Installment Sales of Small Businesses: A Practical Guide for Sellers
By Jessica I. Marschall, CPA April 26th, 2025 Selling a small business can be one of the most significant financial transactions a business owner will experience. When the buyer is unable to pay the full purchase price upfront, installment sales can serve as a viable solution, allowing the seller to spread the gain over multiple […]
Read MoreNavigating the IRS: Start-Up Expense Allowance for Small Businesses
Introduction: Starting a small business is an exciting venture that often comes with various costs and expenditures. To assist entrepreneurs in the initial stages of business development, the Internal Revenue Service (IRS) offers allowances for start-up expenses. Understanding and properly utilizing these allowances can significantly benefit small businesses, providing them with the financial flexibility needed […]
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What is a Tax Short Year?
A short tax year is a tax period that covers less than 12 months. This can happen for various reasons, such as when a business is established or terminated in the middle of a calendar year, when a taxpayer changes their accounting period, or when there are other circumstances that result in a tax period […]
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Estimated Tax Penalty
The IRS (Internal Revenue Service) estimated tax underpayment penalty, also known as the underpayment penalty or the estimated tax penalty, is a penalty imposed on taxpayers who do not pay enough in estimated taxes throughout the year. Estimated taxes are payments made by individuals, self-employed individuals, and businesses to cover their tax liability when they […]
Read MoreThe Dreaded Depreciation Recapture
Depreciation recapture is a tax concept related to the sale of a rental property that has been depreciated for tax purposes. Depreciation is an accounting method that allows property owners to deduct a portion of the property’s cost as an expense over its useful life, which helps to offset taxable income. However, when the property […]
Read MoreStaying in My Lane—Tax expertise in my defined area
Article: Staying in My Lane—Tax expertise in my defined area Category: 1040 Income Tax Staying in My Lane Tax expertise in my defined area and relying on synergistic financial partners Jessica I. Marschall, President, Marschall Accounting Services LLC January 24th, 2020 I had the pleasure of meeting my financial advisor today for lunch. Chad Williams, […]
Read MoreSmall Business Accounting and Tax Practices
Article: Small Business Accounting and Tax Practices—Pitfalls to avoid Category: 1040 Income Tax Small Business Accounting and Tax Practices—or what pitfalls to avoid May 21st, 2020 Jessica I. Marschall, CEO, Marschall Accounting Services LLC Over the past nineteen years of being a CPA providing tax consultation services to small businesses, I have seen the good, […]
Read MoreTax Season 2021 Recap-Relevant Tax Issues And How To (Hopefully)
Article: Tax Season 2021 Recap-Relevant Tax Issues and How to (Hopefully) Category: 1040 income tax, Charitable Donations, Itemized deductoins Jessica I. Marschall, CPA, President Marschall Accounting Services LLC August, 2022 One: What Went So Wrong with Federal Withholdings? Were you in for a huge shock when you finished taxes and owed a huge debt to […]
Read MoreAudited? What Comes Next
Article: Audited? What Comes Next Category: 1040 income tax Jessica I. Marschall, CPA President Marschall Accounting Services LLC The day’s mail arrives and, with it, a dreaded letter from the IRS. A taxpayer’s return has been selected for examination or the dreaded A-word AUDIT. The IRS does not provide reasons as to why a return is […]
Read MoreOpening A Business? Follow This Important Checklist!
Article: Opening a Business? Follow this Important Checklist! Category: 1040 income tax 1. Determine your business entity classification will be a Corporation, S-Corporation, LLC, or Sole Proprietor. 2. Only Corporations, S-Corps, and LLC protect personal assets. You can open an LLC on your state’s corporation website and it is highly recommended that businesses have the […]
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