Shoff Accounting

Shoff Accounting Shoff Accounting focuses on reducing our client's tax liability through advanced tax strategies.

09/03/2025

Uncomfortable truth:

Most businesses don't sell for what the owner thinks they're worth.

This typically happens when:

1. The systems are outdated.

2. The owner is still too involved in day-to-day operations.

3. Key processes aren’t documented.

4. The team can’t function independently.

5. Revenue relies on a few big clients or relationships.

6. The financials are way behind, messy, or unreconciled.

7. The tax returns and financial statements don't match up.

8. The business owner is years behind on their tax filings.

You should be planning to exit (even if it's years in the future).

It's easier to do now than scramble to put it all together in a few months.

Need help getting the bookkeeping and taxes buttoned up for your business? Reach out!

We specialize in accounting for business owners. Send a DM my way and let's chat soon.

09/02/2025

Don't get tripped up by misunderstanding Owner Draws (Owner Distributions):

- What are owner draws?

This occurs when a business owner transfers money from their business bank account to their personal bank account (to "pay themselves").

- Do owner draws reduce the amount of taxes owed by the business owner?

No, taking a draw ≠ creating a tax deductible expense nor does it reduce business profit.

- What types of businesses allow for or require owner draws?

Sole Proprietorships, Single Member LLCs, S-Corps (but it's limited), and Partnerships.

- Are owner draws taxable income to the owner?

If your business is NOT a C-Corp your owner draws will occur tax free most of the time.

- When are owner draws taxed?

If your business is a C-Corp these transfers are not owner draws but they are considered dividends that are taxable income to the business owner.

If your business is an S-Corp, as long as you have an adequate tax basis in your company, your owner draws are tax free.

Want help planning ahead so big tax bills do not sneak up on you? Reach out!

Business Accounting is our specialty. Let's chat about your business soon.

09/01/2025

We’ve uncovered nearly six figures for clients using this simple process (and every business owner should be doing it).

Before buying a business, buyers perform a QOE (Quality of Earnings) analysis.

But did you know, you should be performing a mini QOE on your own business...even if you’re not planning to sell?

You might find revenue slipping through the cracks… and discover exactly where it’s happening.

Example:

If you’re collecting payments through QuickBooks Online (QBO), it’s convenient, but not perfect:

A customer’s card might get declined… and QBO doesn’t always follow up properly.

Invoices may show as “paid” even if the payment was never received or deposited.

We’ve seen it happen. A lot.

Also, I've seen invoices get marked as paid in client's QBO, when they're really not paid, and that payment never had a deposit that occurred in reality.

Could this be happening to your business?

Have your bookkeeper/accountant/fractional CFO look into this for you. Make sure revenue isn't slipping through the cracks.

Need help in this area? Reach out! Business accounting (and taxes) are our specialty.

Reach out if you want a second set of eyes on your books. We're here to help!

08/31/2025

Q3 estimated taxes are due soon. Business owners, this one’s for you.

Here’s a common mistake that could cost you...Don’t get caught off guard.

Your business profits have zero tax withheld, unlike paychecks.

NOTE that Owner draws don't reduce your taxable income.

Unless you're operating a C-Corp: It's your business profits that is taxed, not the money you take out as an owner.

If you're unsure how much to set aside, talk to a pro before the Q3 deadline hits.

Need help in this area, reach out! We specialize in accounting for business owners.

08/30/2025

As a business owner, is getting a tax refund a red flag? Is it bad?

While it can mean that you gave the government an interest free loan, it isn't a red flag...in fact there are benefits.

I'd even say that it can be more good than bad because:

→ You're exempt from big late filing penalties if your return is filed late (yep, it's true).

→ You don't owe any interest or penalties when your return is filed.

→ You don't owe any taxes when your return is filed.

→ It shows you've been disciplined with your cash flow and your tax payments.

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While you may not want to give the government an interest free loan, it definitely helps to manage your tax situation if you're a business owner. >> You have tax reducing strategies that can be implemented. Also, managing your cash flow in this area is a must to avoid killer tax bills.

Want to get better at managing your tax situation? Let chat, Business Tax Management is our specialty!

