Lucrative Bookkeeping

Taxes

Three Top Ways to Save on Taxes for HVAC and Plumbing Business Owners

With tax season rapidly approaching, many business owners are having to face a potentially frustrating part of their business – taxes. Running an HVAC and plumbing business comes with its own set of challenges, and navigating taxes is undoubtedly one of them. With the right plan and getting the basics in,  business owners can significantly […]

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HVAC and Plumbing Business Owners – What is the Break-Even Point, and Why is this Important to Know?

Understanding the break-even point is important to the financial success for your HVAC or plumbing business. In this blog post, we will explore what the break-even point is and delve into the reasons why it is essential knowledge for business owners. What is the Break-Even Point? The break-even point is the sales volume at which

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Tax Planning Tip for Florida HVAC or Plumbing Businesses

One very useful and common tax deduction that benefits business owners all over the country involves purchasing equipment and machinery in your business. There is a section of the tax code, Section 179, which allows business taxpayers to deduct the cost of certain property as an expense when the property is first placed in service.

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Sales TAx

Florida HVAC Businesses: Are You Required to Charge Sales Tax?

As with most things tax related, it depends. For Florida HVAC businesses, the realm of sales tax introduces a nuanced scenario that requires a closer look. In this guide, we’ll look at the factors that come into play, to determine whether HVAC services are taxable. One fundamental aspect to consider is the classification of central

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1099 NEC

Navigating 1099s: A Guide for HVAC Businesses

As the end of the year approaches, one thing that may be creeping in the back of the minds of HVAC business owners are the often-dreaded 1099s. While the prospect of navigating tax documentation may seem daunting, a proactive approach can streamline the process and ensure compliance. In this guide, we’ll break down the essentials

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Tax Season

HVAC Business Owners: Three Tips to Staying Cool During Tax Season

Tax season can be a stressful time for HVAC businesses, with complex regulations and the potential for unexpected surprises. However, with the right strategies in place, you can minimize your tax bill and stay cool during this potentially stressful time of year. Let’s explore three essential tips to help you navigate tax season smoothly and

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Cash Flow

Uncovering Lost Cash: How Our Firm Recovered $10,500 for a Client

In the realm of finance, the accurate tracking of incoming payments is crucial for maintaining a healthy cash flow. At our firm we pride ourselves on our meticulous attention to detail when managing our clients’ financial records. Today, we’re excited to share a success story that highlights how we helped a client recover $10,500 in

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Business Owner

What Does the Inflation Reduction Act Mean for Your Business?

You may have heard of the Inflation Reduction Act, which was recently passed. As with most government bills, there’s quite a bit in it (more than I can wrap my head around), but with different tidbits floating around, you might be wondering what it means for your business. On the tax side, there were a

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Tax Write-Offs

Five Common Tax Deductions for Small Business Owners

As a small business owner, you might wonder what expenses are deductible for tax purposes. One of the many advantages of having up-to-date and accurate bookkeeping records, is that your tax professional will be able to determine what is deductible, by looking through your accounting software. So, which expenses are deductible? As a general rule,

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