Steven J. Wick & Associates, P.C. https://sjwickcpa.com Your Ideal Business Partners Tue, 03 Dec 2019 16:45:42 +0000 en-US hourly 1 https://wordpress.org/?v=5.3 https://sjwickcpa.com/wp-content/uploads/2018/07/favi-logo-75x75.png Steven J. Wick & Associates, P.C. https://sjwickcpa.com 32 32 Restaurant Taxes: What You Need to Know https://sjwickcpa.com/restaurant-taxes-what-you-need-to-know/ https://sjwickcpa.com/restaurant-taxes-what-you-need-to-know/#respond Thu, 28 Nov 2019 16:41:00 +0000 https://sjwickcpa.com/?p=2055 Restaurants and food services make up a large portion of local businesses, generating millions in combined revenue each year. While local brewpubs and eateries are simply one type of small business, how they handle taxes is completely different than many other establishments. If you are a new restaurant owner, or are thinking of opening a […]

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Restaurants and food services make up a large portion of local businesses, generating millions in combined revenue each year. While local brewpubs and eateries are simply one type of small business, how they handle taxes is completely different than many other establishments. If you are a new restaurant owner, or are thinking of opening a restaurant, it’s critical that you understand your tax obligations and how to maximize your spending. 

There are different types of taxes that restaurateurs need to be aware of, and stay on top of. That’s right, in this industry, taxes aren’t something you can put off until April every year. Restaurant taxes need to be addressed with as much attention as biweekly payroll and food ordering!

Here are a few different tax tips for restaurant owners:

Food and Beverage Costs

Since food and beverage costs make up a huge proportion of restaurant expenses, it’s important to look for tax writeoffs or other incentives in this area. An experienced restaurant CPA will be able to help you here.

Employee Benefits

The benefits you provide to employees may be eligible for tax writeoffs. These include routine things like sick leave, health expenses, and vacation pay, but also things like meals provided to employees.

Equipment Depreciation

Restaurants are often hard on equipment and furniture, causing accelerated wear and tear. Ask your accountant about depreciation on this year’s taxes, to recoup costs from worn out tables, chairs, beverage equipment, decor, glassware, and more.

Worker Tax Credits

If your company employs certain classes of individuals, like veterans or those with disabilities, you may qualify for employee tax credits. Check your payroll and don’t forget to utilize these credits if you have them.

Charitable Donations

Many restaurants donate food or cash to local charities, and if you do so, this is important to account for on your taxes. The cost of the food, as well as storage and transportation, may be deductible.

Energy-Efficient Upgrades

For commercial kitchens, upgrading to Energy Star equipment can not only save money in energy costs, but also may be eligible for rebates, tax deductions, and other incentives. Check with your accountant or look online for the latest tax credits.


Restaurant taxes go far beyond the usual income tax, sales tax, and licensing requirements. These tips can help you make the most out of your food services business. Want more help to make your restaurant a success? Reach out to us at S.J. Wick & Associates today.

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Stay Organized in the Holiday Rush https://sjwickcpa.com/stay-organized-in-the-holiday-rush/ https://sjwickcpa.com/stay-organized-in-the-holiday-rush/#respond Thu, 14 Nov 2019 16:37:00 +0000 https://sjwickcpa.com/?p=2053 The holiday season is in full swing, and many local businesses are seeing a spike in sales. From bakeries to bookshops, retail companies and other small businesses rely on seasonal revenue, to stay afloat each year. However, this rush of customers can create chaos, if you’re not properly prepared, and can cause you to fall […]

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The holiday season is in full swing, and many local businesses are seeing a spike in sales. From bakeries to bookshops, retail companies and other small businesses rely on seasonal revenue, to stay afloat each year. However, this rush of customers can create chaos, if you’re not properly prepared, and can cause you to fall behind in administrative tasks. Too many entrepreneurs let organizational or tax-related responsibilities fall by the wayside, to bring all hands on deck for the holidays. But this can come back to hurt you later!

Whether your business has five employees or a hundred, there are things you can do to stay on top of operations, no matter how busy you get. Here are a few tips to keep in mind:

1. Have enough staff

Don’t try to skimp on employees this holiday season. Trying to save a few bucks on labor can make everyone more stressed, increase errors, and reduce your customer satisfaction, which can hurt you in the long run. Make sure you have the right amount of staff, and supplement with seasonal workers if needed.

2. Stock up on inventory

It may be hard to predict how much your traffic will increase during the holidays, especially when you’re a new business. However, it never hurts to have extra inventory on hand, to ensure that your customers get what they want in a timely manner. Consider stocking up on supplies and other materials before the rush gets too intense.

