Monterra Franchise Services

Monterra Franchise Services Our firm provides outstanding service to our clients because of our dedication to professionalism and quality.

As a client, you can expect personal and responsive attention as we guide you in all of your accounting, bookkeeping, financial, and tax planning. Our staff is knowledgeable, exacting, and experienced, and maintains detailed involvement with all of our clients’ financial affairs.

If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may ap...
10/30/2025

If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is generally fully deductible against ordinary income. Contact us at (216) 744-0152 with questions.

Does your business pay independent contractors? A provision in the One Big Beautiful Bill Act, signed into law on July 4...
10/29/2025

Does your business pay independent contractors? A provision in the One Big Beautiful Bill Act, signed into law on July 4, 2025, will reduce your required reporting. Currently, businesses that pay $600 or more for services rendered by a contractor must issue a Form 1099-NEC (Nonemployee Compensation). Beginning with payments made in 2026, the threshold increases to $2,000 and will be adjusted for inflation in subsequent years. This change will simplify compliance and reduce the risk of penalties for missed filings. Contact us at (216) 744-0152 with questions about how to proceed.

If your business reports inventory on its balance sheet, you have flexibility in how you track and expense it under U.S....
10/28/2025

If your business reports inventory on its balance sheet, you have flexibility in how you track and expense it under U.S. Generally Accepted Accounting Principles. The method you use to report inventory can affect your profitability, tax obligations and stakeholders’ perception of your business. What’s the right inventory accounting method for your business? Factors to consider include the types of inventory you carry, cost volatility, industry accounting conventions and the sophistication of your accounting systems. Also assess how each method will affect your financial ratios. Contact us at (216) 744-0152 for help evaluating your options strategically and ensuring your methods are clearly disclosed.

Wage garnishment can be tough. It allows creditors to collect a debt by legally withholding a portion of an employee’s p...
10/27/2025

Wage garnishment can be tough. It allows creditors to collect a debt by legally withholding a portion of an employee’s paycheck, but it comes with limits and employee protections. Garnishments are often triggered by government debts such as child support, student loans, tax levies, or court judgments. Before withholding can begin, you must be notified of the order to withhold. Some portion of your wages must be exempt per state law. If you’re hit with a garnishment order you believe is incorrect or unfair, you have the right to challenge it. Contact us for help with this matter at (216) 744-0152.

If you’re buying a business, you want the best results possible after taxes. You can potentially structure a purchase in...
10/23/2025

If you’re buying a business, you want the best results possible after taxes. You can potentially structure a purchase in two ways: 1) Buy the business assets. 2) Buy the seller’s entity ownership interest. If you’re buying assets, you must allocate the purchase price to the specific assets acquired. The amount allocated to each asset becomes the initial tax basis of that asset. For depreciable and amortizable assets (such as furniture, equipment, buildings, software and intangibles such as customer lists), the initial tax basis determines the post-acquisition tax deductions. The allocation process can lead to better or worse post-acquisition tax results. Call us at (216) 744-0152 for assistance.

Your business can claim a tax credit for qualified expenses paid or incurred when providing child care for employees. Be...
10/22/2025

Your business can claim a tax credit for qualified expenses paid or incurred when providing child care for employees. Beginning in 2026, the One Big Beautiful Bill Act increases the percentage of qualified expenses that can be taken into account for purposes of claiming the employer-provided child care credit. It also increases the maximum credit. Contact us at (216) 744-0152 with questions.

Whether you operate a for-profit business or a not-for-profit organization, strong accounting practices are essential fo...
10/21/2025

Whether you operate a for-profit business or a not-for-profit organization, strong accounting practices are essential for maintaining financial health and making informed decisions. Over time, even efficient systems can become outdated or inconsistent. Improve accuracy and save time by reviewing and reconciling accounts regularly, streamlining workflows and fully leveraging your accounting software. Small updates, such as automating reports or standardizing invoice approvals, can make a big difference. Contact us at (216) 744-0152 to review your systems and brainstorm ideas to modernize your accounting function, enhance efficiency and strengthen financial oversight.

If you ever wonder how your company’s financial results stack up against others in your industry, consider a benchmarkin...
10/20/2025

If you ever wonder how your company’s financial results stack up against others in your industry, consider a benchmarking study. It can show you exactly where you stand. Contact us at (216) 744-0152 to get started. We'll help you compare key financial metrics, highlight what you're doing well and uncover areas that need attention. From there, we’ll build a strategy to strengthen your financial footing, seize growth opportunities and minimize threats in an ever-changing market. Let’s turn your financial statements into action plans!

The most common business structures are sole proprietorships, partnerships, LLCs, C corporations and S corporations. Cho...
10/16/2025

The most common business structures are sole proprietorships, partnerships, LLCs, C corporations and S corporations. Choosing the right entity has many implications, including the taxes you pay. Although S corps may provide tax advantages over C corps in some cases, there are potential tax problems to assess before converting from C to S status. One issue to consider is last-in, first-out (LIFO) inventory. A C corp that uses LIFO must pay tax on the benefits it derived by using LIFO if it converts to an S corp. Other issues are the built-in gains tax, passive income tax and unused net operating losses. If you’re interested in an entity change, contact us at (216) 744-0152 to learn about the implications.

According to a recent Gallup poll, only 59% of Americans have saved money in an IRA, 401(k) or other work-based retireme...
10/15/2025

According to a recent Gallup poll, only 59% of Americans have saved money in an IRA, 401(k) or other work-based retirement plan. Unfortunately, most people can’t enjoy a secure retirement with Social Security benefits alone. If other priorities have prevented you from investing, contact us at (216) 744-0152. We can review your income, budget and goals and assist you in establishing a retirement savings plan that will help you catch up!

As 2025 winds down, business owners and managers are ramping up planning for next year. Part of the annual budgeting pro...
10/14/2025

As 2025 winds down, business owners and managers are ramping up planning for next year. Part of the annual budgeting process is identifying ways to lower expenses and strengthen cash flow. When cutting costs, think beyond the obvious, such as wages, benefits and employee headcount. For example, consider consolidating vendors and negotiating lower prices. Likewise, energy-efficient upgrades to facilities and equipment can lower energy costs and offer tax breaks. You might also save money by outsourcing certain services, such as payroll, billing, collections, IT and bookkeeping. Contact us at (216) 744-0152 to help brainstorm ideas to boost your company’s bottom line without sacrificing its top line.

Businesses involved in some clean energy projects and products are hurt by the One Big Beautiful Bill Act. That’s becaus...
10/13/2025

Businesses involved in some clean energy projects and products are hurt by the One Big Beautiful Bill Act. That’s because it accelerates the phaseout of certain tax credits and adds new restrictions to tax breaks related to solar, wind, and hydrogen power and electric vehicle charging stations. The dates that clean energy tax breaks end vary. Some may be available until 2026 or 2027. Contact us at (216) 744-0152 if you have questions about your situation. The date that projects begin construction is critical.

Address

2021 Murray Hill Road
Cleveland, OH
48106

Opening Hours

Monday 8:30am - 5pm
Tuesday 8:30am - 5pm
Wednesday 8:30am - 5pm
Thursday 8:30am - 5pm
Friday 8:30am - 5pm

Telephone

+12167440152

Website

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