The Talent Shortage in Public Accounting: What It Means for Your Business

The talent shortage in public accounting is a pressing issue that many businesses are facing today. With fewer accounting graduates entering the field, we’re seeing a significant impact on the availability of qualified professionals to handle tax services and bookkeeping. In fact, there’s been a notable 7.8% drop in bachelor’s degrees and a 6.4% drop in master’s degrees in accounting. This decline, coupled with increased turnover and hiring challenges, is creating a ripple effect across the industry.

Why More NH Businesses Are Electing S-Corp Status

New Hampshire is seeing a rise in businesses electing S-Corp status, and it’s no surprise why. The state’s decreasing tax rates are creating a buzz in the small business community, making NH S Corps an increasingly popular choice. With potential federal tax benefits and a favorable local tax landscape, S-Corp status is quickly becoming a go-to structure for entrepreneurs aiming to maximize their financial savings.

S Corporations (S Corps) are a favorite among small business owners across the U.S. due to their ability to provide significant federal tax savings. By passing income, losses, deductions, and credits directly to shareholders, S Corps allows business owners to avoid the double taxation that plagues traditional C Corporations. However, what’s good for the goose isn’t always good for the gander—especially if that gander happens to be in New Hampshire.

Payroll management can be a headache. Between keeping track of hours, deductions, and ensuring everyone gets paid on time, it’s easy to feel overwhelmed. Small businesses especially struggle with this, often feeling that outsourcing payroll is a costly and complicated option. But what if we told you it doesn’t have to be that way? Let’s dive into why outsourcing payroll with Gusto can transform your payroll process from a nightmare into a dream.

Choosing the right business structure in New Hampshire sets the stage for your entrepreneurial journey. It's not just about paperwork; it's a decision that can profoundly impact your tax liabilities and business growth. Today, we'll delve into the realm of business structures, focusing on the unparalleled advantages of S corporation status and why it might be the perfect fit for your venture.

Choosing the right business structure in New Hampshire sets the stage for your entrepreneurial journey. It's not just about paperwork; it's a decision that can profoundly impact your tax liabilities and business growth. Today, we'll delve into the realm of business structures, focusing on the unparalleled advantages of S corporation status and why it might be the perfect fit for your venture.

Navigating the intricacies of tax brackets can feel like embarking on a journey through uncharted territory. Yet, grasping the fundamentals of tax brackets is key to unlocking the mysteries of the tax system and ensuring you're not paying a penny more than necessary.

Understanding Form 5498:

Let's demystify Form 5498, the document that sheds light on your contributions to HSAs and IRAs. It's your roadmap to tracking these important financial moves.

Embracing the Digital Era: An Overview

Taxes, an inevitable part of life, are evolving into a more convenient and efficient process with the introduction of online estimated tax payments. In this era of digital transactions, let's explore how this shift can simplify your tax obligations.

Hey tax trailblazers! The IRS is shaking up the tax game, and we're here for the digital revolution!

Hey fellow tax enthusiasts!

Here's the scoop: For the second year running, the IRS is hitting pause on rolling out a rule change that would shake things up for tax filers receiving business income through payment apps and online marketplaces like Venmo, CashApp, Etsy, and Airbnb.

Zap! The Rise of Electric Vehicles

Electric vehicles are all the rage, and it's not just because they're quiet as a mouse. The government is now giving us a pat on the back (or a charge up) with the Clean Vehicle Credit. Now, let's dive into the electrifying details and unravel the mysteries of tax credits for EVs!

Hey there, fellow tax nerds and planet-loving peeps! It’s Melissa, your guide through the maze of numbers, deductions, and, yep, those ever-exciting tax credits. While I’ve been hammering away at construction plans (seriously, who knew picking out faucets could be as complex as tax law?), AccountAbility has embraced the digital nomad life, going fully remote. But wait until you hear about the electrifying changes to the Home Energy Tax Credit in 2023! Let's shed some light on this, shall we?

In the world of remote bookkeeping and tax preparation businesses, it's easy to see your peers as competitors. After all, you're all vying for the same clients and striving for financial success. But what if we told you that your fellow bookkeepers and tax pros could be your greatest allies in this journey? Hold onto your calculators; it's time to explore the hilariously practical world of business besties and 'co-petitors.'

Running a small business can be like juggling flaming torches on a unicycle – exciting but potentially hazardous! Managing your finances effectively is essential to avoid setting your financial circus on fire. Here are our top 10 finance management tips for small businesses.

To retain and motivate the best talent within your business, you need to offer a competitive benefits package. While high wages are often the driving force behind recruiting the best and brightest to your organization, your benefits package may be a potential employee's deciding factor.

When planning for retirement, many people put their money into a Roth IRA. But what do you do if you make too much money to take advantage of the current low-income tax rates and use a Roth account to set yourself up for a future of tax-free income in retirement?

If you’re exploring options for retirement funds, you may have heard the term IRA countless times without actually knowing what it means. Lucky for you, we’re here to help you understand what an individual retirement account (IRA) is and whether or not you should place your money into a Roth IRA account or a Traditional IRA.

The topic of retirement is constantly on our minds, but as small business owners, offering a strong retirement plan for your employees can be confusing. Recently, changes in legislation are allowing businesses and their employees to capitalize on added incentives related to their retirement plans. This means when the time comes, you'll have enough money to sit back and enjoy a frozen cocktail on the beach without worrying about how to fund your retirement.

When a loved one dies, so many arrangements need to be made that the logistics behind receiving an inheritance are often placed on the back burner. Of course, the last thing you want to consider is what taxes could be applied to money passed down from a lost loved one, so we are here to help simplify the process. Check out our latest blog to learn more.