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Taking your R&D Credit: Offsetting Payroll Tax

 |   |  Category: Business Tips, Tax Law, Tax Tips

The Research and Development Tax credit has taken a lot of criticism for being un-impactful. One reason is the business generating the credit had to have income to use the credit.

Since the PATH act, small businesses in their first 5 years with less than $5 million of gross revenue can use what once was only a federal income tax credit as a payroll tax credit. See my previous blog about the details and how to maximize the credit.

Since my article,

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Jennifer Blair elevates leadership at Hawkins

 |   |  Category: Our Community

Hawkins would like to congratulate one of our own, Jennifer Blair, who was recently honored by Utah Valley BusinessQ Magazine as a “2017 Face of Utah Valley Business.”“Jennifer’s client interactions are top notch and she is dedicated to learning,” according to Hawkins Partner, Shaun Olsen.  “Her energetic demeanor helps clients, staff, and those around her feel at ease.”Click here to read the article

Your Unicorn has Arrived, Tech Startup

 |   |  Category: Business Tips, Tax Law, Tax Tips

Everyone knows the Research and Development Tax Credit has changed in a big way for startups. (OK, not everyone, but everyone should — especially tech startups, and Utah County is full of them). So listen up…

In the past, tech startups have never had an appetite to try to scrape together a Research and Development Tax Credit calculation because doing so didn’t save them any money, at least not in the current year. That’s because, in the past, the credit would only

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Could switching to an S Corporation impact the tax you owe?

 |   |  Category: Tax Tips

As a sole proprietor of a growing small business, you’ve reported your income on your personal tax return and paid self-employment taxes on all of your net earnings. Perhaps that’s no big deal if you haven’t been paying a lot of money in taxes anyway. Well, that has all changed and you are now making more money (yay!) and projecting continued growth and stability. All of the success turns ominous at tax time when you discover how much tax is

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1099

Are you prepared for the new 1099 filing deadline?

 |   |  Category: Tax Tips

1099s will be due to the IRS earlier than ever before starting next year.  Is your business prepared?  The IRS has moved the filing deadline up to January 31st starting in 2017.  Now is a good time to get your books up to date and identify who will need a 1099.  Don’t wait until the last minute!

Does your business need to file a 1099?

Generally, a 1099-MISC should be issued to any individual or entity paid $600 or more for nonemployee

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Should your business switch to QuickBooks Online?

 |   |  Category: Business Tips

Several years ago, I handled bookkeeping for an electrician who always provided detailed invoices to his customers.  Usually, he would enter invoices into QuickBooks (desktop version) himself because he was very concerned about every little detail being included in them.  Every now and then, he would get too busy to do this himself and would ask me to help him out.  He would bring me meticulous notes so that I could create the invoices for him.  Many times these notes

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Are you really saving money doing it yourself?

 |   |  Category: Business Tips

To save money, people will often take on DIY  (“Do It Yourself”) projects.   I am one of those people.  I’m always trying to find ways to cut out the labor costs when it comes to many of my home projects.  However, how much money have I really saved?  Most recently I discovered that I have an abundance of allergies.  So I looked up how to make cute little face masks to wear outside.   In all my excitement, I bought lots

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The Big Decision: Tax or Audit

 |   |  Category: Careers

So you’ve decided to go to graduate school, now what? Thus far in your education path to accounting, you’ve probably brushed the surface on many topics including audit and tax. Maybe you have already made the decision to go the audit route or maybe tax fits your personality better. Perhaps you are like me, and haven’t given much thought to which area you will specialize in. Well, either way, the time has come to make the decision. Not only must

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CPA Accounting for Medical Groups

Accounting Efficiency Case study – Canyon View Medical Group

 |   |  Category: Client Service

I ruled out pursuing a career as a doctor when I got grossed out dissecting a frog in my high school biology class. At the time, I didn’t realize how many similarities exist between working as an accountant and a doctor. We diagnose problems in accounting records, then prescribe new processes and apps to cure our clients’ pain points.Hawkins’ most recently treated “patient” is Canyon View Medical Group. With four locations in southern Utah County, its physicians specialize in family

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I Medaled at the Olympics and All I Got Was a Bigger Tax Bill

 |   |  Category: Tax Tips

We all want to win. My most recent brushes with victory have come in my family’s March Madness pool, the city league softball tournament, and a rousing game of Uno played with my four-year-old niece. All I got for these wins was a few minutes of bragging rights. But for four talented Utahns, their victories could come on a bigger stage. If these athletes medal in Rio, they’ll come back with plenty to brag about. But when can winning come with a price

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