3. Use your files

For businesses of all kinds, having an organized file system is key, but only if you actually utilize it! Even if you don’t have the time to properly file during business hours, make sure your staff knows where to place invoices, receipts, and other vital paperwork, so you can do it at the end of the day. Take advantage of your filing system, so nothing gets lost.

4. Spend wisely

Towards the end of the financial year, it may benefit your business to make some larger purchases. Try to use your business credit now, to replace worn equipment or upgrade inventory, and plan to pay it off with some of your holiday revenue. Play it smart, to maximize your tax writeoffs, and set yourself up for success in the new year.


Do you need more tips to make the most out of your holiday business? Get in touch with us today at S.J. Wick & Associates, and let us help!

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How to Start a Business in the Skilled Trades https://sjwickcpa.com/how-to-start-a-business-in-the-skilled-trades/ https://sjwickcpa.com/how-to-start-a-business-in-the-skilled-trades/#respond Thu, 31 Oct 2019 19:09:20 +0000 https://sjwickcpa.com/?p=2048 Colorado is a small business-friendly state, and we have thousands of independently-owned companies here. One of the most vital industries is the skilled trades- plumbers, electricians, HVAC specialists, and other contractors provide highly valuable services for homes and businesses across the region. The skilled trades are only expected to grow in the next several years, […]

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Colorado is a small business-friendly state, and we have thousands of independently-owned companies here. One of the most vital industries is the skilled trades- plumbers, electricians, HVAC specialists, and other contractors provide highly valuable services for homes and businesses across the region. The skilled trades are only expected to grow in the next several years, and these careers can be lucrative. 

Many people who are finishing training programs or apprenticeships desire to start their own companies, but only a handful of those people will go on to be successful. While the demand for these services will continue to be high, it’s important to lay the right foundation, so you can stand apart from the competition. 

Here are a few tips to help you launch your skilled trade company:

1. Get all your licensing and certifications

Before you ever take a job, it’s vital that all of your professional certifications and industry licensing is complete and up-to-date. This not only offers you legal protection, but gives your clients peace of mind as well.

2. Embrace modern technology

Because the trades have been around long before technology, many companies don’t see the need to jump on board with the modern digital services. However, more and more people prefer hiring their tradespeople through apps, websites, and other online platforms. Make sure you use technology that increases your visibility and response time, while protecting your customers’ privacy. 

3. Continue your training

In many trades, the more years of experience someone has, the more they can charge and the more in demand they will be. If you finished an apprenticeship, keep taking steps to become a journeyman or master of your trade. Learn about newer technologies in your field, take additional classes, and consider getting more specialized certifications in a chosen niche.

4. Delegate other tasks

If you are great at fixing sinks, or laying brick, there’s no reason that you should also be great at accounting or marketing. Don’t try to do it all, and end up burning yourself out. Stick with what you love, and delegate your other business tasks to third party professionals. Consider hiring someone else to build your website, or to keep track of your financial books and taxes. Look for a certified CPA that specializes in the skilled trades, so you know you’ll be in good hands.


Want more guidance on starting or managing a business in the skilled trades? Reach out to us today at Steven J. Wick & Associates.

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End of the Year Business Tips https://sjwickcpa.com/end-of-the-year-business-tips/ https://sjwickcpa.com/end-of-the-year-business-tips/#respond Thu, 17 Oct 2019 17:41:50 +0000 https://sjwickcpa.com/?p=2046 The year is slowly coming to a close, and the holidays are upon us. This time of the year can be especially busy for many businesses, like retail stores, and it can also be the slow season for others, like landscapers. No matter what kind of business you run, taking the right steps at the […]

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The year is slowly coming to a close, and the holidays are upon us. This time of the year can be especially busy for many businesses, like retail stores, and it can also be the slow season for others, like landscapers. No matter what kind of business you run, taking the right steps at the end of each year can set you up for success. If you want your company to thrive in the years to come, it’s important that you take action during these pivotal points.

Here are some of our best end-of-year tips for small businesses:

1. Check on license renewals

Now is a great time to check up on all of your business licensing and certifications. Many of these may be expiring at the end of the calendar year. Don’t wait until after the holidays- make a note of what licenses or other vital business/legal documents need to be renewed.

2. Make time for employee feedback

Many businesses conduct routine employee performance reviews, and the end of the year is a great time to do them. Set aside time to chat with your employees, managers, and administrators, and let them know where they stand. This is also a great opportunity to double check their employee info, update files, and make sure they’re caught up on trainings and certifications.

