modern work, the concept of remote work has become a topic of fervent debate. Business owners find themselves at a crossroads, navigating the delicate balance between embracing the flexibility of remote work and ensuring productivity and accountability among their employees. Let's delve into the core points highlighted in this insightful conversation and explore how business owners can strike the right balance. Hiring the Right People The foundation of successful remote work lies in hiring the right talent. Business owners must prioritize individuals who demonstrate a strong work ethic, self-discipline, and effective communication skills. While remote work offers flexibility, it also requires a high level of trust and responsibility from employees. By selecting candidates who are well-suited to thrive in a remote environment, businesses can mitigate the risks associated with remote work. Monitoring and Accountability While trust is essential in remote work arrangements, it's equally important for business owners to implement systems for monitoring productivity and ensuring accountability. This can include setting clear performance metrics, regular check-ins, and utilizing productivity tools to track progress. By establishing transparent expectations and fostering open communication, business owners can maintain visibility into their remote teams' activities while empowering employees to succeed in their roles. Vital Meetings In Person While remote work offers numerous benefits, there are certain aspects of collaboration that are best facilitated in person. Vital meetings, particularly those involving complex discussions, brainstorming sessions, or important client interactions, can benefit from face-to-face interaction. By prioritizing in-person meetings for critical... --- > Discover the power of a concise mission statement in driving company culture and success. Learn how leadership by example is key to living out values. - Published: 2024-05-11 - Modified: 2024-05-11 - URL: https://tomdunncpa.com/crafting-culture/ - Categories: small business accounting The Power of a Brevity in Mission Statements In the intricate tapestry of a successful business, one often overlooked thread is the mission statement. It’s not just a collection of words but rather a guiding light that illuminates the path a company treads upon. A well-crafted mission statement not only defines a company's purpose but also plays a pivotal role in shaping its culture. Let’s delve into why brevity in mission statements is crucial and how the owner's leadership is indispensable in living out the company's values. Clarity Breeds Unity A succinct mission statement is like a compass, offering clear direction amidst the complexities of business operations. When it’s concise, it becomes memorable, ensuring that every member of the organization understands and internalizes its essence. Imagine trying to navigate through dense fog without a compass; similarly, a convoluted or verbose mission statement can lead to confusion and misalignment within the company. Fostering a Unified Culture A company’s culture is the invisible force that binds its people together, influencing their behaviors, decisions, and interactions. A well-defined mission statement serves as the cornerstone of this culture, providing a common ground for employees to rally around. It instills a sense of purpose and belonging, fostering camaraderie and collaboration among team members. In essence, it’s the glue that holds the organization together, transcending hierarchies and departments. The Power of Brevity Brevity in mission statements is not just a matter of convenience; it’s a strategic choice. By distilling complex ideas into a few impactful words,... --- > Discover how the future of accounting is evolving with increasing complexity and demand. Learn how Dunn Accounting Firm is adapting its solutions to navigate this changing landscape and support clients with expertise and confidence. - Published: 2024-04-22 - Modified: 2024-04-22 - URL: https://tomdunncpa.com/the-future-of-accounting-in-2024/ - Categories: small business accounting https://www. youtube. com/watch? v=MCHtvPERqv8 Well the accounting field is evolving. It just continues to get more complicated, you know, as the years go by. So of course everybody's life is getting more complicated as well. What happens is we just have to continue to adjust our solutions that we offer clients. As the environment changes, so there was a big shortage in CPA firms and CPAs out there.   Right now that's probably not going to go away so we you know we are organizing ourselves to be able to help more and more people because there just isn't enough supply of us to help people.   The other thing that you know I've I've really come to understand as the environment gets more and more complicated is that people can come to the conclusion that they need to change. Something needs to change but they don't know how it's so complicated out there now.   Unless you can connect with the right support most of the time people are going down the wrong path and making the wrong decisions. As the environment changes and it gets more complicated we are adjusting our solutions.   We see a huge need for our services to help clients change we're organizing ourselves to take on an even larger load of that as the supply in our field of CPAs and CPA firms.   Navigating the Evolution of the Accounting Field: Adapting to Complexity and Demand The accounting field is experiencing an evolution... --- > Maximize client satisfaction and build strategic partnerships in your accounting practice by prioritizing clients' needs, providing tailored solutions, and focusing on transparency. Explore collaboration opportunities and forge alliances to elevate your service offerings and drive sustainable growth. - Published: 2024-04-18 - Modified: 2024-04-18 - URL: https://tomdunncpa.com/my-advice-to-other-accounting-professionals/ - Categories: small business accounting https://www. youtube. com/watch? v=7fa6Drs2zGE Maximizing Client Satisfaction: Partnering for Success In the accounting industry, success is based on more than numbers; it’s about understanding and addressing our clients’ unique needs. Listening to clients and providing them with tailored solutions is our job. As accounting professionals, we should be working for our clients’ needs, not our own. By continually enhancing and expanding our service offerings, we are able to improve client satisfaction and build strategic partnerships. Prioritize Clients’ Needs The key to running a successful accounting practice is being able to prioritize your clients’ needs above your own. Listen to each of your clients attentively to understand their goals, challenges and aspirations. Instead of offering generic, cookie-cutter solutions to their problems, take the time to dive deep into their specific circumstances. No two clients’ financial status will be identical, so you can’t expect to be successful with a one-size-fits all approach. Taking, instead, a client-centric approach fosters trust and loyalty with your clients, while also ensuring the services you prove are truly impactful. Transparency and Honesty in Accounting When you work so closely with someone’s personal financial information, it is essential to be completely transparent about both your expertise and your limitations. Having a diverse skill set is incredibly valuable, but if your clients are looking for a service you don’t offer (or don’t feel comfortable with), it’s okay to tell them that. Maybe that means it’s time to expand, or reach out to colleagues in the industry who can offer... --- > Being an entrepreneur is no easy task, but that should not deter you from pushing through and making your dreams a reality. - Published: 2021-11-16 - Modified: 2024-05-13 - URL: https://tomdunncpa.com/why-become-an-entrepreneur/ - Categories: Uncategorized Being an entrepreneur and small business owner is no easy task, but that should not deter you from pushing through and making your dreams a reality. Owning my own CPA firm was not always top of mind, but there came a point, like with all entrepreneurs, where I wanted more from my work than was available to me. Do you have a hobby that’s more of a passion of yours? Something you would rather devote your time to than how you currently spend it? Continue reading, and watch our video, to learn a little bit more about why to become an entrepreneur and how to be successful. Why did you become an entrepreneur? And why do most entrepreneurs start their own businesses? I learned a lot in my previous jobs and was able to be very successful. When you work for someone else, however, there comes a point where you cannot move any further. I wanted more control over the work I was doing and the environment I worked in on a daily basis. I genuinely enjoy coming to work every day, and sometimes I don’t want to leave! I enjoy the atmosphere we have created here, and that is incredibly important for a cohesive team and work environment. Another important piece of owning your own business: YOU create your own revenue stream. This was important to me as well when I was considering starting my own business. As my own boss, I am able to do better for myself... --- > Learn some of the best ways to overcome fear when it comes to starting your own business and use the support of others. - Published: 2021-11-16 - Modified: 2024-05-13 - URL: https://tomdunncpa.com/overcoming-fear-in-entrepreneurship/ - Categories: Uncategorized How do I know if I’m ready to start my own business? “I think you’re ready to start a business when you no longer want a W-2 job. When that does not motivate you. When you can get another W-2 job, but that’s not where your heart is. ” Plenty of people—business owners, married couples and more—will often tell you, of any big venture, “You’ll never be 100% ready. ” And there is some truth to that. No matter how motivated and excited you are, and no matter how good your idea is, you can find a million different things to prevent you from taking the plunge. The biggest deterrent to entrepreneurs starting their own business? Fear.   Working for someone else, you have a lot of stability. Knowing what you will do on a day-to-day basis, when (and from where) your next paycheck will come—you don’t have much to worry about. When you work for someone else, however, you can only move so far within the company before your growth has to stop. You can only grow if your boss grows.   This isn’t a problem for most people. And, there is nothing wrong with being comfortable in your current position and craving that stability. Making sure you have the means to live the life you want is the most important thing—how you get there is up to you.   For those of us who want more than what working for someone else can give us, we have to... --- > Small businesses, both emerging and well-established, were deeply affected by COVID-19. Learn how small businesses survived & thrived. - Published: 2021-09-23 - Modified: 2024-05-13 - URL: https://tomdunncpa.com/how-small-businesses-survived-and-thrived-during-covid-19/ - Categories: Uncategorized COVID-19, and the rest of 2020 for that matter, shook all of us and derailed a lot of our plans, both short-term and long-term. We all had to adapt to each “new normal” that was thrown our way. With all of the negative that has come from the COVID-19 pandemic, we as a society—especially small business owners—have grown in ways we never knew possible before the March of 2020. These small business owners “didn’t have any choice but to pivot” and “had to adapt to survive. ” While some were not successful throughout the pandemic, many businesses were able to improve their processes and have actually become more stable, established businesses during this time.   