Managing Your Charitable Donations

Matthew Person, CPA David Huff, CPA, PFS, MS Todd Wilson, CPA Person CPA Group 3200 Lake Villa Drive Metairie, LA 70002 (504) 780-8299 Fax 1-800-799-1292 www.personhuffcpa.com Berkshire Giveaway Someday, the financial wizards who run things on Wall Street will realize there’s “paper to be stacked” opening an Investor Hall of Fame. (Hey, the  Rock and Roll Hall makes $40 million a …

Construction Accounting is Tough!

Businesses in the construction industry face challenges every day that most other type of companies do not. Construction contractors have complicated accounting rules when reporting long term contracts and spec homes. In addition to the complicated income tax reporting that is sometimes required there are many other factors effecting things day to day like subcontractors, payroll, job costing, and estimating …

7 Ways to Avoid a Tax Audit

“You’re being audited” is probably on just about everyone’s Top 10 List of Most Dreaded Things to Hear!  But,  there are 7 ways to lower your risk of being flagged by the IRS for an audit. And believe it or not, they are pretty basic things to do. 1.  Do NOT round numbers on your tax return. It’s better to …

Are You a Do-It-Yourself Accountant?

Hopefully, you had a chance to think about the information I posted last week. If you have are doing your own business bookkeeping and you don’t have an accounting degree, perhaps you realize that you’ve bitten off more than you can chew. Clients frequently tell us they thought they could figure out how to do their own bookkeeping.  Their goal is …

Does Your Business Cash Flow Have You in Shock?

Are you in âہ“shock” over your business’s cash flow? Are you wondering,âہ“What do I do with too much cash?” or âہ“How do I make MORE money?” Experienced professional accountants can help you overcome the shock! In a medical situation, treating for shock includes the lifesaving steps of providing food, rest and encouraging words.In business,shock treatment includes analyzing gross profit margins. You must …

Does Your Business Cash Flow Need a Tourniquet?

Ok, you’ve stopped the bleeding from high overhead cost. So why are you still hemorrhaging cash? It could be due to TAXES.  The typical business pays most of these taxes: Income Tax (highest rate of 39%) State Income Tax FICA, or self-employment, taxes (highest 15.3%) Property Tax (about .1% of assessed value) Unemployment Tax (6.2%) Sales Tax (about 9% in LA) …

Call the Medics! My Business is Bleeding!

Overhead and taxes are necessary evils. Many business owners fail to plan for them. Without a written budget or a commitment to stick to a budget, the cash flow bleeding begins. After the Sales Analysis, the second most overlooked part of running a business is controlling cash flow. As a marine, I was taught how to Stop the Bleeding when …