3. Plan your business purchases

When it comes to small business taxes, it’s a good idea to plan expenses in a way that maximizes next year’s writeoffs. If your company needs new equipment, or has a surplus that needs spending, do it before the end of the year. Invest wisely in the right business-related goods, so you can get a fast turnaround on those tax writeoffs next year.

4. Set your goals

Whether you are a brand new company or a well-established one, the end of the year is a perfect time to set some goals. Think about what you want to accomplish or change in the coming year. Analyze what went well this past year, and what needs fixing. Consider bringing in a business consultant to help you here.

5. Start prepping for taxes

Don’t leave yourself scrambling in a few months, trying to gather paperwork and expense reports before tax filings are due. Take time now to ensure that you’ve been bookkeeping correctly, and you have everything in order. Working with a qualified small business CPA can save you a load of effort, so consider bringing one on board if you don’t have one already.

Want more tips to maximize your business? Reach out to us at Steven J. Wick & Associates.

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5 Signs That You Could Use a Business Consultant https://sjwickcpa.com/5-signs-that-you-could-use-a-business-consultant/ https://sjwickcpa.com/5-signs-that-you-could-use-a-business-consultant/#respond Mon, 30 Sep 2019 22:24:13 +0000 https://sjwickcpa.com/?p=2043 It can be very exciting and rewarding, running your own business. Most new businesses, however, run into their fair share of bumps in the road, and many struggle during their first couple of years of operation. Depending on your location and your industry, it may be more difficult for you to establish your company.  If […]

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It can be very exciting and rewarding, running your own business. Most new businesses, however, run into their fair share of bumps in the road, and many struggle during their first couple of years of operation. Depending on your location and your industry, it may be more difficult for you to establish your company. 

If you have encountered some challenges in your business, and you’re not sure what to do next, you may wish to hire some outside help. There are many experienced, savvy professionals out there, who can offer valuable guidance for your business, including business consultants or financial advisors. Here are a few signs that may indicate it’s time to hire one:

1. Your books never line up

If you continually run into accounting discrepancies, and you can’t figure out why your bookkeeping doesn’t add up, an experienced advisor can help. Sometimes having another set of eyes on your paperwork can identify the issue.

2. Your overhead is outrageous

For some companies, high overhead costs can eat away at revenue and prevent future growth. If you constantly feel held back by your overhead, a qualified consultant can help you find ways to reduce those costs and make better investments.

3. You haven’t found your ideal customers

When first starting a business, you often take any clients you can get, but over time, identifying your ideal demographic is key to sustainable success. A business consultant can help you get clear on who you want to work with, and how to reach them.

4. Your revenue is shaky

While it’s normal to have up and down months, depending on your industry, if you’re a year or two in, you should be seeing more consistent income. Working with an advisor can find your weak spots, and build a stronger revenue base.

5. You’re stretched too thin

Many entrepreneurs try to do it all- sales, marketing, accounting, R&D, daily operations, etc…and end up burning out. Learning to delegate is key, and hiring outside help can keep you afloat. An experienced business consultant can help you make the most out of your time and energy.


Ready to learn more about the benefits of working with a professional business advisor? Get in touch with us at S.J. Wick & Associates today!

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Start Preparing Now for the Holidays https://sjwickcpa.com/start-preparing-now-for-the-holidays/ https://sjwickcpa.com/start-preparing-now-for-the-holidays/#respond Sat, 14 Sep 2019 22:18:46 +0000 https://sjwickcpa.com/?p=2041 There are many small businesses that experience a rush during the holiday months, including restaurants, bakeries, salons, and retail stores. If you run a company that typically sees more business between October and December, it’s important that you start preparing ahead of time, to handle the influx. Without the proper preparation, you may find yourself […]

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There are many small businesses that experience a rush during the holiday months, including restaurants, bakeries, salons, and retail stores. If you run a company that typically sees more business between October and December, it’s important that you start preparing ahead of time, to handle the influx. Without the proper preparation, you may find yourself falling behind, and losing track of important details, which will inevitably make tax time much more difficult. 

Here are some tips to get your business ready for the holiday rush:

1. Start your seasonal hiring

Many businesses rely on seasonal workers to keep up with customer demand. Don’t wait until the last minute- start interviewing now. Fill your seasonal positions, and have several people on a short list, in case you need more than expected.

