Overview

We’ve reached the midway point in the year! With some planning and assistance from your accounting professional you can have goals set up to further support your business. Listed below are areas to reflect on:

Depreciation

• Purchasing equipment or vehicles
• Buying real estate or making building improvements

Method of Accounting

• Cash vs. accrual basis of accounting
• Capitalizing vs. deducting inventory
• Deducting prepaids

Budgeting

• YTD actual vs. budget analysis
• 2023 budget preparation

Choice of Entity (Pros and Cons)

• LLC/Partnership
• Single Member LLC
• C Corporation
• S Corporation

Retirement

• Elections
• Contributions
• New plans

Need Help?

HiAccounting’s team of CPAs, accounting and tax professionals are experts in the above topics and can help answer your questions. Give us a call today at 808.529.9990 so we can help address the needs of your business. We look forward to meeting you!