08/29/2025

Your business P&L is not your bank statement. If you're using it like one, you're making a mistake that could mess up your business strategy and wreck your tax planning.

Here's what DOES NOT belong on your P&L:

🚫 Cash deposited from loans.

🚫 Cash spent to pay down loans and credit cards (only the interest portion hits the P&L).

🚫 Deposits from the money you contributed/invested into your business.

🚫 Owner Draws: Cash transferred from your business bank account to your personal bank account.

🚫 Equipment or Real Estate Purchased that needs to be depreciated over time (only current year depreciation hits the P&L)

In looking at the list above, there can be a lot of important financial transactions going on with your business that are highly impactful, but should never be on your P&L.

Your P&L should only your business operational activity: Sales (minus) Expenses (equaling) Profit or Loss generated by your business.

Getting the P&L correct has big tax implications because you're taxed on your business profit.

You CANNOT drive down your business profit by merely pulling money out of your business (owner draws)...this doesn't work! There are tax strategies you can implement, but that isn't one of them.

It's super important your business bookkeeping is completed correctly. This helps you: form the right biz strategies, be compliant with taxes, implement tax strategies properly, get loans approved faster, etc.

Use this post to build your skills, strategize growing your business, and managing your tax situation better.

If you’re not confident your P&L is set up right, let’s talk! Business accounting is our specialty.

08/28/2025

Tax surprises can be huge when you're a business owner.

Taxes are a part of your business that needs to be managed.

Don't go through the stress of chaotic books, huge tax bills, and IRS audits.

- Stay on top of your numbers
- Work with an accountant that focuses on business owners
- Start early

And if you need help, please reach out.

I want to take that stress away so you can focus on growing your business.

08/27/2025

Think about it:

Would you wait a year to check your personal bank account?

Then why do it with your business taxes?

Nothing stresses a business owner out like getting a huge surprise tax bill (when they may not have the cash to cover it).

Don't wait until tax season to care about your numbers.

- Get your bookkeeping up to date and accurate.

- Review your finances, make tax liability calculations part of this review.

- Pay estimated taxes throughout the year (or set money aside for taxes).

- Get with an accountant to help you implement tax strategies that legally reduce your tax bill

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Need help in this area? Reach out! We specialize in business tax management.

08/26/2025

In accounting, one mistake can take 10x longer to fix than doing it right initially.

Common bookkeeping mistakes:

- Income recorded twice
- Missing expenses
- Missed deductions
- Categorization errors

That's the real cost of an unqualified bookkeeper.

If you need bookkeeping help for your business, reach out.

I've been helping business owners for 15+ years.

08/25/2025

Common mistake I see with new business owners:

Rushing to S-Corp status before they're ready.

You need roughly $80k+ in CONSISTENT profits to make S-Corp status worth it.

Less than that? Stay a single-member LLC or sole prop.

The "S-Corp tax savings" you hear about only works when your business is consistently profitable by a minimum amount.

Tik Tokers might disagree, but they only want views and followers, not to actually help you.

Want to optimize your S-Corp tax savings or see if making the switch is right for you? Reach out!

Business tax management is our specialty.

08/24/2025

Uncomfortable truth:

Most business owners have a tax historian, not a tax strategist.

Let me explain.

Tax preparers = record what happened
Tax strategists = shape what happens next

Think about it - would you rather someone tell you how much you owe, or help you owe less?

If you're looking for a tax strategist, reach out!

Business tax management is our specialty.

Let's get you and your business more tax efficient in 2025.

08/23/2025

Business owners blindsided by a big bill?

Don’t panic.

Here's what you can do:

- Negotiate terms

Many vendors will offer extended payment plans if you just ask.

- Cut non-essential expenses

Free up cash by pausing unnecessary spending.

- Leverage existing assets

Can you sell unused inventory?

Can you collect outstanding invoices quickly?

The key is acting fast before the problem snowballs.

An adequate cash cushion solves this.

But if you don’t have one, smart moves can keep you afloat.

Address

216 South 8th Street
Opelika, AL
36801

Opening Hours

Monday 7am - 4pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

(334) 787-9854

Website

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