Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.


Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. This brief article defines the NII tax and urges you to explore strategies for reducing it if you must pay it.

You may have breathed a sigh of relief after filing your 2018 income tax return (or requesting an extension). But is your office strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records? Or perhaps your computer desktop is filled with a multitude of digital tax-related files? You’ll find it easier to file next year if you cut down on the clutter. To perform a summer cleanup, follow these retention guidelines.

Helping donors understand the requirements and benefits of their gifts to a not-for-profit will help the organization strengthen those relationships. This article discusses the varying deductibility of different types of gifts — including cash, property and vehicles — and when fair market value can be applied.

Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA). This brief article reviews the revisions to the tax brackets so readers can avoid unpleasant surprises next April.


Nonprofit organizations have many board members who come from the business sector of their communities, and may not grasp the differences between nonprofit and for-profit financial reporting. This article provides some key aspects of how financial approaches and statements, particularly for assets and liabilities, differ.

Summer break is here, and parents are lining up activities for their kids to enjoy while school is out. If you plan on sending your child to day camp, you may qualify for a valuable tax break – the child and dependent care credit.

The Tax Cuts and Jobs Act (TCJA) has brought many changes for business owners to consider, including whether to change the structure under which their business operates.


When physicians in the same practice disagree about how to handle job responsibilities, administrative issues or other matters, they can sow discord that can make the problems even worse. This article notes that it’s important to foresee this possibility and have strategies in place for resolving issues before the practice becomes completely dysfunctional.


Training a new volunteer is time-consuming and costly, which is only one of many reasons why you want to hold on to your volunteers once you bring them into your organization.

Depending on a your company’s objectives, when it comes to financial statements your CPA can prepare a financial compilation, review its financial statements or perform an audit. Which route the business chooses to take relies heavily on its reasons for having a CPA examine its financial statements in the first place. This article discusses three types of financial statement work: compilations, reviews and audits.