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business advice

Helpful tips for entrepreneurs from accounting and tax to business and mindset

side hustle | CPA | Austin | Houston | taxes | bookkeeping
Business
Individual Tax Resources
Tax Tips

Is my side hustle a hobby or a business?

The IRS has some thoughts. Distinguishing between a hobby and a business is confusing at times, yet it holds great significance, especially when it comes to taxes. The main difference lies in the purpose of they activity: Is it a business attempting to generate a profit? Or is it a hobby for recreational pursuits? Be […]

expenses cash balance difference
Accounting
Business
Cash Flow

Why are my expenses different from the cash balance in my checking account?

When making strategic decisions for your business, knowing how much cash is realistically available is important to successful planning. While the amount in your checking account reflects one figure, the amount you have access to can be quite different. Examine the type of accounting your business follows. There are two types of accounting: cash-basis and […]

Walker Glantz | Work From Home | CPA | Houston | Austin
Business
Hiring

How to maintain professionalism while working from home

Towards the end of 2022 the US Census Bureau published findings revealing the number of people working from home had tripled between 2019 and 2021. Trend forecasters are now anticipating as much as 22% of working Americans will work from home by 2025. It is safe to say, whether you are an employee or an […]

accounting is not a commodity
Accounting
Bookkeeping
Business

Accounting is not a commodity

Used within the production of other products or services, a commodity is a basic good used in commerce that is interchangeable with other goods of the same type. It is common for business owners to consider their company’s bookkeeping as a singular skill and it is often the consensus that one accountant is the same […]

walker glantz
Accounting
Bookkeeping
Hiring

What is it like working at WG?

Researching potential employers is an important part of the interview process. Learning about their values, team, and benefits will save both you and the company time in the hiring process. If you’re reading this, chances are you are considering a career move. Read on to find out who we serve, what we value, and how [...]

tax loss harvesting
Tax Tips
Taxes

How can I use tax loss harvesting to reduce my tax liability?

Tax loss harvesting is strategically selling an investment at a loss, or “realizing” a loss on the sale of a capital asset in an effort to reduce the tax liability on any capital gains realized in the same calendar year. There are some restrictions, but ultimately it means you can reduce how much tax you […]

accounting basics
Accounting
Business
Business Resources
Tax Tips
Taxes

Nail the basics. An accounting checklist for your small business.

If you are in the early stages of running a business, there are a couple of basic requirements to make sure your accounting is in good shape. At a minimum, the business needs to: Have accurate, current numbers, and Pay business taxes on time Early on, it’s normal for a small business owner to manage […]

corporate cell phone policy
Business
Business Resources

How do I create a company cell phone policy for my business?

These days, a cell phone is no longer just a personal device; it’s a workplace must-have. With cloud-based tech advancing rapidly, features like email, remote payment processing, document access, project management apps, work calendars, and client calls are all conveniently synced to our personal devices. While there are no federal laws requiring a company to […]

Aggie 100 - Walker Glantz - CPA Firm in Houston & Austin
Business
Celebrations

Walker Agency LLC, now Walker Glantz PLLC, named to the 18th Annual Aggie 100™

COLLEGE STATION, TX, November 5, 2022 – Walker Agency, LLC, now Walker Glantz PLLC, is among the top 100 companies from around the world selected for the 18th annual Aggie 100™ which honors the fastest-growing companies owned by former students of Texas A&M University. Walker Agency was recognized as number 66 with a compound annual […]

electric vehicle credit, tesla
Tax Tips
Tax Updates
Taxes

Things to know about the IRS Expansion of the Electric Vehicle Tax Credit

If you’re in the market for an electric vehicle and you’ve kept your eye on the ball, you’ll have noticed the recently passed Inflation Reduction Act of 2022 includes changes to the credit available for the purchase of an electric vehicle. These changes are quite complex, phasing in over time, but there are some benefits […]

walker glantz team
Accounting
Bookkeeping
Business
Taxes

The story behind the Walker Glantz merger

We’re excited to announce that Walker Agency and Launch Consulting have joined forces to become Walker Glantz. This blog will give you the background behind the merger and how things will operate going forward, so you know exactly what this means for you. Walker Agency and Launch Consulting have been working together for many years […]

business mileage rates
Business Resources
Tax Updates

IRS raises mileage rates effective July 1, 2022

Effective July 1, 2022, the business standard mileage rate for use of an automobile (including vans, pickup trucks and panel trucks) increases from $0.585 to $0.625, and the rate for medical and relocation mileage increases from $0.180 to $0.220. Mileage related to charity is set by law and remains at $0.14 per mile. (Notice 2022-03; Announcement […]

interest rates
Tax Tips
Taxes

IRS interest rates increase for the third quarter of 2022

On May 20, 2022 the Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The revised rates are as follows:  5% for overpayments (4% in the case of a corporation). 2.5% for the portion of a corporate overpayment exceeding $10,000. 5% for underpayments. 7% for large corporate […]

tax support Austin
Accounting
Bookkeeping

How can I track and reimburse my tech company’s expenses?

