Business & Financial Solutions
Business & Financial Solutions
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Blog

6 Ways Small Business Owners Can Cope With Inflation

6 Ways Small Business Owners Can Cope With Inflation

Inflation can be a double whammy for small business owners. At the same time businesses are dealing with the rising costs of materials, labor and energy, consumers may be cutting spending due to their own struggles to make ends meet. According to NPR, 60% of the world’s advanced economies are dealing with inflation. Finding ways to cope may be... continue reading →
Top 10 Things To Look For In A CPA Firm

Top 10 Things To Look For In A CPA Firm

When choosing a CPA (Certified Public Accountant) firm, several factors must be considered. Here are the top 10 things to look for in a CPA firm: In conclusion, choosing the right CPA firm is an important decision that can significantly impact your financial success. Considering these top 10 things, you can be confident that you have chosen a firm... continue reading →
A Business Owner’s Guide to Understanding Their Company’s Finances

A Business Owner’s Guide to Understanding Their Company’s Finances

Understanding the financials of their business is a necessary skill for any entrepreneur. Thorough knowledge of how your company’s financial performance has been in the past can help you make informed decisions about the future. Here are some important terms for you to understand and resources for you to consider. The Balance Sheet A balance sheet is a financial... continue reading →
IRS Taxpayer Rights What Are They, What Is The Right To Finality

IRS Taxpayer Rights What Are They, What Is The Right To Finality

You may or may not know that taxpayers in the U.S. have certain rights. These rights apply to anyone whose taxes are being audited. And, these ten rights are called the taxpayer bill of rights. Therefore, anyone who has received a letter from the IRS of their intent to audit may want to exercise one of these rights, the... continue reading →
Temporary Change To Business Meal Deduction For 2021 & 2022

Temporary Change To Business Meal Deduction For 2021 & 2022

In an effort to jump start the economy and help in the recovery of the restaurant industry, the Federal government is allowing a 100% business meal deduction for 2021 and 2022 for the purchase of food and beverages provided certain requirements are met. The Old General Rule Still Applies In general, no deduction is allowed by a business for... continue reading →
How Seniors Can Use Required Minimum Distribution (RMDs) In IRA For Charity & Lower Taxes

How Seniors Can Use Required Minimum Distribution (RMDs) In IRA For Charity & Lower Taxes

For seniors, retirement can be a challenge. At the same time, it’s an exciting time of life with many opportunities for doing good and being philanthropic. One way to use your IRA funds is by taking required minimum distribution from your IRA and donating them to charity or using them to fund local programs that support the needs of... continue reading →
Short Term Capital Gains Tax On Crypto You Bought & Sold in 2021

Short Term Capital Gains Tax On Crypto You Bought & Sold in 2021

Cryptocurrencies are an evolving system and tax is difficult to implement. This is especially true in the United States where the current state of affairs around cryptocurrencies with a federal perspective has left uncertainty for many. In this post, we’ll explore how taxes can be applied to both cryptocurrencies and crypto users when it comes to taxation or lack... continue reading →
7 Important Things Taxpayers Should Consider When Selling a House

7 Important Things Taxpayers Should Consider When Selling a House

Many Americans dream of owning a home. And, when you are ready to sell that home, it is important to understand how to calculate your home’s adjusted basis and whether the sale may effect your tax return. The good news is, you may qualify for an exclusion of some, or all, of the gain from the sale. Here are... continue reading →
Tax Credit For Children in 2021, What You Need To Know

Tax Credit For Children in 2021, What You Need To Know

What You Need to Know About the Tax Credit for Children  The Child Tax Credit is a credit that you can report on your IRS taxes if you are a United States resident with a child under 18. Your income has to be under the limit, and you must have tax information on file from 2020. Who Qualifies  Those... continue reading →
Why Did I Receive a Notice of Deficiency CP3219A From The IRS?

Why Did I Receive a Notice of Deficiency CP3219A From The IRS?

Notice of Deficiency, or simply notice CP3219-A, is another type of IRS notice that our clients frequently receive in addition to notice CP2000. This additional notice is usually a follow-up letter that the IRS sends clients if they don’t respond to CP2000 in the given timeframe. That said, you will likely receive notice CP3219-A if IRS doesn’t hear back... continue reading →
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Office Locations In Maryland

5100 Buckeystown Pike Ste 250, Frederick, MD 21704

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17 W Jefferson St Ste 007, Rockville, MD 20850

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Office Location In Virginia

7918 Jones Branch Drive, Ste 405, Tysons VA 22102

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Office Location In Texas

101 E. Park Blvd, Suite 600 Plano TX 75074

About BFS

Visit us in McLean Virginia, Frederick or Rockville, Maryland (Washington DC Metro Area)or Plano Texas

Phone toll free: (855) 557-2222
Fax: (240) 297-1054
E-mail: info@bfswebsite.com

Business & Financial Solutions is a tax and accounting CPA firm. Our offices are located in Fairfax County, VA, Collin County and Denton County, TX, Montgomery and Frederick Counties, MD. Our company is highly motivated in helping individuals and companies (private and non-profit) become successful in start-ups. BFS offers assistance with ongoing small to mid-size business management, consulting, accounting and a variety of tax services.

Maryland, Virginia, Washington DC, Texas
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