Small businesses in Nashville and other parts of the state are ready to feel the relief provided by the modified Tennessee Works Tax Act. Announced in early 2023, some of the legislative changes start to apply this year. They’re said to be part of the biggest tax cut in the history of the state. If … The post Accounting Firm Explainer: Tennessee Business Tax Changes appeared first on Evan Hutcheson, CPA, LLC ..read more

No business owner wants to deal with an IRS audit. While the chances of being selected for one are slim, they’re not zero. Some audits are random, while others stem from red flags on the taxpayer’s return. Auditors also have three years from the time a tax return was submitted to trigger the process. Simple … The post Straight from a CPA: How to Avoid a Small Business Tax Audit appeared first on Evan Hutcheson, CPA, LLC ..read more

Most startups tend to choose cash-based accounting in the early stages of the business. This is primarily because recording income as it comes in is straightforward and easy to understand. While there is nothing wrong with this, businesses that have been around for a while and are starting to expand may face issues with cash-based … The post A Startup’s Guide: Moving from Cash-Based to Accrual Accounting appeared first on Evan Hutcheson, CPA, LLC ..read more

The 2024 tax season in Nashville, like most of the country, kicks off later this month. If you’re just now getting around to the prep work for filing your taxes, it’s already cutting it close. While the April 15 deadline may still seem far-off, an accounting firm will advise you to get started as early … The post Navigating the 2024 Tax Season: Tips from a Pro Accounting Firm appeared first on Evan Hutcheson, CPA, LLC ..read more

Payroll processing might be a fact for any kind of business, but the burden of this crucial function can be overwhelming for small business owners. Doing it themselves means an additional task to juggle along with everything else, while hiring full-time staff for it leads to expenses for which they might not be prepared. This … The post Delegate to Elevate: Why You Should Outsource Payroll to a CPA Firm appeared first on Evan Hutcheson, CPA, LLC ..read more

Many younger Americans are beginning to consider early retirement as an ideal financial goal. In fact, a survey from T. Rowe Price showed that 43 percent of millennials plan to retire before the age of 65. With the recent surge in early retirement trends, many are wondering how best to navigate this complex financial landscape. … The post How a CPA Firm Can Help You Plan for Early Retirement Properly appeared first on Evan Hutcheson, CPA, LLC ..read more

Many younger Americans are beginning to consider early retirement as an ideal financial goal. In fact, a survey from T. Rowe Price showed that 43 percent of millennials plan to retire before the age of 65. With the recent surge in early retirement trends, many are wondering how best to navigate this complex financial landscape. … The post How a CPA Firm Can Help You Plan for Early Retirement Properly appeared first on Evan Hutcheson, CPA, LLC ..read more

As a soon-to-be small business owner in Nashville, you may find yourself at the crossroads of choosing the right business structure. Typically, small business owners will have two options to choose from: Limited Liability Company (LLC) or Subchapter Corporation (S Corporation). It’s an important decision, as any reputable accounting firm will tell you, since your … The post LLC or S Corporation? Ask a Nashville Accounting Firm for Advice appeared first on Evan Hutcheson, CPA, LLC ..read more

Are you operating an online business out of Nashville? In today’s digital world, the opportunities in online retail are abundant, but so are the complexities of e-commerce accounting and taxation. One crucial area you have to understand is the concept of sales tax nexus and the local regulations related to it. Seeking professional assistance from … The post Consult Your CPA About the Sales Tax Nexus and How You Can Navigate It appeared first on Evan Hutcheson, CPA, LLC ..read more

A healthy cash flow is essential to any small business in Nashville. If you’re having difficulty with yours, a CPA firm can help you get to the root cause of the problem and recommend the most appropriate solutions. Here are the potential reasons behind a cash flow problem and how your accountant can help you … The post Ask Your CPA Firm: What Could Be Causing Your Cash Flow Problems? appeared first on Evan Hutcheson, CPA, LLC ..read more