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James E. Heyward CPA

Heyward CPA LIVE Episode 19 – Don’t Be Afraid To Say “I Don’t Know”

March 26, 2022 by James E. Heyward CPA

“I don’t know” is a phrase that few people will admit to saying. This can be due to fear, embarrassment, or the fear of not being able to answer a question. However, this phrase should not be taken negatively. In fact, it should be seen as liberating, as it is a way to cut through the clutter when you do not have an answer a gateway to learning what needs to be done for your business.

Filed Under: small business Tagged With: entereprenuership

Heyward CPA LIVE Episode 18: Client Accounting Services: What does that mean for my business?

March 12, 2022 by James E. Heyward CPA

The March 15th deadline is approaching and businesses are paying attention to LAST YEARS financial results. In the episode, we discuss how Client Accounting Services (CAS) are essential for business owners to achiever their goals in the current year.

Filed Under: accounting, small business

The Habit Business Owners Should Adopt.

May 30, 2021 by James E. Heyward CPA

Entrepreneurs believe in sacrifice.

They sacrifice for clients, employees, and vendors and willing to overcome anything that might stand in the way of dreams.

The sacrifice mentality affects owners and their families because they do not consistently compensate themselves. With all the effort and perseverance needed to run a small business, a business owner must be able to maintain their livelihood and support their family’s needs, or eventually, the business will fold.

Be nice to yourself!
As an entrepreneur, when you ask somebody to work for you or perform a short-term task, compensation is expected.  As an owner, you do five times the work of someone working with you, but never consider compensating themselves.

Business owners should be nicer to themselves; you find ways to pay every other bill and but you don’t find a way to pay yourself. if you are cognizant of paying someone else, why not look out for yourself?

I know it’s rough and sometimes it goes against conventional wisdom, but you have to be nice to yourself.

Start with this Habit
My advice for business owners is to build a habit of paying yourself, even if only $100 or $50 per pay period.  As revenues grow, your paycheck can be increased, and you will make enough to take care of yourself, possibly even pay yourself a bonus.

Look at it this way – flight attendants tell passengers to put their masks on BEFORE assisting someone else if cabin pressure drops.  In other words, we have to care for ourselves before we care for others.

Being a founder, leader, CEO or boss are all positions where sacrifice is necessary – but if the owner/founder does not take care of themselves the business may not be around for the long term.

Filed Under: small business Tagged With: blogpost, entereprenuership, tips

How PPP can save your Company!

February 24, 2021 by James E. Heyward CPA

In this video, I speak a bit about my thoughts on PPP. Let me know what you think in comments.

Filed Under: small business Tagged With: blogpost, cash flow, PPP

Surveying the Landscape of Small Business Tax Deductions

November 22, 2020 by James E. Heyward CPA

A metal tower view, its lens aimed at the sky
Photo by Solo Shutter from StockSnap

Business expenses are the cost of carrying on a trade or business, and there may be some tax breaks there. But a lot has changed in recent months, and the rules can be complicated.

Are there business deductions you can take advantage of? Yes, but first you have to make sure your expenses are truly business-related. The lines can blur, especially with a small business, because you generally cannot deduct personal, living or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts, and then deduct the business part.

An example: You borrow money and use 70% of it for business and the other 30% for a family vacation. You can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and isn’t deductible.

Let’s look at business use of your car and your home:

  • Business use of your car: If you use your car in your business, you can deduct car expenses. If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage.
  • Business use of your home: If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses include mortgage interest, insurance, utilities, repairs and depreciation.

Other types of business expenses? Let’s take a closer look:

  • Employees’ pay: You can generally deduct the pay you give your employees for the services they perform for your business.
    Retirement plans: These are savings plans that offer you tax advantages to set aside money for your own, and your employees’, retirements.
  • Rent expense: Rent is any amount you pay for the use of property you don’t own. In general, you can deduct rent as an expense only if the rent is for property you use in your trade or business. If you have or will receive equity in or title to the property, the rent is not deductible.
  • Interest: Business interest expense is an amount charged for the use of money you borrowed for business activities.
    Taxes: You can deduct various federal, state, local and foreign taxes directly attributable to your trade or business as business expenses.
  • Insurance: Generally, you can deduct the ordinary and necessary cost of insurance as a business expense, if it is for your trade, business or profession.

This list is not inclusive but endeavors to offer some common business expenses and explains what is and isn’t deductible. Of course, in some cases, expenses might need to be amortized — deducted over a period of several years — if they are startup costs or if they’re related to the purchase of business equipment.

You must capitalize, rather than deduct, some costs that are part of your investment in your business — these are called capital expenses. Capital expenses are considered assets in your business.

Of course, some business deductions can be very complex, so professional advice is necessary to make sure you’re getting what you’re owed without raising any red flags with the IRS. We’re here to help you with your business tax needs.

Filed Under: accounting, entrepreneur, small business, Tax, Uncategorized Tagged With: blogpost, business, business taxes, small business, tax deductions, tax planning, taxes

Celebrating 10 years of service with a message from James E Heyward, CPA

July 3, 2020 by James E. Heyward CPA

Filed Under: podcast Tagged With: anniversary, blogpost, jamesheyward, thank you

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heywardcpa Heyward CPA PLLC @heywardcpa ·
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How Changes to #IndependentContractor Rules Will Impact Your Business: https://t.co/dfTV5rsO1P [Audio with transcript; via @smallbizahead]

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Understanding your #business's #value via net earnings, EBITDA, and SDE: what's the difference? https://t.co/BVi8YB4EqU (via @inc)

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Smart Growth: How to Expand Your #Nonprofit’s Programs While Resisting Temptations: https://t.co/34f87D134e #GrowthStrategy (via #BlueAvocado)

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We're big advocates of using #technology to run your business better/more efficiently, but it's important recognize that technology alone can't fix the challenges your company may be facing: https://t.co/Ib8isb5uml (via @stratandbiz )

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heywardcpa Heyward CPA PLLC @heywardcpa ·
10 Aug

It's about time...for another episode of #HeywardCPALIve! Join your co-hosts this Saturday at 11 AM ET for to chat about #SmallBiz issues and money matters, including answers to your questions. Tune in on YouTube (https://t.co/COo11PEdBE) OR Facebook (https://t.co/DzprphHi24) !

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