Small business owners are creative, resourceful and resilient as is. Building a business from the ground up takes unimaginable grit, patience and determination from you, the business owner, as well as from your family, friends, your first employees and any potential investors you may have. Having the courage to create something from nothing already takes a huge leap of faith. And then 2020 comes along. Small businesses, both emerging and well-established, were deeply affected by COVID-19. In the beginning, many businesses had to close as a safety precaution: gyms, restaurants, bars. Some had to close, not because of forced closures, but because they couldn’t keep their doors open. While some were able to reopen, many simply did not survive the pandemic. Those who did, however, had to think quickly on their feet in order to... --- > There are three well-known tax-favored college savings funds methods available to assist families with saving for future education expenses. Learn more. - Published: 2021-06-29 - Modified: 2024-05-13 - URL: https://tomdunncpa.com/how-to-build-a-tax-favored-college-fund/ - Categories: Uncategorized Being a parent in a family with a child bound for college can be an exciting time. However, financial obligations for future tuition can add stress to what should be a proud moment. Knowing your options with tax benefits can save your money and provide you with options to minimize the costs associated with higher education. There are three well-known tax-favored savings methods available to assist families with saving for future education expenses: Series EE Savings Bonds, Qualified Tuition Programs (529 plans), and Coverdell Savings Accounts. Series EE Savings Bonds Series EE savings bonds are savings products that pay interest for up to 30 years, or when cashed out. These types of bonds are low-risk and finance education through what is called an “education tax exclusion. ” Education Tax Exclusion  The education tax exclusion for Series EE Savings bonds allows eligible taxpayers to omit some or all the interest paid when cashing out eligible savings bonds from their gross income. This applies when the owner of the savings bond pays for qualified educational expenses. Eligible savings bonds for the exclusion must be: Series EE or Series I savings bonds issued AFTER 1989 In your name, unless you are married, then they may be issued in your name and your spouse's name. How to qualify for the education tax exclusion: To be eligible for the tax exclusion, you must have cashed out eligible U. S. savings bonds during the same tax year you are claiming you qualify for the exclusion. You... --- > Filing as an S corporation may help you realize tax savings on your sole proprietor or LLC business. Here's how. - Published: 2021-05-18 - Modified: 2024-05-13 - URL: https://tomdunncpa.com/sole-proprietor-or-llc-file-as-an-s-corporation-and-cut-your-tax-bill/ - Categories: small business accounting If your small business is organized as a sole proprietorship or as a wholly owned limited liability company(LLC), you’re subject to both income tax and self-employment tax. But there may be a way to cut your tax bill by conducting business as an S corporation! Here's what you need to know. Filing as an S Corporation Could Cut Your Self-Employment Tax First, it helps to understand the fundamentals of self-employment tax. This tax is imposed on 92. 35% of self-employment income at a 12. 4% rate for Social Security up to a certain maximum ($142,800 for 2021) and at a 2. 9% rate for Medicare. No maximum tax limit applies to the Medicare tax. An additional 0. 9% Medicare tax is imposed on income exceeding $250,000 for married couples ($125,000 for married persons filing separately) and $200,000 in all other cases. What if you conduct your business as a partnership in which you’re a general partner? In that case, in addition to income tax, you’re subject to the self-employment tax on your distributive share of the partnership’s income. On the other hand, if you conduct your business as an S corporation, you’ll be subject to income tax, but not self-employment tax, on your share of the S corporation’s income. An S corporation isn’t subject to tax at the corporate level. Instead, the corporation’s items of income, gain, loss and deduction are passed through to the shareholders. However, the income passed through to the shareholder isn’t treated as self-employment income. Thus,... --- > Tom Dunn was recently named one of the St. Louis area's best payroll service providers by St. Louis Small Business Monthly. - Published: 2021-05-05 - Modified: 2021-05-05 - URL: https://tomdunncpa.com/tom-dunn-named-among-best-area-businesses-for-9th-year-in-a-row/ - Categories: Press Tom Dunn was recently named one of the St. Louis area's best payroll service providers by St. Louis Small Business Monthly. This publication puts out an annual list of the area's 70 best businesses — not the biggest, just the best. Tom Dunn has consistently ranked among the best businesses in St. Louis for their accounting and tax expertise, excellent customer service, and overall value.   Built on a foundation of integrity, the Tom Dunn CPA firm works honestly and ethically to serve the needs of their clients. Their proactive service model takes a comprehensive approach, ensuring that every client receives personal guidance and attention. Their years of combined experience and range of services make Tom Dunn likely to remain in Small Business Monthly's list of quality service providers. They're available to help businesses of all sizes improve their payroll services and more.   --- > You and your family may benefit from favorable tax changes this year! Contact us for more information about your eligibility. - Published: 2021-04-26 - Modified: 2021-04-26 - URL: https://tomdunncpa.com/you-may-benefit-from-favorable-tax-changes-this-year/ - Categories: Uncategorized In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Please note that your 2020 return is due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year). If you can’t file by that date, you can request an extra five months to file your 2020 tax return by October 15, 2021. Your 2021 return will be due in April of 2022. Recent Tax Changes that May Mean Savings for Your Family First of all, some unemployment compensation from last year is tax free. Many people lost their jobs last year due to pandemic shutdowns. Generally, unemployment compensation is included in gross income for federal tax purposes. But thanks to the American Rescue Plan Act (ARPA), enacted on March 11, 2021, up to $10,200 of unemployment compensation can beexcluded from federal gross income on 2020 federal returns for taxpayers with an adjusted gross income (AGI) under $150,000. In the case of a joint return, the first $10,200 per spouse isn’t included in gross income. That means if both spouses lost their jobs and collected unemployment last year, they’re eligible for up to a $20,400 exclusion. Keep in mind, however, that some states tax unemployment compensation that is exempt from federal income tax under the ARPA. The IRS has announced that taxpayers who already filed their 2020 individual tax returns... --- > Here are some tax considerations for small business owners when launching something new. Tom Dunn can give you the advice you need. - Published: 2021-03-23 - Modified: 2024-05-13 - URL: https://tomdunncpa.com/launching-a-small-business-here-are-some-tax-considerations-to-understand-first/ - Categories: small business accounting While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax considerations for small business owners involved in operating with that entity. The pass-through deduction To the extent your business generates qualified business income (QBI), you’re eligible to claim the pass-through or QBI deduction, subject to limitations. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. You can take the deduction even if you don’t itemize deductions on your tax return and instead claim the standard deduction. Reporting Responsibilities As a sole proprietor, you’ll file Schedule C with your Form 1040. Your business expenses are deductible against gross income. If you have losses, they’ll generally be deductible against your other income, subject to special rules related to hobby losses, passive activity losses and losses in activitiesin which you weren’t “at risk. ” If you hire employees, you need to get a taxpayer identification number and withhold and pay employment taxes. Self-Employment Taxes For 2021, you pay Social Security on your net self-employment earnings up to $142,800, and Medicare tax on all earnings. An additional 0. 9% Medicare tax is imposed on self-employment income in excess of $250,000 on joint returns; $125,000 for married taxpayers filing separate returns; and $200,000 in all other cases. Self-employment tax is imposed in addition to income tax, but you can deduct half of... --- > If you are buying or selling a business this year, make sure you understand the tax implications. Tom Dunn can help with timely tax advice. - Published: 2021-02-23 - Modified: 2024-05-13 - URL: https://tomdunncpa.com/understand-the-tax-implications-of-buying-or-selling-a-business/ - Categories: small business accounting After a challenging year, you may have questions about your small business, especially If you are considering a merger or acquisition. At Tom Dunn, we can help you understand the tax implications of making a move in 2021, whether that be buying or selling a business. Two Ways to Buy or Sell Under Current Tax Law Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. Under current tax law, a transaction can basically be structured in two ways: (1) Stock or Ownership Interest  A buyer can directly purchase a seller’s ownership interest if the target business is operated as a C or S corporation, a partnership, or a limited liability company (LLC) that’s treated as a partnership for tax purposes.   The current 21% corporate federal income tax rate makes buying the stock of a C corporation somewhat more attractive. Why? First of all, the corporation will pay less tax and generate more after-tax income. Plus, any built-in gains from appreciated corporate assets will be taxed at a lower rate when they’re eventually sold.   The current law’s reduced individual federal tax rates have also made ownership interests in S corporations, partnerships and LLCs more attractive. The passed-through income from these entities is also taxed at lower rates on a buyer’s personal tax return. However, current individual rate cuts are scheduled to expire at the end of 2025, and, depending... --- > There are several tax breaks for small businesses. Here's what you should know as you plan your 2020 taxes and set goals for the year ahead. - Published: 2021-01-18 - Modified: 2024-05-13 - URL: https://tomdunncpa.com/favorable-tax-breaks-for-businesses/ - Categories: small business accounting It's our mission at Tom Dunn CPA to advise clients during tax time and year-round. For us, that includes meeting with clients as often as they need to and keeping them informed about any developments in Washington that may impact their taxes. This year has seen quite a lot of turmoil. The good news is that there are benefits on the horizon for 2021. Here's what you should know about tax breaks for businesses as you collect information for your 2020 taxes and make plans for the year ahead. Important Information to Know as you Prepare Your 2020 Taxes  The most recent COVID-19 relief bill was signed into law on December 27, 2020. It contains a number of tax breaks that may benefit your small business, including extensions to the CARES Act, additional funding for the Paycheck Protection Program (PPP), and new guidelines for deducting business meals.   1. COVID-19 Relief and the CARES Act As we know all too well, the pandemic and its economic fallout have meant layoffs and furloughs for many of America's workers. Thankfully, Congress has recognized that small business owners need help by putting in place tax breaks for businesses and individuals by passing a second COVID-19 relief bill.   