Your Monthly Newsletter from Padgett

VOLUME 4 2024

Can you believe we’re already in the second quarter of the year? To help make the most of it, we’re going to cover some crucial topics that you need to be aware of as a small business owner. First, we’ll explore the choice between cash and accrual accounting methods for tax purposes, helping you determine the best approach for your business. Then, we’ll dive into strategies for maximizing the QBI deduction before it expires in 2025, helping you make the most of this valuable tax benefit.

We’ll also examine the tax implications of bartering and share the inspiring journey of Jerry Bowers with Padgett Klamath Falls, where he turns poolside dreams into reality. Take a read through these articles to stay informed as you build your business!

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What’s the best accounting method route for business tax purposes?

Cash or accrual? Figure out which accounting method is best for you.

Maximize the QBI deduction before it’s gone

Scheduled to disappear after 2025, see how you can maximize the QBI deduction.

Bartering is a taxable transaction even if no cash is exchanged

Bartering has become incredibly convenient but it’s crucial to understand the tax implications.

Jerry Bowers builds poolside dreams with Padgett at his side

With Padgett Klamath Falls, Jerry can focus on doing what he loves most. Read more about his journey!

About Padgett

At PADGETT BUSINESS SERVICES^®, we know the stresses of running a business can keep owners awake at night. Your business is your livelihood — and quite possibly the livelihood of your employees — so it’s no wonder it’s always on your mind. PADGETT is here to help. We offer tax, accounting, payroll and advisory services that can help your business reach new heights, allowing you to rest easy.

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ADVISORY

PADGETT BUSINESS SERVICES^® is dedicated to meeting the accounting, tax, payroll, compliance and advisory needs of small businesses. This publication is intended for informational purposes only and should not be construed as tax or legal advice. Such information is by nature subject to revision and may not be the most current information available. You should seek advice from a PADGETT BUSINESS SERVICES^® representative or an independent advisor before acting on any of the information contained in this document. Each office is independently owned and operated.