home office tax issues

This past year was the first year that I was fortunate enough to work from my home. Working from my home has been a wonderful change for both personal and professional reasons. The only thing that caused a slight issue was the tax filing changes that I had to endure. The office in my home was now considered a tax deduction. I had to get some help learning how to deduct the things that are allowed on my federal taxes. If you are new to working from home and have a home office, this blog can help you learn what you need to know before tax time rolls around.

3 Instances When You Should Consider Hiring An Accountant


Most people book an appointment with a dentist, gynecologist, or general physician from time to time because they want to be healthy. Others hire a personal trainer or yoga instructor because they want to stay fit. Unfortunately, most people don't know when they should hire an accountant or even how an accountant can help them promote business growth and streamline business operations. As a result, they have serious tax and cash flow issues that affect business growth. Whether you are a startup or a seasoned entrepreneur, you need to know why hiring an accountant is an investment and when hiring one is appropriate. Consider hiring an accountant in any of the following situations.

When Getting a Loan to Expand Your Business

Every entrepreneur wants to expand their business, but they sometimes don't have enough money. In this case, you may apply for a loan to expand it. However, always remember that every lender wants to be sure they will get their money back. Actually, most lenders are more cautious when lending to a small business because they are unsure whether the business will be able to repay the loan. But this may not be a big deal when working with an accountant because they help simplify the process. This happens because they prepare and present figures and facts that support your loan application. They also answer the lender's questions concerning your business expenses and revenue projections. On the other hand, the accountant analyzes the lender's interest rate to see if it's favorable.

When Franchising

You can use various methods when venturing into the business industry, but franchising is among the popular options. This can be a great idea when dealing with courier delivery services, cosmetics supplies, lawn mowing services, fast-food restaurants, and auto detailing. By franchising, you become your own boss. Secondly, the franchise company may help you supply the products, increase sales, and market the brand. This way, you avoid some risks other people experience when starting a new company or business. However, you should ensure that the franchise is worth taking on. An accountant comes in handy because they evaluate the franchise contract to see if it's a worthwhile investment for you.

When You Opt to Sell Your Business

You may opt to sell your company or business after running it for some time. Even if you have enough reasons to sell it, you may not be familiar with the accounting aspects of the sale process. For this reason, you need to involve a seasoned accountant to avoid problems. The process could be a bit tricky if you have always run your business without seeking accounting services. Remember that the buyer may require your company's financial statements to know how it has been doing. In this case, hire an accountant because they help you prepare reliable financial records or structure the sale process.  


22 September 2022