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The Thomas Howell Ferguson Blog

THF Named a 2025 Best of Accounting Winner by ClearlyRated for Outstanding Service

Tallahassee, Florida – February 4, 2025 – Thomas Howell Ferguson P.A. CPAs (THF), a leading accounting firm, announced today that they have won the Best of Accounting Award for continuing to provide Superior Client Service. ClearlyRated’s Best of Accounting® Award winners have proven to be industry leaders in service quality based entirely on ratings provided […]

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Drive down your business taxes with local transportation cost deductions

Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Let’s start by defining “local transportation.” It refers to travel when you aren’t away from your tax home long enough to require […]

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From flights to meals: A guide to business travel tax deductions

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and […]

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Cash or accrual accounting: What’s best for tax purposes?

Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure […]

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Navigating tax complexities: Craft partnership agreements and LLC operating agreements with precision

Partnerships are often used for business and investment activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules. Governing […]

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Reasons an LLC might be the ideal choice for your small to medium-sized business

Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability, and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. You can structure it to resemble a corporation for owner-liability purposes. You can also structure the […]

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Help ensure your partnership or LLC complies with tax law

When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law. 1. Identify and describe guaranteed payments to […]

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If your business has co-owners, you probably need a buy-sell agreement 

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Agreement basics There are two basic types of buy-sell agreements: Cross-purchase agreements and redemption agreements (sometimes called liquidation agreements). […]

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Hiring your child to work at your business this summer

With school out, you might be hiring your child to work at your company. In addition to giving your child some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: […]

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Tax tips when buying the assets of a business

Merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: In this article, we’re going to focus on buying assets. Asset purchase tax basics You must allocate the total purchase price to […]

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