INSIGHTS
Small business financial strategy, without the finance-speak.
Bookkeeping best practices, tax planning that keeps money in your business, payroll compliance, and fractional CFO thinking. The small business accounting blog is written by the team that handles this work for businesses every day, in plain English, without the fluff.
Eating Establishments – Tips and Other Charges
When it comes to tips, service charges, and other charges in Minnesota, it's essential to understand the tax implications. The Minnesota Department of Revenue provides clear guidelines to ensure...
Eating Establishments – Restaurants, Food trucks, and Catering Sales – What Do You Need to Know About Taxes?
Taxes for eating establishments can be complex, and business owners in the food industry should consult with certified public accountants (CPAs), tax accountants, or accounting professionals...
Understanding Compliance Checks for Cigarette and Tobacco Retailers
Let us shed light on compliance checks that cigarette and tobacco retailers must follow, as highlighted by reputed accountants in Minneapolis: The main goal of compliance checks is to prevent...
Understanding the Sales and Use Tax of Alcoholic Beverages
When it comes to buying and selling alcoholic beverages in Minnesota, understanding the sales and use tax requirements is essential for both businesses and consumers. From the applicable tax rates...
Auto Mechanic Industry Guide – Nontaxable Transactions
Some transactions are exempt from Motor Vehicle tax depending on who purchases the vehicle, as listed in the table below. For these sales, you must keep on file Form PS2000, Application to...
Auto Mechanic Industry Guide – Taxable Sales
Some of the items and services used to repair motor vehicles are taxable, and some are exempt from sales tax. The taxability of a given item may depend on its exact use, the kind of business...
Understanding Towing Services – Taxable and Non-Taxable Services
When it comes to towing services, it's essential to understand which services are taxable and which ones are not. Whether you're a towing company owner or a customer in need of assistance, knowing...
Guide for Grocery Stores – Taxable & Non-Taxable Food and Food Ingredients
Tax season can be taxing for owners and managers of food stores. But tax filing can be made simpler and more precise by knowing which foods are taxable and which are not. It is crucial to remember...
Tips for NFPs to Make a Compelling Grant Report While Ensuring Grant Requirements
NFPs (Non-profit organizations) depend on grants and funds to maintain their programs and services. Many aspects are considered, from preparing grant reports, grant proposals, and impact reporting,...
A Complete Guide on the Valuation and Keeping a Record of Non-Cash Contributions
Donations that do not take the form of cash but instead take the shape of commodities, services, or other assets are referred to as non-monetary contributions. Items like clothing, furniture,...
NFPs: How to Complete Form 990 Avoiding Common Mistakes?
It is imperative for NFPs (not-for-profit organizations) to diligently choose the appropriate Form 990 return each year to steer clear of incurring hefty penalties for noncompliance. An...
How we prepare Tax plans and strategies for our Clients – Prudent Accountants
Prudent Accountants takes pride in offering expert tax planning services to help you efficiently manage your tax obligations and attain your financial objectives. Our team of proficient...
Wondering what any of this looks like for your business?
The articles cover the general principles. Every business has specific details. If you’d like to bring yours to a 30-minute conversation, we’ll listen first, then only recommend what actually fits.
