By: Cory Vargo The Tax Cuts and Jobs Act, passed in December of 2017, made major changes to the way C corporations and pass-through entities (e.g., S corporations and partnerships) are taxed under federal law. The most significant changes include a flat 21% tax rate on C corporation earnings and a new deduction of up… Continue reading C Corporation, S Corporation, or Partnership? And the New 20% Pass – Through Deduction
August 1, 2018 —Macpage LLC announced today they have joined Wipfli, one of the top 20 accounting and consulting firms in the United States, effective August 1. As part of this combination, nearly 100 Macpage professionals will join more than 2,000 professionals at Wipfli. The firm’s two full-service offices in South Portland and Augusta,… Continue reading Macpage LLC joins firm as Wipfli expands presence into New England
A good record keeping system includes a summary of your business transactions. Business transactions are ordinarily summarized in books called journals and ledgers. You can buy them at your local stationery or office supply store. A journal is a book where you record each business transaction shown on your supporting documents. You may have to keep separate journals for transactions… Continue reading How should I record my business transactions?
You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. The business you are in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should include a summary of your business transactions. This summary is ordinarily made in your business books… Continue reading What kind of records should I keep?
Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following: Monitor the progress of your business Prepare your financial statements Identify sources of your income Keep track of your deductible expenses Keep track of your basis in property Prepare your tax returns Support… Continue reading Why should I keep records?