Doug Benefield – Accounting Firm Jacksonville

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Understanding the Electric Vehicle Credit: A Comprehensive Guide

As the world shifts towards sustainable energy and transportation, electric vehicles (EVs) have gained significant traction. To incentivize this transition, many governments offer various incentives, including the electric vehicle (EV) credit. This article delves into the details of the EV credit, its benefits, eligibility criteria, income limitations, and how it impacts both consumers and the …

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Seven Steps to Writing off your Yacht

Seven Steps to Writing off your New Yacht So, you want to write off your sailboat or motor yacht. Maybe you went to a boat show and a yacht broker told you it was possible, but you went home to your CPA, and they said, “It’s not possible” or “You can’t do that”. Despite …

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Small Business Tip: How to Use Depreciation to Increase Your Tax Deductions

Financial Advice, Tax Tips / By Doug Benefield

October 2021 Reporting business expenses and assets at tax time is never cut and dry. The federal government offers business owners options for reporting tax deductions that can save your business money. Are you taking advantage of them? One overlooked tax deduction is depreciation. This relates to the decline in the value of your business …

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4 Tips to Help You Start Saving Early

Financial Advice / By Doug Benefield

To prepare for emergencies, big life changes, or other unexpected events like say, a global pandemic, how much should you put away annually? The truth is – it’s a lot less than people think. Over the course of a career, saving about $180 every biweekly paycheck has the power to make you a millionaire. One …

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The Benefits of Using Quickbooks Online

Tax Tips / By Doug Benefield

Quickbooks Online for businesses offers many advantages to streamline your tax reporting efforts. While maintaining in-house control of your books, you will also be able to receive assistance from accounting professionals. Here are some of the reasons why you should use Quickbooks to manage your business’s finances. Discounted Licenses for Clients We firmly believe that …

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How to Prepare for Next Tax Season

Tax Tips / By Doug Benefield

With this tax season behind us, it’s time to start thinking about next year. We know you have a lot going on and taxes are probably the last thing on your mind as a small business owner. But the truth of the matter is, getting organized and staying up-to-date on IRS requirements now and throughout …

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The Latest In IRS Tech and How to Prepare For an Audit

Small Business News / By Doug Benefield

As a small business owner, it is so crucial for you to take advantage of the latest in IRS technology while paying taxes. This valuable knowledge can keep you in the clear of any surprise audits. The changes in technology help with the use of artificial intelligence, better use of data capabilities, initial risk assessment, …

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Tourist Businesses Expect Great Numbers This Summer

Small Business News / By Doug Benefield

In the aftermath of COVID-19, small businesses are in need of a big financial boost. Luckily, 67-percent of Americans are planning to travel this summer. With more people taking vacations this year, the hospitality, leisure, and tourism industries are expecting great business. This comes as a huge relief but not without adjustments to ensure safety …

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5 Ways the American Rescue Plan Act Is Helping Small Businesses

Small Business News / By Doug Benefield

Over the past year, our world as we knew it was turned upside down. In many ways, it’s been a time of loss, suffering, and uncertainty. The American Rescue Plan Act, signed by President Biden on March 11th, 2021, was created to relieve people of financial strains caused by the global pandemic. The plan puts …

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What Is the PRO Act, and How Will It Affect Small Businesses?

Legislation, Small Business News / By Doug Benefield

In early February 2021, members of Congress introduced the “Protecting the Right to Organize” Act, otherwise known as the PRO Act. This act attempts to restore fairness to the economy by strengthening the federal laws that protect workers’ right to join a union. While protecting organized labor, the PRO Act may inadvertently impact small business …

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