2. Organize your filing now

If you’ve been putting off tidying or reorganizing your filing systems, now’s the time to get it done. Refresh your file cabinet or digital files, so you and your employees can navigate them easily when things get busy.

3. Invest in advertising

The holidays are the best time to invest the majority of your advertising budget, so get your marketing plan in place. Prepare your graphics, coupons, sales, banners, mailers, and other materials, to entice customers. 

4. Find a qualified CPA

If you don’t already have a qualified small business accountant, now is a great time to hire one. They will help you stay on top of your bookkeeping through the high season, and handle your tax filings in the new year!

5. Streamline your POS

To keep up with the holiday rush, it’s vital that your point-of-sale systems work smoothly and quickly. You don’t want to keep lines of people waiting, because your payment processor is glitchy. Take the time now to upgrade your systems, or otherwise streamline your POS technology.

6. Keep your receipts and paperwork

With the seasonal influx, you may have to purchase additional supplies or contract more outside help than you usually would. As with all business expenses, make sure you keep all your receipts and documents in a safe place, preferably with a digital backup. This will ensure record accuracy and maximize your tax write-offs.


If you need more help preparing your business for the holiday rush, get in touch with us at S.J. Wick & Associates.

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Tips for Tracking Your Receipts https://sjwickcpa.com/tips-for-tracking-your-receipts/ https://sjwickcpa.com/tips-for-tracking-your-receipts/#respond Fri, 30 Aug 2019 22:24:54 +0000 https://sjwickcpa.com/?p=2025 For small businesses, keeping track of expenditures is vital. At the end of each day, month, or quarter, it’s important that you’re able to see everything you spent money on. And when it comes to tax time, you’ll need this information for potential write-offs or tax breaks. It can take some practice, learning how to […]

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For small businesses, keeping track of expenditures is vital. At the end of each day, month, or quarter, it’s important that you’re able to see everything you spent money on. And when it comes to tax time, you’ll need this information for potential write-offs or tax breaks. It can take some practice, learning how to keep business and personal expenses separate, and also to keep record of what you’re spending. Whether you do your own bookkeeping, or you’re working with a qualified Fort Collins CPA, you’ll want to get into the habit of tracking your receipts!

If you want to keep your business finances clean and simple, and stay on top of them all year round, here are a few tips to keep in mind:

1. Separate personal and business

It sounds like a no-brainer, but too many people let these two mix, especially early on. It’s tempting to let the smaller expenses slip by, like gas/fuel, a coffee meeting, or some office supplies, but this can be a slippery slope. One of the first things you need to do as a small business owner is set up a separate business account. Make sure you route your business income here, and have payment options set up for your expenses.

2. Ask for emailed receipts

More and more retailers nowadays are offering receipts by email or text. Always accept this opportunity when you can- it’s much easier to keep track of expenses by email than it is to hold on to physical slips of paper. Text receipts are great as well, just make sure you save them somehow. For both avenues, ensure these are set up to go to your business phone and email address.

3. Scan and file

You likely work with a variety of different clients, suppliers, and vendors, so you likely have multiple streams of receipts to keep track of. No matter what your unique situation is, make sure you have a filing system that works for you. File receipts by month and/or by client, and also consider digitizing your receipts if you haven’t already. There are great scanners and apps nowadays that can help you do this.


Need help managing your business accounting? Get in touch with us at S.J. Wick & Associates today to learn more.

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How to Work Less and Still Be Successful https://sjwickcpa.com/how-to-work-less-and-still-be-successful/ https://sjwickcpa.com/how-to-work-less-and-still-be-successful/#respond Thu, 15 Aug 2019 22:09:22 +0000 https://sjwickcpa.com/?p=2023 For entrepreneurs in all industries, getting a new business off the ground is hard work. You put in hundreds or thousands of hours of effort on your marketing, designs, networking, and much more. If you’ve been running your own company for a while now, you understand the sacrifices it takes to grow. However, a good […]

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For entrepreneurs in all industries, getting a new business off the ground is hard work. You put in hundreds or thousands of hours of effort on your marketing, designs, networking, and much more. If you’ve been running your own company for a while now, you understand the sacrifices it takes to grow. However, a good business owner always keeps in mind the old adage of “work smarter, not harder.” Maximizing your time is key to building something that is sustainable; too many entrepreneurs burn out within a few years, often because they make a few crucial mistakes along the way.

If you want your company to be around for a long time, and still have time and energy to spend on other things that you love, here are a few tips to keep in mind:

1. Set boundaries

While growing a business does take some sacrifice, that doesn’t mean it should eat up every second of every day. Keep some dedicated non-working hours, where you can relax, do hobbies, and spend time with your loved ones. A more relaxed and balanced you, means a more sharp and productive you.