According to recent changes, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit, which has been enhanced and extended. Previously, the credit only covered wages paid between March 13, 2020, and December 31, 2020. Now, the law has... --- > Contact us to conduct a review of your traditional IRAs and to analyze other aspects of your retirement planning. - Published: 2020-12-03 - Modified: 2021-03-25 - URL: https://tomdunncpa.com/taking-distributions-from-a-traditional-ira/ - Categories: small business accounting Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your family will keep after taxes: Early distributions.  What if you need to take money out of a traditional IRA before age 59½? For example, you may need money to pay your child’s education expenses, make a down payment on a new home or meet necessary living expenses if you retire early. In these cases, any distribution to you will be fully taxable (unless nondeductible contributions were made, in which case part of each payout will be tax-free). In addition, distributions before age 59½ may also be subject to a 10% penalty tax. However, there are several ways that the penalty tax (but not the regular income tax) can be avoided, including a method that’s tailor-made for individuals who retire early and need to draw cash from their traditional IRAs to supplement other income. Naming beneficiaries.  The decision concerning who you want to designate as the beneficiary of your traditional IRA is critically important. This decision affects the minimum amounts you must generally withdraw from the IRA when you reach age 72, who will get what remains in the account at your death, and how that IRA balance can be paid... --- > The IRS normally has 3 years within which to conduct an IRS audit, it often doesn’t begin until a year or more after you file a return. - Published: 2020-10-26 - Modified: 2021-04-16 - URL: https://tomdunncpa.com/the-easiest-way-to-survive-an-irs-audit-is-to-get-ready-in-advance/ - Categories: small business accounting IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should farewell. In the fiscal year 2019, the IRS audited approximately 0. 4% of individuals. Businesses, large corporations, and high-income individuals are more likely to be audited but, overall, all types of audits are being conducted less frequently than they were a decade ago. There’s no 100% guarantee that you won’t be picked for an audit because some tax returns are chosen randomly. However, the best way to survive an IRS audit is to prepare for one in advance. On an ongoing basis, you should systematically maintain documentation — invoices, bills, canceled checks, receipts, or other proof — for all items to be reported on your tax returns. Keep all your records in one place. And it helps to know what might catch the attention of the IRS. Audit hot spots Certain types of tax-return entries are known to the IRS to involve inaccuracies so they may lead to an audit. Here are a few examples: Significant inconsistencies between tax returns filed in the past and your most current tax return, Gross profit margin or expenses markedly different from those of other businesses in your industry, and Miscalculated or unusually high deductions. Certain types of deductions may be questioned by the IRS because there are strict recordkeeping requirements for them — for example, auto and travel expense deductions.... --- > If you file a joint tax return with your spouse, you should be aware of your individual liability as well as innocent spouses. - Published: 2020-10-26 - Modified: 2021-03-25 - URL: https://tomdunncpa.com/there-may-be-relief-from-tax-liability-for-innocent-spouses/ - Categories: small business accounting If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain past-due taxes. What’s “joint and several” liability? When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full tax amount on the couple’s combined income. That means the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. Liability includes any tax deficiency that the IRS assesses after an audit, as well as penalties and interest. (However, the civil fraud penalty can be imposed only on spouses who’ve actually committed fraud. ) When are spouses “innocent? ” In some cases, spouses are eligible for “innocent spouse relief. ” This generally involves individuals who didn’t know about a tax understatement that was attributable to the other spouse. To be eligible, you must show that you were unaware of the understatement and there was nothing that should have made you suspicious. In addition, the circumstances must make it inequitable to hold you liable for the tax. This relief may be available even if you’re still married and living with your spouse. In addition, spouses may be able to limit liability for a tax deficiency on a joint return if they’re widowed, divorced, legally separated or have lived apart for at... --- > Learn why it is important to plan for income taxes as a part of your estate plan. Tom Dunn CPA can help you plan for the future. - Published: 2020-10-16 - Modified: 2021-04-16 - URL: https://tomdunncpa.com/why-its-important-to-plan-for-income-taxes-as-part-of-your-estate-plan/ - Categories: small business accounting As a result of the current estate tax exemption amount ($11. 58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. While saving both income and transfer taxes has always been a goal of estate planning, it was more difficult to succeed at both when the estate and gift tax exemption level was much lower. Here are some strategies to consider. Plan gifts that use the annual gift tax exclusion. One of the benefits of using the gift tax annual exclusion to make transfers during life is to save estate tax. This is because both the transferred assets and any post-transfer appreciation generated by those assets are removed from the donor’s estate. As mentioned, estate tax savings may not be an issue because of the large estate exemption amount. Further, making an annual exclusion transfer of appreciated property carries a potential income tax cost because the recipient receives the donor’s basis upon transfer. Thus, the recipient could face income tax, in the form of capital gains tax, on the sale of the gifted property in the future. If there’s no concern that an estate will be subject to estate tax, even if the gifted property grows in value, then the decision to make a gift should be based... --- > You should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing or developing computer software. - Published: 2020-10-13 - Modified: 2021-04-16 - URL: https://tomdunncpa.com/the-tax-rules-for-deducting-the-computer-software-costs-of-your-business/ - Categories: small business accounting Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing or developing computer software. Purchased software Some software costs are deemed to be costs of “purchased” software, meaning software that’s either: Non-customized software available to the general public under a non-exclusive license or Acquired from a contractor who is at economic risk should the software not perform. The entire cost of purchased software can be deducted in the year that it’s placed into service. The cases in which the costs are ineligible for this immediate write-off are the few instances in which 100% bonus depreciation or Section 179 small business expensing isn’t allowed or when a taxpayer has elected out of 100% bonus depreciation and hasn’t made the election to apply Sec. 179 expensing. In those cases, the costs are amortized over the three-year period beginning with the month in which the software is placed in service. Note that the bonus depreciation rate will begin to be phased down for property placed in service after calendar year 2022. If you buy the software as part of a hardware purchase in which the price of the software isn’t separately stated, you must treat the software cost as part of the hardware cost. Therefore, you must depreciate the software under the... --- - Published: 2020-10-07 - Modified: 2021-04-16 - URL: https://tomdunncpa.com/can-investors-who-manage-their-own-portfolios-deduct-related-expenses/ - Categories: small business accounting In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered expenses for the production of income. But they are deductible if they’re considered trade or business expenses. (For tax years before 2018, production-of-income expenses were deductible, but were included in miscellaneous itemized deductions, which were subject to a 2%-of-adjusted-gross-income floor. ) In order to deduct investment-related expenses as business expenses, you must figure out if you’re an investor or a trader — and be aware that it’s more advantageous (and difficult) to qualify for trader status. To qualify, you must be engaged in a trade or business. The U. S. Supreme Court held many years ago that an individual taxpayer isn’t engaged in a trade or business merely because the individual manages his or her own securities investments, regardless of the amount of the investments or the extent of the work required. However, if you can show that your investment activities rise to the level of carrying on a trade or business, you may be considered a trader engaged in a trade or business, rather than an investor. As a trader, you’re entitled to deduct your investment-related expenses as business expenses. A trader is also entitled to deduct home-office expenses if the home office is used exclusively on a regular basis as the trader’s principal place of business. An investor,... --- > The business use of websites is widespread. Learn how to handle business website costs for tax purposes. Contact us today. - Published: 2020-09-28 - Modified: 2021-04-16 - URL: https://tomdunncpa.com/business-website-costs-how-to-handle-them-for-tax-purposes/ - Categories: small business accounting The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies to software costs, provide business taxpayers launching a website with some guidance as to the proper treatment of the costs. Hardware or software? Let’s start with the hardware you may need to operate a website. The costs involved fall under the standard rules for depreciable equipment. Specifically, once these assets are up and running, you can deduct 100% of the cost in the first year they’re placed in service (before 2023). This favorable treatment is allowed under the 100% first-year bonus depreciation break. In later years, you can probably deduct 100% of these costs in the year the assets are placed in service under the Section 179 first-year depreciation deduction privilege. However, Sec. 179 deductions are subject to several limitations. For tax years beginning in 2020, the maximum Sec. 179 deduction is $1. 04 million, subject to a phaseout rule. Under the rule, the deduction is phased out if more than a specified amount of qualified property is placed in service during the year. The threshold amount for 2020 is $2. 