Many small business owners start by handling their finances themselves. But as a business grows, tax and accounting decisions can become more complicated—and waiting until tax season to ask for help may mean missing valuable planning opportunities.

So, when should a small business consider hiring a CPA?

It May Be Time When…

You’re starting a business.

A CPA can help you understand how different business structures may affect your taxes and financial reporting.

Your business is growing.

Adding employees, increasing revenue, purchasing equipment, or expanding operations can create new tax and accounting considerations.

You’re considering an S corporation election.

Changing how your business is taxed can have benefits, but it also comes with additional requirements. It’s important to understand the full picture before making the election.

Taxes are becoming a surprise.

If you’re regularly caught off guard by your tax bill, proactive tax planning and estimated payments may help you prepare.

You’re making a major business decision.

Buying or selling a business, bringing in a partner, expanding, or planning for retirement are all good times to involve your CPA.

Don’t Wait Until Tax Season

A CPA can do more than prepare a tax return. Working with a CPA throughout the year can help business owners understand their numbers, identify tax-planning opportunities, and make more informed financial decisions.

Whether you’re starting, growing, or planning what’s next, Boone & Associates can help you make informed tax and accounting decisions for your business.

This information is intended for general educational purposes and should not be considered individualized tax or legal advice.

Choosing the right structure for your business can affect how you’re taxed, how you pay yourself, and your ongoing filing requirements.

One common source of confusion is the difference between an LLC and an S corporation. They aren’t necessarily competing choices. An LLC is a legal business structure, while S corporation status is a tax election. In fact, an eligible LLC can elect to be taxed as an S corporation.

Why Consider an LLC?

An LLC can provide liability protection while offering flexibility in how the business is managed and taxed. Nebraska LLCs are formed by filing a Certificate of Organization with the Nebraska Secretary of State.

Why Consider S Corporation Taxation?

An S corporation generally passes income, losses, deductions, and credits through to its shareholders. For some business owners, an S corporation election may also provide tax-planning opportunities.

However, S corporation owners who work in the business generally must pay themselves reasonable compensation before taking non-wage distributions. Payroll and additional filing requirements also need to be considered.

Which Is Right for Your Nebraska Business?

There isn’t one structure that’s right for every business. Your income, number of owners, payroll needs, future plans, and tax situation can all influence the decision.

Boone & Associates can help Nebraska business owners understand the tax implications of different business structures and determine when an S corporation election may be worth considering.

This information is intended for general educational purposes and should not be considered individualized tax or legal advice.

Whether you’re starting a new business or have been operating for years, having the right financial foundation can help you stay organized, meet your tax obligations, and avoid overlooking valuable deductions.

Here are a few important items for Nebraska small business owners to keep in mind.

Choose the right business structure

Your business structure can affect taxes, payroll, liability, and how you pay yourself.

Complete required registrations

Make sure your business is properly registered and review whether Nebraska sales tax, withholding, or other state tax registrations apply.

Set up your accounting system

Keep business and personal finances separate and establish a reliable system for tracking income and expenses.

Plan for taxes throughout the year

Understand your federal and Nebraska estimated tax obligations and don’t wait until tax-filing season to begin tax planning.

Don’t Overlook Potential Tax Deductions

As your business operates, make sure you’re properly tracking expenses that may qualify for a tax deduction, including:

Eligibility varies, so good documentation and accurate recordkeeping are important.

Build a Stronger Financial Foundation

A good small business checklist isn’t just about getting started. Reviewing your accounting, expenses, and tax strategy throughout the year can help identify potential issues and planning opportunities before year-end.

Boone & Associates can help Nebraska small business owners establish a strong accounting foundation, identify potential tax deductions, and plan for what’s ahead.

This information is intended for general educational purposes and is not a complete list of legal, tax, licensing, or regulatory requirements. Tax treatment and business requirements depend on individual circumstances.

Beginning in 2026, new charitable contribution rules may provide a tax benefit for individuals who don’t itemize deductions.

Taxpayers who take the standard deduction may now deduct up to $1,000 in qualifying cash charitable contributions, or up to $2,000 for married couples filing jointly. This creates a new opportunity for taxpayers to receive a federal tax benefit from charitable giving without itemizing deductions.

Taxpayers who do itemize should also be aware of a new limitation. Beginning in 2026, charitable contributions are generally deductible only to the extent they exceed 0.5% of adjusted gross income (AGI).

With these changes, the amount, timing, and type of charitable contributions may be worth considering as part of your 2026 tax planning and year-end charitable giving strategy.

Have questions about the 2026 charitable contribution deduction or how the new rules may apply to you? Contact Boone & Associates to discuss your individual tax situation.

This information is intended for general educational purposes and should not be considered individualized tax advice. Tax laws and guidance are subject to change.