2. Outsource

Too many new small businesses try to handle everything in house, and while this may seem more cost-effective, it can cause more stress and mistakes over time. Hire outside help for anything that you don’t love or aren’t good at. Look for a local CPA in your area, or a web designer, or a marketing team, to help you.

3. Find your niche

In an effort to reach more customers or make more sales, too many entrepreneurs diversify too soon. It’s important to find your niche, and fill it well, before ever considering expansion. Find the thing you’re really good at, specialize in it, and make a name for yourself there. This will save you many hours of effort and lots of potential headaches.


Need a great small business accountant to help you manage your bookkeeping and taxes? Reach out to us at S.J. Wick & Associates today!

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Find the Right CPA for Your Construction Business https://sjwickcpa.com/find-the-right-cpa-for-your-construction-business/ https://sjwickcpa.com/find-the-right-cpa-for-your-construction-business/#respond Tue, 30 Jul 2019 19:48:48 +0000 https://sjwickcpa.com/?p=2018 If you want your company to thrive, it’s critical that your financials are in good order. As your business grows, make sure that you have a team of dedicated people, overseeing their shares of the operation. One vital part of this team should be an accountant, who can manage your bookkeeping and assist with taxes. […]

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If you want your company to thrive, it’s critical that your financials are in good order. As your business grows, make sure that you have a team of dedicated people, overseeing their shares of the operation. One vital part of this team should be an accountant, who can manage your bookkeeping and assist with taxes. There are thousands of good CPAs out there, so how do you find the one that is a good fit for your unique business

Each industry has its own special rules and regulations, and different daily operations, so it’s always best to find an accountant that specializes in your field. Knowing that you are looking for a construction CPA can help to narrow down the options, and reaching out to a firm or two can make the decision easy. 

You should feel heard and understood by your CPA, as they will become a valued member of your company team. In the construction industry, not only will your accountant run your books and taxes, but they should also be able to help with industry-specific needs. These may include work-in-progress (WIP) reports, overhead allocation, risk management, job estimates, and special insurance or worker’s compensation. A good CPA may also act as a vital contact between your growing business, and banks or loan lenders. 

In essence, your accountant should be experienced working with construction companies, and should have a good sense of the industry as a whole. A qualified construction CPA will allow you to stay ahead of the game, and ensure that all is running smoothly, so you can continue to focus on making your customers happy.

Reach out to us at Steven J. Wick & Associates today, and ask about our experience with accounting in the construction industry!

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Tips for Managing Seasonal Workers https://sjwickcpa.com/tips-for-managing-seasonal-workers/ https://sjwickcpa.com/tips-for-managing-seasonal-workers/#respond Sat, 13 Jul 2019 19:41:48 +0000 https://sjwickcpa.com/?p=2016 For many businesses in industries like landscaping, construction, or retail, having a fluctuating workforce can be a great asset. When demand for your goods or services increases during certain times of the year, you may need to bring aboard temporary help. These seasonal workers can keep your company afloat, but they can be tricky to […]

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For many businesses in industries like landscaping, construction, or retail, having a fluctuating workforce can be a great asset. When demand for your goods or services increases during certain times of the year, you may need to bring aboard temporary help. These seasonal workers can keep your company afloat, but they can be tricky to manage if you’re not careful.

If your business relies on seasonal employees, here are some tips to make the most out of this temporary help:

1. Treat all workers equally

Even if you do not invest as much time or energy into your seasonal workers, it’s important that they feel included and valued, as a part of the team. Happy employees are productive employees, and you don’t want to risk them bringing down company morale. Make sure these individuals are fairly compensated, given access to good shifts, and aren’t separated from the rest of the group.

2. Get their paperwork done

Whether you need them for a few months in the summer, or just a month or two in the holiday season, you still need to document your employees properly. Keep clear, secure records of their employment information, tax documents, and payroll classifications. And don’t put off doing your share of the paperwork- get it done before the rush begins.

3. Be clear on expectations

Whenever you hire a new person, both you and that individual have certain rights and responsibilities. Ensure that you’re on the same page about the job timeline, pay rate, overtime, etc…and if there is potential for long-term employment or not. Also, don’t skimp on their training- this only leads to stressed workers, and thus, unhappy customers. 

Need more tips on how to handle your seasonal small business? Get in touch with us at Steven J. Wick & Associates today.

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