59 million. There’s also a taxable income limit. Under it, your Sec. 179 deduction can’t exceed your business taxable income. In other words, Sec. 179 deductions can’t create or increase an overall tax loss. However, any Sec. 179... --- > The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer social security taxes. - Published: 2020-09-23 - Modified: 2021-05-21 - URL: https://tomdunncpa.com/employers-have-questions-and-concerns-about-deferring-employees-social-security-taxes/ - Categories: small business accounting The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and how, to implement the optional deferral. The President’s action only defers the employee’s share of Social Security taxes; it doesn’t forgive them, meaning employees will still have to pay the taxes later unless Congress acts to eliminate the liability. (The payroll services provider for federal employers announced that federal employees will have their taxes deferred. ) Deferral basics President Trump issued the memorandum in light of the COVID-19 crisis. He directed the U. S. Secretary of the Treasury to use his authority under the tax code to defer the withholding, deposit and payment of certain payroll tax obligations. For purposes of the Notice, “applicable wages” means wages or compensation paid to an employee on a pay date beginning September 1, 2020, and ending December 31, 2020, but only if the amount paid for a biweekly pay period is less than $4,000, or the equivalent amount with respect to other pay periods. The guidance postpones the withholding and remittance of the employee share of Social Security tax until the period beginning on January 1, 2021, and ending on April 30, 2021. Penalties, interest and additions to tax will begin to accrue on May 1, 2021, for... --- > If you’re buying a home, or you just bought one, you may wonder if you can deduct mortgage points paid on your behalf by the seller. - Published: 2020-09-15 - Modified: 2021-05-21 - URL: https://tomdunncpa.com/homebuyers-can-you-deduct-seller-paid-points/ - Categories: small business accounting Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes... ” according to NAR’s Chief Economist Lawrence Yun. If you’re buying a home, or you just bought one, you may wonder if you can deduct mortgage points paid on your behalf by the seller. Yes, you can, subject to some important limitations described below. Points are upfront fees charged by a mortgage lender, expressed as a percentage of the loan principal. Points, which may be deductible if you itemize deductions, are normally the buyer’s obligation. But a seller will sometimes sweeten a deal by agreeing to pay the points on the buyer’s mortgage loan In most cases, points a buyer pays are a deductible interest expense. And IRS says that seller-paid points may also be deductible. Suppose, for example, that you bought a home for $600,000. In connection with a $500,000 mortgage loan, your bank charged two points, or $10,000. The seller agreed to pay the points in order to close the sale. You can deduct the $10,000 in the year of sale. The only disadvantage is that your tax basis is reduced to $590,000, which will mean more gain if — and when — you sell the home for more than that amount. But that may not happen until many years later, and the... --- > Are you aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property? - Published: 2020-09-08 - Modified: 2021-05-21 - URL: https://tomdunncpa.com/5-key-points-about-bonus-depreciation/ - Categories: small business accounting You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. 1. Bonus depreciation is scheduled to phase out Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and later years. For certain aircraft (generally, company planes) and for the pre-January 1, 2027 costs of certain property with a long production period, the phaseout is scheduled to take place a year later, from 2024 to 2028. Of course, Congress could pass legislation to extend or revise the above rules. 2. Bonus depreciation is available for new and most used property In the past, used property didn’t qualify. It currently qualifies unless: The taxpayer previously used the property and The property was acquired in certain forbidden transactions (generally acquisitions that are tax free or from a related person or entity). 3. Taxpayers should sometimes make the election to turn down bonus depreciation Taxpayers can elect to reject bonus depreciation for one or more classes of property. The election out may be useful for sole proprietorships, and business entities taxed under the rules for partnerships and S corporations, that want to prevent... --- > The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. Read on to find out more. - Published: 2020-09-03 - Modified: 2021-06-30 - URL: https://tomdunncpa.com/cares-act-made-changes-to-excess-business-losses/ - Categories: small business accounting The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about the changes. Deferral of the excess business loss limits The Tax Cuts and Jobs Act (TCJA) provided that net tax losses from active businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other covered taxpayers, are to be treated as net operating loss (NOL) carryforwards in the following tax year. The covered taxpayers are individuals, estates and trusts that own businesses directly or as partners in a partnership or shareholders in an S corporation. The $500,000 and $250,000 limits, which are adjusted for inflation for tax years beginning after calendar year 2018, were scheduled under the TCJA to apply to tax years beginning in calendar years 2018 through 2025. But the CARES Act has retroactively postponed the limits so that they now apply to tax years beginning in calendar years 2021 through 2025. The postponement means that you may be able to amend: Any filed 2018 tax returns that reflected a disallowed excess business loss (to allow the loss in 2018) and Any filed 2019 tax returns that reflect a disallowed 2019 loss and/or a carryover of a disallowed 2018 loss (to allow the 2019 loss and/or eliminate the... --- > Congress may pass new legislation directing IRS to allow deductions for expenses paid with PPP loan proceeds. Continue reading to learn more. - Published: 2020-08-24 - Modified: 2021-07-01 - URL: https://tomdunncpa.com/the-possible-tax-consequences-of-ppp-loans-and-loan-proceeds/ - Categories: small business accounting If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance to Americans suffering during the COVID-19 pandemic. The CARES Act authorized up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP. In April, Congress authorized additional PPP funding and it’s possible more relief could be part of another stimulus law. The PPP allows qualifying small businesses and other organizations to receive loans with an interest rate of 1%. PPP loan proceeds must be used by the business on certain eligible expenses. The PPP allows the interest and principal on the PPP loan to be entirely forgiven if the business spends the loan proceeds on these expense items within a designated period of time and uses a certain percentage of the PPP loan proceeds on payroll expenses. An eligible recipient may have a PPP loan forgiven in an amount equal to the sum of the following costs incurred and payments made during the covered period: Payroll costs; Interest (not principal) payments on covered mortgage obligations (for mortgages in place before February 15, 2020); Payments for covered rent obligations (for leases that began before February 15, 2020); and Certain utility payments. An eligible recipient seeking forgiveness of... --- > Does your employer provide you with group term life insurance? Continue reading to learn more about the tax implications this could entail. - Published: 2020-08-14 - Modified: 2021-07-01 - URL: https://tomdunncpa.com/the-tax-implications-of-employer-provided-life-insurance/ - Categories: small business accounting Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything to your income tax bill. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you. It’s included in the taxable wages reported on your Form W-2 — even though you never actually receive it. In other words, it’s “phantom income. ” What’s worse, the cost of group term insurance must be determined under a table prepared by IRS even if the employer’s actual cost is less than the cost figured under the table. Under these determinations, the amount of taxable phantom income attributed to an older employee is often higher than the premium the employee would pay for comparable coverage under an individual term policy. This tax trap gets worse as the employee gets older and as the amount of his or her compensation increases. Check your W-2 What should you do if you think the tax cost of employer-provided group term life insurance is undesirably high? First, you should establish if this is actually the case. If a specific dollar amount appears in Box 12 of your Form W-2 (with code “C”), that dollar amount represents your employer’s cost of providing you with group-term life insurance coverage... --- > You may be required to submit forms to the IRS to report these cash transactions. Contact Dunn CPA Firm for more info. - Published: 2020-08-14 - Modified: 2021-05-21 - URL: https://tomdunncpa.com/file-cash-transaction-reports-for-your-business-on-paper-or-electronically/ - Categories: small business accounting Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in two or more related transactions, must file Form 8300. Any transactions conducted in a 24-hour period are considered related transactions. Transactions are also considered related even if they occur over a period of more than 24 hours if the recipient knows, or has reason to know, that each transaction is one of a series of connected transactions. To complete a Form 8300, you will need personal information about the person making the cash payment, including a Social Security or taxpayer identification number. You should keep a copy of each Form 8300 for five years from the date you file it, according to the IRS. Reasons for the reporting Although many cash transactions are legitimate, the IRS explains that “information reported on (Form 8300) can help stop those who evade taxes, profit from the drug trade, engage in terrorist financing and conduct other criminal activities. The government can often trace money from these illegal activities through the payments reported on Form 8300 and other cash reporting forms. ” What’s considered “cash” For Form 8300 reporting, cash includes U. S. currency and coins, as well as foreign money. It also includes cash equivalents such as cashier’s checks (sometimes called bank... --- > For a scholarship to be tax-free, certain conditions must be satisfied. Read on to find out what those are and then contact Tom Dunn CPA. - Published: 2020-08-05 - Modified: 2021-05-21 - URL: https://tomdunncpa.com/are-scholarships-tax-free-or-taxable/ - Categories: small business accounting COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications. Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct payment to the individual or reduces tuition. Tuition and related expenses However, for a scholarship to be tax-free, certain conditions must be satisfied. A scholarship is tax-free only to the extent it’s used to pay for: Tuition and fees required to attend the school and Fees, books, supplies and equipment required of all students in a particular course. For example, if a computer is recommended but not required, buying one wouldn’t qualify. Other expenses that don’t qualify include the cost of room and board, travel, research and clerical help. To the extent a scholarship award isn’t used for qualifying items, it’s taxable. The recipient is responsible for establishing how much of an award is used for tuition and eligible expenses. Maintain records (such as copies of bills, receipts and cancelled checks) that reflect the use of the scholarship money. Award can’t be payment for services Subject to limited exceptions, a scholarship isn’t tax-free if the payments are linked to services... --- > Unlike regular corporations, you aren’t subject to partnership income tax. Instead, each partner is taxed on the partnership’s earnings. - Published: 2020-07-29 - Modified: 2021-07-28 - URL: https://tomdunncpa.com/why-do-partners-sometimes-report-more-income-on-tax-returns-than-they-receive-in-cash/ - Categories: small business accounting If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this? The answer lies in the way partnerships and partners are taxed. Unlike regular corporations, partnerships aren’t subject to income tax. Instead, each partner is taxed on the partnership’s earnings — whether or not they’re distributed. Similarly, if a partnership has a loss, the loss is passed through to the partners. (However, various rules may prevent a partner from currently using his share of a partnership’s loss to offset other income. ) Separate entity While a partnership isn’t subject to income tax, it’s treated as a separate entity for purposes of determining its income, gains, losses, deductions and credits. This makes it possible to pass through to partners their share of these items. A partnership must file an information return, which is IRS Form 1065. On Schedule K of Form 1065, the partnership separately identifies income, deductions, credits and other items. This is so that each partner can properly treat items that are subject to limits or other rules that could affect their correct treatment at the partner’s level. Examples