Whether your tech company is a week, a year, or a decade old, managing expenses is an important step in staying compliant and staying profitable. Especially once employees and contractors start spending money on your behalf, you need to make sure they’re spending wisely and backing it all up with a receipt. If not, you […]

bitcoin infestment
Decentralized Finance

The basics of decentralized finance

Paul Glantz is the founder of Launch Consulting Inc, an accountancy firm specializing in tax services that WA is proud to have partnered with for many years. DeFi Blockchains DAOs Ethereum Staking As an ambitious, forward-thinking business owner, you make it a habit to stay on top of new tech. But when it comes to […]

Payroll software for tech business
Accounting
Bookkeeping
Payments

What’s the best payroll software for my tech business?

Payroll is a vital yet frustratingly complex part of running your tech business. A poorly organized system can have far reaching impact, from cash flow, team morale, productivity and even profitability. It also goes beyond simply paying your team their salaries; with payroll, you’re acting as a tax collector for federal, state and local governments, […]

accounting and tax support
Accounting
Bookkeeping

How do I know Walker Agency is a good fit for my business?

You’re looking for the perfect accounting agency. The trouble is, what makes an accountant perfect for one business owner can be an automatic dealbreaker for another. And while you’ve read all about the benefits of an outsourced accounting solution, you don’t have the time to “date” around to try and find the right match.  We’re […]

withholding tax for nanny
Individual Tax Resources
Tax Tips

Should You Be Withholding Taxes for your Nanny or Babysitter?

Many people have taken on a nanny or babysitter to help with childcare.  If you have a nanny, you may have more than a casual contractor engagement, you may have a household employee and you have become an employer.  Employers of household employees must obtain an employer identification number, pay Social Security, Medicare, and unemployment […]

year end books
Bookkeeping

How to prepare your books for year-end

As the end of 2021 quickly approaches, it’s time to start getting ready to close your books. Proper preparation means you can step into the new year with confidence and save yourself a headache before fast approaching deadlines. When you work with us, your books are maintained on a monthly basis. WA completes a monthly […]

digital assets
Individual Tax Resources
Tax Updates

IIJA’s New Digital Asset Reporting Requirement

The Infrastructure Investment and Jobs Act of 2021 (IIJA) was signed into law on Nov. 15, 2021. One major provision of the IIJA includes a requirement that cryptocurrency exchanges perform intermediary Form 1099 reporting for cryptocurrency transactions to the IRS. This will will require that cryptocurrency exchanges perform intermediary Form 1099 reporting for cryptocurrency transactions […]

employee retention credit act
Business Resources
Tax Tips
Tax Updates

IIAJ Retroactively Terminates Employee Retention Tax Credits

The Infrastructure Investment and Jobs Act (IIAJ) (to be signed by President Biden on November 15, 2021), retroactively ended the Employer Retention Tax Credit (ERTC) to apply only through September 30, 2021 (rather than through December 31, 2021), unless the employer is a recovery startup business. As a result of retroactive termination of the ERTC, […]

tax support
Individual Tax Resources
Tax Tips

How-To Plan Now to Make Filing Your Taxes Easier in 2022

This tax year will be another complex year as many taxpayers received stimulus payments or advance Child Tax Credit payments and will need to take steps now to make filing their tax returns easier in 2022. Planning will help ensure you are able to file an accurate return and avoid any delays with the IRS […]

retirement account
Individual Tax Resources
Tax Updates

IRS announces 401(k) limit increases to $20,500

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has been increased from $19,500 to $20,500 beginning with the 2022 calendar year. Additionally, the income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, […]

Aggie 100 2021 Honoree
Accounting
Payments

Walker Agency named to the 17th Annual Aggie 100, Honored as Fastest Growing Company

COLLEGE STATION, TX, October 22, 2021 – Walker Agency, of Houston, TX is among the top 100 companies from around the world selected for the 17th annual Aggie 100 which honors the fastest-growing companies owned by former students of Texas A&M University. Walker Agency was recognized as number 72 with a compound annual growth rate […]

entrepreneur in Houston
Accounting
Payments

How can I streamline payment processes for my tech startup?

