Sharp Tax & Accounting Blog
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Free Products and Brand Deals: When Do Content Creators Have Taxable Income?
Free products, complimentary travel, services, and other brand perks can still create taxable income for content creators. Learn when noncash compensation may need to be reported and why good records matter.
The FICA Tip Credit: A Valuable Tax Break for Restaurants
The FICA tip credit can provide a valuable tax benefit for restaurants with tipped employees. Learn how the credit works, which tips qualify, how mandatory gratuities are treated, and what restaurants should track to claim it correctly.
Prime Cost for Restaurants: What Owners Need to Know
Prime cost combines two of the biggest expenses in a restaurant: food and labor. Learn how to calculate prime cost, what percentage restaurants generally aim for, and how tracking it can help you spot rising costs and make better operating decisions.
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.