of such items include capital gains and losses, interest expense on investment debts and charitable contributions. Each partner gets a Schedule K-1 showing his or her share of partnership items. Basis and distribution rules ensure that... --- > Fair market value basis rules apply to inherited property that’s includible in the deceased’s gross estate. - Published: 2020-07-24 - Modified: 2021-07-28 - URL: https://tomdunncpa.com/take-advantage-of-a-stepped-up-basis-on-inherited-property/ - Categories: small business accounting If you’re planning your estate, or you’ve recently inherited property or other assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, for example, if your grandfather bought ABC Corp. stock in 1935 for $500 and it’s worth $5 million at his death, the basis is stepped up to $5 million in the hands of your grandfather’s heirs — and all of that gain escapes federal income tax forever. The fair market value basis rules apply to inherited property that’s includible in the deceased’s gross estate, and those rules also apply to property inherited from foreign persons who aren’t subject to U. S. estate tax. It doesn’t matter if a federal estate tax return is filed. The rules apply to the inherited portion of property owned by the inheriting taxpayer jointly with the deceased, but not the portion of jointly held property that the inheriting taxpayer owned before his or her inheritance. The fair market value basis rules also don’t apply to reinvestments of estate assets by fiduciaries. Step up, step down or carryover It’s crucial for you to understand the fair market value basis rules so that you don’t pay more tax than you’re legally required to. For example, in the above example, if your grandfather decides to make a gift of the... --- > Some people are required to return Economic Impact Payments that were sent erroneously. Continue reading to learn how this could impact you. - Published: 2020-07-08 - Modified: 2021-07-28 - URL: https://tomdunncpa.com/some-people-are-required-to-return-economic-impact-payments-that-were-sent-erroneously/ - Categories: small business accounting The IRS and the U. S. Treasury had disbursed 160. 4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U. S. Government Accountability Office (GAO) reports that $269. 3 billion of EIPs have already been sent through a combination of electronic transfers to bank accounts, paper checks and prepaid debit cards. Eligible individuals receive $1,200 or $2,400 for a married couple filing a joint return. Individuals may also receive up to an additional $500 for each qualifying child. Those with adjusted gross income over a threshold receive a reduced amount. Deceased individuals However, the IRS says some payments were sent erroneously and should be returned. For example, the tax agency says an EIP made to someone who died before receipt of the payment should be returned. Instructions for returning the payment can be found here: https://bit. ly/31ioZ8W The entire EIP should be returned unless it was made to joint filers and one spouse hadn’t died before receipt. In that case, you only need to return the EIP portion made to the decedent. This amount is $1,200 unless your adjusted gross income exceeded $150,000. If you cannot deposit the payment because it was issued to both spouses and one spouse is deceased, return the check as described in the link above. Once the IRS receives and processes your returned payment, an EIP will be reissued.... --- > The Trust Fund Recovery Penalty is among the more dangerous tax penalties as it applies to a broad range of actions and people in a business. - Published: 2020-07-08 - Modified: 2021-07-28 - URL: https://tomdunncpa.com/steer-clear-of-the-trust-fund-recovery-penalty/ - Categories: small business accounting If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered property of the government, the employer holds them in “trust” on the government’s behalf until they’re paid over. The penalty is also sometimes called the “100% penalty” because the person liable and responsible for the taxes will be penalized 100% of the taxes due. Accordingly, the amounts IRS seeks when the penalty is applied are usually substantial, and IRS is very aggressive in enforcing the penalty. Far-reaching penalty The Trust Fund Recovery Penalty is among the more dangerous tax penalties because it applies to a broad range of actions and to a wide range of people involved in a business. Here are some answers to questions about the penalty so you can safely stay clear of it. Which actions are penalized? The Trust Fund Recovery Penalty applies to any willful failure to collect, or truthfully account for, and pay over Social Security and income taxes required to be withheld from employees’ wages. Who is at risk? The penalty can be imposed on anyone “responsible” for collection and payment of the tax. This has been broadly defined to include a corporation’s officers, directors and shareholders under a duty to collect and pay the tax as well as a partnership’s... --- > Retroactive COVID-19 business relief: The CARES Act, passed earlier in 2020, includes some retroactive tax relief for business taxpayers. - Published: 2020-07-01 - Modified: 2021-08-24 - URL: https://tomdunncpa.com/havent-filed-your-2019-business-tax-return-yet-there-may-be-ways-to-chip-away-at-your-bill-business-relief/ - Categories: small business accounting The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier in 2020, includes some retroactive tax relief for business taxpayers. The following four provisions may affect a still-unfiled tax return — or you may be able to take advantage of them on an amended return if you already filed. Liberalized net operating losses (NOLs). The CARES Act allows a five-year carryback for a business NOL that arises in a tax year beginning in 2018 through 2020. Claiming 100% first-year bonus depreciation on an affected year’s return can potentially create or increase an NOL for that year. If so, the NOL can be carried back, and you can recover some or all of the income tax paid for the carryback year. This factor could cause you to favor claiming 100% first-year bonus depreciation on an unfiled return. Since NOLs that arise in tax years beginning in 2018 through 2020 can be carried back five years, an NOL that’s reported on a still-unfiled return can be carried back to an earlier tax year and allow you to recover income tax paid in the carry-back year. Because federal income tax rates were generally higher in years before the Tax Cuts and Jobs Act (TCJA) took effect, NOLs carried... --- > Make sure you understand the tax implications before selling your home. We can help plan ahead to minimize taxes and answer any questions. - Published: 2020-06-29 - Modified: 2021-08-24 - URL: https://tomdunncpa.com/if-youre-selling-your-home-dont-forget-about-taxes/ - Categories: small business accounting Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that existing home sales in April decreased year-over-year, 17. 2% from a year ago. One bit of good news is that home prices are up. The median existing-home price in April was $286,800, up 7. 4% from April 2019, according to the NAR. If you’re planning to sell your home this year, it’s a good time to review the tax considerations. Some gain is excluded If you’re selling your principal residence, and you meet certain requirements, you can exclude up to $250,000 ($500,000 for joint filers) of gain. Gain that qualifies for the exclusion is also excluded from the 3. 8% net investment income tax. To be eligible for the exclusion, you must meet these tests: The ownership test. You must have owned the property for at least two years during the five-year period ending on the sale date. The use test. You must have used the property as a principal residence for at least two years during the same five-year period. (Periods of ownership and use don’t need to overlap. ) In addition, you can’t use the exclusion more than once every two years. Larger gains What if you have more than $250,000/$500,000 of profit when selling your home? Any gain that doesn’t qualify for the exclusion generally will be taxed at your long-term capital gains rate, provided you owned... --- > Start-up expenses include those incurred or paid when creating an active trade or business — or investigating one's creation or acquisition. - Published: 2020-06-29 - Modified: 2021-08-24 - URL: https://tomdunncpa.com/launching-a-business-how-to-treat-start-up-expenses-on-your-tax-return/ - Categories: small business accounting While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can make a large difference in your tax bill. How expenses must be handled If you’re starting or planning a new enterprise, keep these key points in mind: Start-up costs include those incurred or paid while creating an active trade or business — or investigating the creation or acquisition of one. Under the Internal Revenue Code, taxpayers can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs in the year the business begins. As you know, $5,000 doesn’t get you very far today! And the $5,000 deduction is reduced dollar-for-dollar by the amount by which your total start-up or organizational costs exceed $50,000. Any remaining costs must be amortized over 180 months on a straight-line basis. No deductions or amortization deductions are allowed until the year when “active conduct” of your new business begins. Generally, that means the year when the business has all the pieces in place to begin earning revenue. To determine if a taxpayer meets this test, the IRS and courts generally ask questions such as: Did the taxpayer undertake the activity intending to earn... --- > Taking a meticulous, proactive approach to how you keep business records can protect your deductions and help make an audit less painful. - Published: 2020-06-20 - Modified: 2021-08-24 - URL: https://tomdunncpa.com/good-business-records-are-the-key-to-tax-deductions-and-trouble-free-irs-audits/ - Categories: small business accounting If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies. Certain types of expenses, such as automobile, travel, meals and office-at-home expenses, require special attention because they’re subject to special recordkeeping requirements or limitations on deductibility. It’s interesting to note that there’s not one way to keep business records. In its publication “Starting a Business and Keeping Records,” the IRS states: “Except in a few cases, the law does not require any specific kind of records. You can choose any recordkeeping system suited to your business that clearly shows your income and expenses. ” That being said, many taxpayers don’t make the grade when it comes to recordkeeping. Here are three court cases to illustrate some of the issues. Case 1: Without records, the IRS can reconstruct your income If a taxpayer is audited and doesn’t have good records, the IRS can perform a “bank-deposits analysis” to reconstruct income. It assumes that all money deposited in accounts during a given period is taxable income. That’s what happened in the case of the business owner of a coin shop and precious metals business. The owner didn’t... --- > Contact us if you have questions about deducting student loan interest or for information on other tax breaks related to paying for college. - Published: 2020-06-01 - Modified: 2021-10-12 - URL: https://tomdunncpa.com/student-loan-interest-can-you-deduct-it-on-your-tax-return/ - Categories: small business accounting The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making monthly payments. This payment suspension is scheduled to last until September 30, 2020. Tax deduction rules Despite the suspension, borrowers can still make payments if they choose. And borrowers in good standing made payments earlier in the year and will likely make them later in 2020. So can you deduct the student loan interest on your tax return? The answer is yes, depending on your income and subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500. The deduction is phased out if your adjusted gross income (AGI) exceeds certain levels. For 2020, the