Financial accuracy is essential to your growing tech business. From your early startup days through funding and scaling, you need a clear picture of the cash flowing in and out of your company. At the same time, you don’t want to be slowed down by inefficient tech or laborious processes. Streamlining your payment processes allows […]

accounting and tax Houston and Austin
Accounting

How Liongard advanced confidently from seed to growth stage funding with the support of proper GAAP accounting

Click below to learn how Liongard advanced from seed to growth stage funding Liongard *Please note. This case study was prepared  before the merger of Walker Agency and Launch Consulting. Liongard is a legacy client.

woman entrepreneur in houston
Accounting
Bookkeeping

What does a controller do for my tech startup?

In the early stages of your startup, hiring an internal accounting team is not your highest priority. When it’s just you, other founders, and a few vendors an outsourced bookkeeper will help ensure you remain tax compliant, freeing you up to focus on growth. But, as your business progresses, the demands of your finance functions become […]

advanced child tax credit
Individual Tax Resources
Tax Tips
Tax Updates

Advance Child Tax Credit: Should You Opt-Out?

The American Rescue Plan Act (ARPA) included a provision that allows for the IRS to begin making advanced payments of the Child Tax Credit next month. This credit, up to $3,600 per child under the age of 6 and $3,000 per children ages 6 to 17, is typically received as a credit applied against your […]

woman entrepreneur
Accounting
Bookkeeping

Do I need to hire an accountant for my tech startup or is outsourcing a better option?

In all our experience working with startup founders, we know one thing for sure. You move fast, and you want your back office to move at the same speed you do.  Because of the world you operate in and your desire to scale rapidly, you’re looking for a modern, secure accounting process that’s going to […]

american rescue plan
Individual Tax Resources
Tax Updates

The American Rescue Plan Act of 2021 – Individual Provisions

Below we have assembled a brief summary of some of the individual taxpayer provisions of the American Rescue Plan Act of 2021 (ARPA), passed on March 11, 2021. A Third Round of Stimulus Recovery rebate credits (stimulus checks). ARPA provides a third round of nontaxable stimulus checks directly payable to individuals. These payments are structured […]

business tax relief
Business Resources
Tax Updates

The American Rescue Act of 2021 – Business Provisions

Below we have assembled a brief summary of some of the business taxpayer provisions of the American Rescue Plan Act of 2021 (ARPA), passed on March 11, 2021. Extension of the paid sick and expanded family and medical leave tax credits Payroll tax credits. Paid sick leave and family leave credits are extended to apply […]

health insurance
Individual Tax Resources
Tax Updates

ARPA’S Enhancements to the Premium Tax Credit

The premium tax credit (PTC) is a refundable tax credit that assists individuals and families in paying for health insurance obtained through a Marketplace (Healthcare.gov) and was established under the Affordable Care Act (ACA). Recent COVID relief legislation, the 2021 American Rescue Plan Act, (or ARPA) that was just recently passed in March 2021 made […]

What's the difference between a W2 and a 1099?
Taxes

What’s the difference between a W2 and a 1099?

We recognize the IRS doesn’t exactly make it easy to figure out most things related to taxes. With that in mind, here’s a quick rundown on what you need to know for filing. W2s and W4s Employees fill out a W4 to tell their employer how much to withhold from their paycheck for personal taxes. […]

meal deductions
Business Resources
Tax Tips
Tax Updates

Change in Deductibility of Business Meals

By now, you’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible.

1099 tax advice
Taxes

What do I need to know about 1099s?

Ah, the 1099 process … Something that should be so simple, yet proves to be a frustrating task every January. Over the last five years, we’ve worked and reworked our processes to make them as organized as possible. While we’re always on the lookout for ways to further streamline our system, we think we’ve got […]

Consolidated Appropriations Act 2021 - Business Provisions
Business Resources
Tax Updates

