Sharp Tax & Accounting Blog
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Bookkeeping vs. Accounting: What Does Your Business Actually Need?
Bookkeeping, accounting, tax preparation, and tax planning each serve a different purpose. Learn how they work together and which services your small business may actually need.
What Does a Bookkeeper Actually Do for a Small Business?
Bookkeeping is more than entering transactions into QuickBooks. Learn what a bookkeeper actually does, from reconciling accounts and maintaining the balance sheet to preparing financial statements and keeping your books ready for tax season.
Can Your Business Rent Your Home Tax-Free? Understanding the Augusta Rule
The Augusta Rule can allow your business to rent your home for a legitimate business purpose while you potentially receive the rental income tax-free. Here’s how the rule works, who can use it, and where business owners need to be careful.
Minnesota IOLTA Accounts and Filing Fees: Where Should Client Cost Advances Go?
When a client pays legal fees and filing costs in the same transaction, it can be easy to treat the whole payment the same way. In Minnesota, that can be a mistake. Here’s how filing-fee advances should generally be handled and why they may belong in IOLTA even when the legal fee does not.
IOLTA vs. Operating Account: How Lawyers Should Handle Fixed Fees
Law firms that charge flat or fixed fees need to know when client payments belong in an IOLTA trust account and when they may be deposited into operating. Learn how state ethics rules, fee agreements, refundability, and when a fee is earned can affect the proper treatment of advance legal fees
Purported Social Media Influencer Deductions Denied: Business Expense or Personal Spending?
Can social media influencers deduct concerts, celebrity events, travel, and other lifestyle expenses? A recent Tax Court case shows why creating content around an expense does not automatically make it deductible—and why business purpose, timing, and documentation still matter.