deduction is phased out for taxpayers who are married filing jointly with AGI between $140,000 and $170,000 ($70,000 and $85,000 for single filers). The deduction is unavailable for taxpayers with AGI of $170,000 ($85,000 for single filers) or more. Married taxpayers must file jointly to claim the deduction. Other requirements The interest must be for a “qualified education loan,” which means debt incurred to pay tuition, room and board, and related expenses to attend a post-high school educational institution. Certain vocational schools and post-graduate programs also may qualify. The interest must be on... --- > Rent obligations, utility payments, and payroll costs consisting of wages and benefits paid to employees are deductible expenses. - Published: 2020-05-26 - Modified: 2021-10-12 - URL: https://tomdunncpa.com/fortunate-enough-to-get-a-ppp-loan-forgiven-expenses-arent-deductible/ - Categories: small business accounting The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross income under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. PPP basics The CARES Act allows a recipient of a PPP loan to use the proceeds to pay payroll costs, certain employee healthcare benefits, mortgage interest, rent, utilities and interest on other existing debt obligations. A recipient of a covered loan can receive forgiveness of the loan in an amount equal to the sum of payments made for the following expenses during the 8-week “covered period” beginning on the loan’s origination date: 1) payroll costs, 2) interest on any covered mortgage obligation, 3) payment on any covered rent, and 4) covered utility payments. The law provides that any forgiven loan amount “shall be excluded from gross income. ” Deductible expenses So the question arises: If you pay for the above expenses with PPP funds, can you then deduct the expenses on your tax return? The tax code generally provides for a deduction for all ordinary and necessary expenses paid or incurred during the taxable year in carrying on a trade or business. Covered rent obligations, covered utility payments, and payroll costs consisting of wages and benefits paid to employees comprise typical trade or business... --- - Published: 2020-05-24 - Modified: 2020-12-09 - URL: https://tomdunncpa.com/did-you-get-an-economic-impact-payment-that-was-less-than-you-expected/ - Categories: small business accounting Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for a payment. And others received an EIP but it was less than what they were expecting. Here are some answers why this might have happened. Basic amounts If you’re under a certain adjusted gross income (AGI) threshold, you’re generally eligible for the full $1,200 ($2,400 for married couples filing jointly). In addition, if you have a “qualifying child,” you’re eligible for an additional $500. Here are some of the reasons why you may receive less: Your child isn’t eligible.  Only children eligible for the Child Tax Credit qualify for the additional $500 per child. That means you must generally be related to the child, live with them more than half the year and provide at least half of their support. A qualifying child must be a U. S. citizen, permanent resident or other qualifying resident alien; be under the age of 17 at the end of the year for the tax return on which the IRS bases the payment; and have a Social Security number or Adoption Taxpayer Identification Number. Note: A dependent college student doesn’t qualify for an EIP, and even if their parents may claim him or her as a dependent, the student... --- - Published: 2020-05-12 - Modified: 2020-05-12 - URL: https://tomdunncpa.com/business-charitable-contribution-rules-have-changed-under-the-cares-act/ - Categories: small business accounting In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has increased. Before the CARES Act, the total charitable deduction that a corporation could generally claim for the year couldn’t exceed 10% of corporate taxable income (as determined with several modifications for these purposes). Contributions in excess of the 10% limit are carried forward and may be used during the next five years (subject to the 10%-of-taxable-income limitation each year). What changed? Under the CARES Act, the limitation on charitable deductions for corporations (generally 10% of modified taxable income) doesn’t apply to qualifying contributions made in 2020. Instead, a corporation’s qualifying contributions, reduced by other contributions, can be as much as 25% of taxable income (modified). No connection between the contributions and COVID-19 activities is required. The deduction limit on food inventory has increased. At a time when many people are unemployed, your business may want to contribute food inventory to qualified charities. In general, a business is entitled to a charitable tax deduction for making a qualified contribution of “apparently wholesome food” to an organization that uses it for the care of the ill, the needy or infants. “Apparently wholesome food” is defined as food intended for human consumption that meets all quality and labeling... --- - Published: 2020-05-05 - Modified: 2020-05-05 - URL: https://tomdunncpa.com/ira-account-value-down-it-might-be-a-good-time-for-a-roth-conversion/ - Categories: small business accounting The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. The key differences Here’s what makes a traditional IRA different from a Roth IRA: Traditional IRA. Contributions to a traditional IRA may be deductible, depending on your modified adjusted gross income (MAGI) and whether you (or your spouse) participate in a qualified retirement plan, such as a 401(k). Funds in the account can grow tax deferred. On the downside, you generally must pay income tax on withdrawals. In addition, you’ll face a penalty if you withdraw funds before age 59½ — unless you qualify for a handful of exceptions — and you’ll face an even larger penalty if you don’t take your required minimum distributions (RMDs) after age 72. Roth IRA. Roth IRA contributions are never deductible. But withdrawals — including earnings — are tax-free as long as you’re age 59½ or older and the account has been open at least five years. In addition, you’re allowed to withdraw contributions at any time tax- and penalty-free. You also don’t have to begin taking RMDs after you reach age 72. However, the ability to contribute to a Roth IRA is subject to limits based on your MAGI. Fortunately, no matter how high your income, you’re eligible to convert a... --- - Published: 2020-04-27 - Modified: 2020-04-27 - URL: https://tomdunncpa.com/answers-to-questions-you-may-have-about-economic-impact-payments/ - Categories: small business accounting Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get an EIP? Eligible taxpayers who filed their 2018 or 2019 returns and chose direct deposit of their refunds automatically receive an Economic Impact Payment. You must be a U. S. citizen or U. S. resident alien and you can’t be claimed as a dependent on someone else’s tax return. In general, you must also have a valid Social Security number and have adjusted gross income (AGI) under a certain threshold. The IRS also says that automatic payments will go to people receiving Social Security retirement or disability benefits and Railroad Retirement benefits. How much are the payments? EIPs can be up to $1,200 for individuals, or $2,400 for married couples, plus $500 for each qualifying child. How much income must I have to receive a payment? You don’t need to have any income to receive a payment. But for higher income people, the payments phase out. The EIP is reduced by 5% of the amount that your AGI exceeds $75,000 ($112,500 for heads of household or $150,000 for married joint filers), until it’s $0. The payment for eligible individuals with no qualifying children is reduced to $0 once AGI reaches: $198,000 for married joint filers,... --- - Published: 2020-04-27 - Modified: 2020-04-27 - URL: https://tomdunncpa.com/new-covid-19-law-makes-favorable-changes-to-qualified-improvement-property-2/ - Categories: small business accounting In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates for certain federal income tax payments — but not all of them. New guidance now expands on the filing and payment relief for individuals, estates, corporations and others. Under IRS Notice 2020-23, nearly all tax payments and filings that would otherwise be due between April 1 and July 15, 2020, are now postponed to July 15, 2020. Most importantly, this would include any fiscal year tax returns due between those dates and any estimated tax payments due between those dates, such as the June 15 estimated tax payment deadline for individual taxpayers. Economic Impact Payments for nonfilers You have also likely heard about the cash payments the federal government is making to individuals under certain income thresholds. The Coronavirus Aid, Relief, and Economic Security (CARES) Act will provide an eligible individual with a cash payment equal to the sum of: $1,200 ($2,400 for eligible married couples filing jointly) plus $500 for each qualifying child. Eligibility is based on adjusted gross income (AGI). On its Twitter account, the IRS announced that it deposited the first Economic Impact Payments into taxpayers’ bank accounts on April 11. “We know many people are anxious to get their payments; we’ll... --- - Published: 2020-04-21 - Modified: 2020-04-21 - URL: https://tomdunncpa.com/new-covid-19-law-makes-favorable-changes-to-qualified-improvement-property/ - Categories: small business accounting The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December 31, 2017 wasn’t considered to be eligible for 100% bonus depreciation. Therefore, the cost of QIP had to be deducted over a 39-year period rather than entirely in the year the QIP was placed in service. This was due to an inadvertent drafting mistake made by Congress. But the error is now fixed. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. It now allows most businesses to claim 100% bonus depreciation for QIP, as long as certain other requirements are met. What’s also helpful is that the correction is retroactive and it goes back to apply to any QIP placed in service after December 31, 2017. Unfortunately, improvements related to the enlargement of a building, any elevator or escalator, or the internal structural framework continue to not qualify under the definition of QIP. In the current business climate, you may not be in a position to undertake new capital expenditures — even if they’re needed as a practical matter and even if the substitution of 100% bonus depreciation for a 39-year depreciation period significantly lowers the true cost of QIP. But it’s good to know that... --- - Published: 2020-04-12 - Modified: 2020-04-12 - URL: https://tomdunncpa.com/cares-act-changes-retirement-plan-and-charitable-contribution-rules/ - Categories: small business accounting As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, notably the “economic impact payments” that will be made to people under a certain income threshold. But the law also makes some changes to retirement plan rules and provides a new tax break for some people who contribute to charity. Waiver of 10% early distribution penalty IRAs and employer sponsored retirement plans are established to be long-term retirement planning accounts. As such, the IRS imposes a penalty tax of an additional 10% if funds are distributed before reaching age 59½. (However, there are some exceptions to this rule. ) Under the CARES Act, the additional 10% tax on early distributions from IRAs and defined contribution plans (such as 401(k) plans) is waived for distributions made between January 1 and December 31, 2020 by a person who (or whose family) is infected with COVID-19 or is economically harmed by it. Penalty-free distributions are limited to $100,000, and may, subject to guidelines, be re-contributed to the plan or IRA. Income arising from the distributions is spread out over three years unless the employee elects to turn down the spread-out. Employers may amend defined contribution plans to provide for