Consolidated Appropriations Act 2021 – Business Provisions

On Sunday, December 27, 2020, the President signed into law one of the longest bills in US history. This bill, the Consolidated Appropriations Act 2021, is a sprawling 5,593 pages and contains a $900 billion relief package for aid related to the COIVD19 pandemic as well as a $1.4 trillion in annual funding for the […]

taxes
Individual Tax Resources
Tax Updates

Consolidated Appropriations Act 2021 – Individual Provisions

On Sunday, December 27, 2020, the President signed into law one of the longest bills in US history. This bill, the Consolidated Appropriations Act 2021, is a sprawling 5,593 pages and contains a $900 billion relief package for aid related to the COIVD19 pandemic as well as a $1.4 trillion in annual funding for the […]

tax prep
Individual Tax Resources
Tax Tips

“Last-Minute” 2020 Year-End Tax-Saving Moves for Individuals

There are only a few days left before the year ends, but here are some actions you can take before the new year to improve your situation for 2020 and beyond. Consider President-elect Biden’s proposals. As the year comes to an end, it is hard to predict what, if anything, that the Biden Administration has […]

what can i reconcile
Accounting
Bookkeeping

What can I reconcile?

The reconciliation process is the last step in the accounting process to ensure you’ve recorded everything properly in your money related accounts. Since most accounting entries run through bank accounts, reconciling is your final check to make sure you’ve accounted for the majority of your business transactions.  If done properly, the reconciliation makes sure the […]

monthly close accounting
Accounting
Bookkeeping

Why do I need a monthly close?

Timely review of your financials and a monthly close give insight into the health of your business and impacts planning. Addressing questions on transactions while their “fresh on the brain” saves you time and headaches when it’s time to turn the books over to your tax preparer. Whether you are the lone accountant or part […]

charitable gifts
Uncategorized

You Can Deduct $300 for Charitable Contributions This Year While Taking Standard Deduction

The Coronavirus Aid, Relief and Economic Security (CARES) Act included several temporary tax changes to help charities, including the special $300 deduction designed especially for people who choose to take the standard deduction. Under this new change, individual taxpayers can claim an “above-the-line” deduction of up to $300 for cash donations made to qualifying tax-exempt […]

Walker Glantz Team
Uncategorized

Payroll Tax Holiday: Gift or Grief?

What is the payroll tax holiday? In early August, President Trump issued an executive order allowing a payroll tax holiday for employees’ portion of the social security tax. The effective date of the order was September 1, 2020. What are my options as an employer or as an employee? Option 1: Employers can opt-out of […]

bonus depriciation
Business Resources
Tax Tips
Tax Updates

5 key points about bonus depreciation

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. 1. Bonus depreciation is scheduled to phase out Under current law, 100% bonus depreciation will be phased out in […]

CARES Act made changes to excess business losses
Business Resources
Tax Updates

CARES Act made changes to excess business losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about […]

How you inspired our rebrand to Walker Agency
Uncategorized

How you inspired our rebrand to Walker Agency

You may have noticed that things are looking a little different for Amy Walker, CPA.  That’s because… *drum roll* we are no longer Amy Walker, CPA. We’re proud to introduce you to Walker Agency – a new name and a new look to match the vision and values we hold to as a firm.  As […]

cares act
Individual Tax Resources
Tax Tips
Tax Updates

CARES Act Part 2 – Individual Provisions

On Friday, the President signed into law the CARES Act. This legislation contained very significant tax law changes, the majority of which are temporary and will only be relevant for the 2020 calendar year. We’ve spent the last five days digging through this 880 page legislation to highlight the most relevant changes for you.  Below […]

cares act
Business Resources
Tax Tips
Tax Updates

CARES Act Part 1 – Business Provisions

On Friday, March 27th, 2020 the President signed into law the CARES Act. This legislation contained very significant tax law changes, the majority of which are temporary and will only be relevant for the 2020 calendar year. We’ve spent the last five days digging through this 880 page legislation to highlight the most relevant changes […]

business covid
Business Resources
Individual Tax Resources

Families First Coronavirus Response Act (FFCRA) – Effective April 1, 2020

PAID LEAVE The Families First Coronavirus Response Act was Phase 2 of the government’s plan to combat COVID19. This Act goes into effect on April 1, 2020 and requires companies to provide both limited paid sick leave and expanded family leave to employees impacted by the COVID-19 outbreak.  The Emergency Family and Medical Leave Expansion […]

secure act
Business Resources
Tax Tips

The SECURE Act – What You Need to Know

Congress recently passed—and the President signed into law—the SECURE Act, landmark legislation that affects the rules for creating and maintaining employer-provided retirement plans. Whether you currently offer your employees a retirement plan, or are planning to do so, you should consider how these new rules may affect your current retirement plan (or your decision to […]

business
Business Resources
Tax Tips

Accelerate depreciation deductions with a cost segregation study

Is your business depreciating over a 39-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a […]