these distributions. Additionally, defined contribution plans are permitted additional... --- - Published: 2020-04-01 - Modified: 2020-04-01 - URL: https://tomdunncpa.com/the-new-covid-19-law-provides-businesses-with-more-relief/ - Categories: small business accounting On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 crisis. Employer eligibility. The credit is available to employers with operations that have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers that have experienced a greater than 50% reduction in quarterly receipts, measured on a year-over-year basis. The credit isn’t available to employers receiving Small Business Interruption Loans under the new law. Wage eligibility. For employers with an average of 100 or fewer full-time employees in 2019, all employee wages are eligible, regardless of whether an employee is furloughed. For employers with more than 100 full-time employees last year, only the wages of furloughed employees or those with reduced hours as a result of closure or reduced gross receipts are eligible for the credit. No credit is available with respect to an employee for whom the employer claims a Work Opportunity Tax Credit. The term “wages” includes health benefits and is capped at the first $10,000 paid by an employer to an eligible employee. The credit applies to wages paid after March 12, 2020 and before January 1, 2021.... --- - Published: 2020-04-01 - Modified: 2020-04-01 - URL: https://tomdunncpa.com/cash-payments-and-tax-relief-for-individuals-in-new-law/ - Categories: small business accounting A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an eligible individual will receive a cash payment equal to the sum of: $1,200 ($2,400 for eligible married couples filing jointly) plus $500 for each qualifying child. Eligibility is based on adjusted gross income (AGI). Individuals who have no income, as well as those whose income comes entirely from Social Security benefits, are also eligible for the payment. The AGI thresholds will be based on 2019 tax returns, or 2018 returns if you haven’t yet filed your 2019 returns. For those who don’t qualify on their most recently filed tax returns, there may be another option to receive some money. An individual who isn’t an eligible individual for 2019 may be eligible for 2020. The IRS won’t send cash payments to him or her. Instead, the individual will be able to claim the credit when filing a 2020 return. The income thresholds The amount of the payment is reduced by 5% of AGI in excess of: $150,000 for a joint return, $112,500 for a head of household, and $75,000 for all other taxpayers. But there is a ceiling that leaves some taxpayers ineligible for a payment. Under the rules, the payment is completely phased-out for a... --- - Published: 2020-04-01 - Modified: 2020-04-01 - URL: https://tomdunncpa.com/the-two-main-roles-all-small-business-owners-serve/ - Categories: small business accounting I read and see a lot of business stories about the different personality types of entrepreneurs and small business owners, especially their fancy titles, such as “Chief Idea Guru,” “Chief Evangelist” or “Chief Executive Unicorn. ” But a title is merely a title, without the underlying personality of the person performing that job. In my experience, business owners need to keep it simple and divide their responsibilities into two roles: Order Acquisition and Order Fulfillment. The Order Acquisition people are the business developers, sales people, and inside sales people who are primarily involved with finding new business, servicing current customers, and customer service. Often, this role is filled by the owner of the company, at least in the beginning. The Order Fulfillment people are the team members who make the business run from management of team members and day-to-day operations to internal reporting and human resources. They may also be involved in customer service for more detailed issues. These roles may be filled by people who started in the business with you, and have advance to senior-level positions as your company grows. As a small business owner, you will initially wear both hats, but eventually you will naturally gravitate towards one role or the other. Instead of fighting your natural tendencies to do what you love, you will need to find ways to delegate the other role to someone else in the company who you trust, or outsource the tasks that you don’t enjoy doing (such as accounting and payroll).... --- - Published: 2020-03-18 - Modified: 2020-03-18 - URL: https://tomdunncpa.com/why-you-should-keep-life-insurance-out-of-your-estate/ - Categories: small business accounting If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life insurance will be included in your taxable estate if either: Your estate is the beneficiary of the insurance proceeds, or You possessed certain economic ownership rights (called “incidents of ownership”) in the policy at your death (or within three years of your death). The first situation is easy to avoid. You can just make sure your estate isn’t designated as beneficiary of the policy. The second situation is more complicated. It’s clear that if you’re the owner of the policy, the proceeds will be included in your estate regardless of the beneficiary. However, simply having someone else possess legal title to the policy won’t prevent this result if you keep so-called “incidents of ownership” in the policy. If held by you, the rights that will cause the proceeds to be taxed in your estate include: The right to change beneficiaries, The right to assign the policy (or revoke an assignment), The right to borrow against the policy’s cash surrender value, The right to pledge the policy as security for a loan, and The right to surrender or cancel the policy. Keep in mind that merely having any of the above powers will cause the proceeds to be taxed in your estate... --- - Published: 2020-03-13 - Modified: 2020-03-13 - URL: https://tomdunncpa.com/what-you-should-know-about-business-partnerships/ - Categories: small business accounting Partnerships may seem like a good idea when you start a business. Most of the time they work well. As in love as well as in business, you need to find a partner who is compatible because there are constant challenges and when communications between partners is strained it will make any situation worse. The idea of a partnership sounds great in theory. You and a family member, friend, or trusted business associate decide to strike it out on your own, either with a side-business or as a full-time venture. Everything seems rosy in the beginning because you are excited at the prospect of building your business. Trouble can creep into the partnership because decisions need to be made quickly and thoughtfully. When you have a partner, you need to discuss decisions that will impact the future direction of your company. If you and your partner don’t have a clear understanding of your individual roles, miscommunications will occur causing each of you to waste time versus having a discussion about solving the problem. A fair number of my clients are in partnerships. This is a combination of married couples, siblings, and individuals who decided to combine their talents to start a business. Most of the time, the business succeeds because each partner gravitates toward their strengths. Times, when partnerships are most rocky, is when the communication breaks down. We get caught up in our own lives that bad feelings could have been eliminated with a conversation when they first started... --- - Published: 2020-03-13 - Modified: 2020-03-13 - URL: https://tomdunncpa.com/the-2019-gift-tax-return-deadline-is-coming-up/ - Categories: small business accounting If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file a gift tax return for 2019 if, during the tax year, you made gifts: That exceeded the $15,000-per-recipient gift tax annual exclusion (other than to your U. S. citizen spouse), That you wish to split with your spouse to take advantage of your combined $30,000 annual exclusion, That exceeded the $155,000 annual exclusion for gifts to a noncitizen spouse, To a Section 529 college savings plan and wish to accelerate up to five years’ worth of annual exclusions ($75,000) into 2019, Of future interests — such as remainder interests in a trust — regardless of the amount, or Of jointly held or community property. Keep in mind that you’ll owe gift tax only to the extent that an exclusion doesn’t apply and you’ve used up your lifetime gift and estate tax exemption ($11. 4 million for 2019). As you can see, some transfers require a return even if you don’t owe tax. Who might want to file? No gift tax return is required if your gifts for 2019 consisted solely of gifts that are tax-free because they qualify as: Annual exclusion gifts, Present interest gifts to a U. S. citizen spouse, Educational or medical expenses... --- - Published: 2020-02-24 - Modified: 2020-02-24 - URL: https://tomdunncpa.com/how-business-owners-may-be-able-to-reduce-tax-by-using-an-s-corporation/ - Categories: small business accounting Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics The self-employment tax is imposed on 92. 35% of self-employment income at a 12. 4% rate for Social Security up to a certain maximum ($137,700 for 2020) and at a 2. 9% rate for Medicare. No maximum tax limit applies to the Medicare tax. An additional 0. 9% Medicare tax is imposed on income exceeding $250,000 for married couples ($125,000 for married persons filing separately) and $200,000 in all other cases. Similarly, if you conduct your business as a partnership in which you’re a general partner, in addition to income tax you are subject to the self-employment tax on your distributive share of the partnership’s income. On the other hand, if you conduct your business as an S corporation, you’ll be subject to income tax, but not self-employment tax, on your share of the S corporation’s income. An S corporation isn’t subject to tax at the corporate level. Instead, the corporation’s items of income, gain, loss and deduction are passed through to the shareholders. However, the income passed through to the shareholder isn’t treated as self-employment income. Thus, by using an S corporation, you may be able to avoid self-employment income tax. Salary must be reasonable However, be aware that the IRS requires... --- - Published: 2020-02-17 - Modified: 2020-02-17 - URL: https://tomdunncpa.com/the-secrets-of-making-certain-the-business-is-the-right-one-for-you/ - Categories: small business accounting How do you know if you have started the right type of business for you and that you will remain committed to it in the long-term? It’s kind of like choosing a donut. If all you really want to eat is a simple glazed donut, would you be happy with a frosted donut covered with sprinkles? Sometimes, the simpler the better. Many people start businesses not because they are passionate about it, but because they fall into it. It may have been inherited from their family, or an opportunity to purchase an existing business was too good to pass up. Often, business owners are not passionate about these businesses, and merely fall into them without thinking about the long-term demands on their family time, finances and how the industry they are in will change. A good example of this type of business owner is a donut shop owner, who thinks that cooking is easy and everyone loves donuts, because everyone has to eat breakfast. But the business owner may have little to no experience with owning and running a restaurant, and becomes quickly overwhelmed by the pressures of selling more than just donuts, baking donuts at 3:00 a. m. every morning, paying suppliers, and managing staff, and everything else involved with running a donut shop. Before you jump into any business venture, ask yourself these questions: ● Does it match your experience? ● Does it match your education or are you will to get the necessary education or certification to... --- - Published: 2020-02-10 - Modified: 2020-02-10 - URL: https://tomdunncpa.com/answers-to-your-questions-about-2020-individual-tax-limits-2/ - Categories: small business accounting Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020. For example, the amount of money you can put into a 401(k) plan has increased and you may want to start making contributions as early in the year as possible because retirement plan contributions will lower your taxable income. Note: Not all tax figures are adjusted for inflation and even if they are, they may be unchanged or change only slightly each year due to low inflation. In addition, some tax amounts can only change with new tax legislation. So below are some Q&As about tax-related figures for this year. How much can I contribute to an IRA for 2020? If you’re eligible, you can contribute $6,000 a year into a traditional or Roth IRA, up to 100% of your earned income. If you’re age 50 or older, you can make another $1,000 “catch up” contribution. (These amounts are the same as they were for 2019. ) I have a 401(k) plan through my job. How much can I contribute to it? For 2020, you can contribute up to $19,500 (up from $19,000) to a 401(k) or 403(b) plan. You can make an additional $6,500 catch-up contribution if you’re age 50 or older. I sometimes... --- - Published: 2020-02-05 - Modified: 2020-02-05 - URL: https://tomdunncpa.com/the-no-1-goal-for-all-business-owners-form-a-healthy-habit-to-create-momentum/ - Categories: small business accounting Small business owners usually have a wide range of business goals at the beginning of the year. From my experience, I believe that the No. 1 business goal for any business owner is to create proper habits. It doesn’t need to be (nor should it be) multiple habits that you want to form on January 1, 2020. Instead, pick your most important habit that will start the momentum of positive change in other areas of your life. Focus on that habit first. Specifically, this habit encourages you to execute on the most-important priorities, and realize that to live a more balanced existence, you cannot nor should you do everything. In order to accomplish all that you want to do this personally and professionally this year and in the years to come, I recommend creating habits that will bring you health, well-being and peace of mind. In my example, I practice yoga daily at 5:45 am. I watch my weight by having having a healthy diet. I schedule client and internal meetings from 7:00 am - 2:00 pm. On weekends, I am certain to incorporate a vigorous workout. Although it is second-nature now, it has taken me more than 20 years to develop this habit. The most important thing that I have done to help me create positive change through positive habits is to hire a yoga instructor to come into my office each morning and conduct a yoga session for me, my team members and clients who want to participate.... --- - Published: 2020-01-27 - Modified: 2020-01-27 - URL: https://tomdunncpa.com/help-protect-your-personal-information-by-filing-your-2019-tax-return-early/ - Categories: small business accounting The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax identity theft — and you may obtain other benefits, too. Tax identity theft explained In a tax identity theft scam, a thief uses another individual’s personal information to file a fraudulent tax return early in the filing season and claim a bogus refund. The legitimate taxpayer discovers the fraud when he or she files a return and is informed by the IRS that the return has been rejected because one with the same Social Security number has already been filed for the tax year. While the taxpayer should ultimately be able to prove that his or her return is the valid one, tax identity theft can cause major headaches to straighten out and significantly delay a refund. Filing early may be your best defense: If you file first, it will be the tax return filed by a would-be thief that will be rejected, rather than yours. Note: You can get your individual tax return prepared by us before January 27 if you have all the required documents. It’s just that processing of the return will begin after IRS systems open on that date. Your W-2s and 1099s To file your tax return, you must have... --- - Published: 2020-01-27 - Modified: 2020-01-27 - URL: https://tomdunncpa.com/new-rules-will-soon-require-employers-to-annually-disclose-retirement-income-to-employees/ - Categories: small business accounting As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the benefit statements sent to plan participants include a lifetime income disclosure at least once during any 12-month period. The disclosure will need to illustrate the monthly payments that an employee would receive if the total account balance were used to provide lifetime income streams, including a single life annuity and a qualified joint and survivor annuity for the participant and the participant’s surviving spouse. Background information Under ERISA, a defined contribution plan administrator is required to provide benefit statements to participants. Depending on the situation, these statements must be provided quarterly, annually or upon written request. In 2013, the U. S. Department of Labor (DOL) issued an advance notice of proposed rulemaking providing rules that would have required benefit statements provided to defined contribution plan participants to include an estimated lifetime income stream of payments based on the participant’s account balance. Some employers began providing this information in these statements — even though it wasn’t required. But in the near future, employers will have to begin providing information to their employees about lifetime income streams. Effective date Fortunately, the effective date of the requirement has been delayed until after the DOL issues guidance. It won’t... --- - Published: 2020-01-09 - Modified: 2020-01-09 - URL: https://tomdunncpa.com/new-law-helps-businesses-make-their-employees-retirement-secure/ - Categories: small business accounting A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 as part of a larger spending bill. Here are three provisions of interest to small businesses. Employers that are unrelated will be able to join together to create one retirement plan. Beginning in 2021, new rules will make it easier to create and maintain a multiple employer plan (MEP). A MEP is a single plan operated by two or more unrelated employers. But there were barriers that made it difficult to setting up and running these plans. Soon, there will be increased opportunities for small employers to join together to receive better investment results, while allowing for less expensive and more efficient management services. There’s an increased tax credit for small employer retirement plan startup costs. If you want to set up a retirement plan, but haven’t gotten around to it yet, new rules increase the tax credit for retirement plan start-up costs to make it more affordable for small businesses to set them up. Starting in 2020, the credit is increased by changing the calculation of the flat dollar amount limit to: The greater of $500, or the lesser of: a) $250 multiplied by the number of non-highly... --- - Published: 2020-01-06 - Modified: 2020-01-06 - URL: https://tomdunncpa.com/your-home-office-expenses-may-be-tax-deductible/ - Categories: small business accounting Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t mean you can deduct expenses associated with it. Regularly and exclusively In order to be deductible for 2019 and 2020, you must be self-employed and the space must be used regularly (not just occasionally) and exclusively for business purposes. If, for example, your home office is also a guest bedroom or your children do their homework there, you can’t deduct the expenses associated with the space. Two options If you qualify, the home office deduction can be a valuable tax break. There are two options for the deduction: Write off a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space. This requires calculating, allocating and substantiating actual expenses. Take the “safe harbor” deduction. Only one simple calculation is necessary: $5 times the number of square feet of the office space. The safe harbor deduction is capped at $1,500 per year, based on a maximum of 300 square feet. Changes through 2025 Under prior tax law, if you were an employee (as opposed to self-employed), you could deduct unreimbursed home office expenses as employee business expenses, subject to a floor of 2% of adjusted gross income (AGI) for all your miscellaneous expenses. To qualify under prior law, a home office had to be used... --- - Published: 2019-12-20 - Modified: 2019-12-20 - URL: https://tomdunncpa.com/do-you-have-a-side-gig-make-sure-you-understand-your-tax-obligations/ - Categories: small business accounting The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income from one of the online platforms offering goods and services, it’s generally taxable. That’s true even if the income comes from a side job and even if you don’t receive an income statement reporting the amount of money you made. IRS report details The IRS recently released a report examining two decades of tax returns and titled “Is Gig Work Replacing Traditional Employment? ” It found that “alternative, non-employee work arrangements” grew by 1. 9% from 2000 to 2016 and more than half of the increase from 2013 to 2016 could be attributed to gig work mediated through online labor platforms. The tax agency concluded that “traditional” work arrangements are not being supplanted by independent contract arrangements reported on 1099s. Most gig work is done by individuals as side jobs that supplement their traditional jobs. In addition, the report found that the people doing gig work via online platforms tend to be male, single, younger than other self-employed people and have experienced unemployment in that year. Gig worker characteristics The IRS considers gig workers as those who are independent contractors and conduct their jobs through online platforms. Examples include Uber, Lyft, Airbnb and DoorDash. Unlike... --- - Published: 2019-12-09 - Modified: 2019-12-09 - URL: https://tomdunncpa.com/small-businesses-stay-clear-of-a-severe-payroll-tax-penalty/ - Categories: small business accounting One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the Trust Fund Recovery Penalty, also known as the 100% penalty. The penalty applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Since the taxes are considered property of the government, the employer holds them in “trust” on the government’s behalf until they’re paid over. The reason the penalty is sometimes called the “100% penalty” is because the person liable for the taxes (called the “responsible person”) can be personally penalized 100% of the taxes due. Accordingly, the amounts the IRS seeks when the penalty is applied are usually substantial, and the IRS is aggressive in enforcing it. Responsible persons The penalty can be imposed on any person “responsible” for the collection and payment of the taxes. This has been broadly defined to include a corporation’s officers, directors, and shareholders under a duty to collect and pay the tax, as well as a partnership’s partners or any employee of the business under such a duty. Even voluntary board members of tax-exempt organizations, who are generally exempt from responsibility, can be subject to this penalty under certain circumstances. Responsibility has even been extended in some cases to... --- --- ## Videos --- > Contact Dunn CPA Firm: Address: 677 Craig Rd, St. Louis, MO 63141 Phone: (314) 500-1200 Website: https://tomdunncpa.com Schedule a free consultation: https://tomdunncpa.com/contact-us/ Client Portal: https://live.vcita.com/site/tomdunncpa/activity/dashboard Follow Dunn CPA Firm: Facebook: https://www.facebook.com/profile.php?id=61570544394808 LinkedIn: https://www.linkedin.com/company/dunncpa/ YouTube: https://www.youtube.com/user/TomDunnCPA/videos X/Twitter: https://twitter.com/tomdunncpa © Dunn CPA Firm. All content on tomdunncpa.com is provided for informational purposes and does not constitute legal, tax, or financial advice. Please contact the firm directly for personalized guidance. ---