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Independent Contractor vs. Employee: Who Should I Hire?

Interviewer shaking hands with job candidate.

As a business owner in the post-COVID era, you’ve probably wondered if you should hire an independent contractor instead of an employee. After all, there are lots of independent contractors and freelance workers out there these days! And it may seem like an easy way to bring on talent, without all the paperwork and extra […]

Preparing for Tax Season 2022: What Your CPA Needs From You and What To Expect

This blog was originally published on January 25th, 2022 but has been updated on January 18th, 2023. Tax season is upon us, which means it’s time to start preparations for your 2022 tax return. Whether this is your first or your fiftieth year filing taxes, preparing for tax season can be stressful and often frustrating […]

What Does Your CPA Do When it’s NOT Tax Season?

For many folks, the only time they see their certified public accountant is during the weeks leading up to April 15th–also known as Tax Day. But what exactly do they get up to after that?  Much like we used to assume our school teachers lived in their classrooms and evaporated into thin air once summer […]

Inheritance Taxes in Minnesota: What You Need To Know

There are several different ways an inheritance can be taxed in the North Star State. Whether you’re preparing your own estate or have found yourself the beneficiary of one, it’s important that you understand all the tax implications (including any potential tax breaks) so you can plan accordingly. At Wood CPA, we make sure our […]

What Happens When You Over-Contribute to Your HSA, IRA, or 401(k)?

Setting aside money for retirement or healthcare expenses through an IRA, 401(k), or HSA is a smart thing to do. So contributing as much as possible to these accounts is a great idea, right? Well…yes and no. What many people don’t realize is that you can contribute too much to these tax-advantaged accounts. The IRS […]

How To Choose Which Business Structure Is Best for You

When you start your own business, there are seemingly millions of decisions to make. From financial and legal considerations to hiring and training staff, it can feel like a lot.  Of all of the decisions you have to make as you set up your business, choosing a business structure is one of the most important. […]

What Is Sales and Use Tax, and How Does It Affect Your Business?

sales and use tax

Sales and use tax management and compliance issues are not limited to retail companies — they can pose a challenge for businesses of all types and sizes.  Collecting, calculating, reporting, and paying sales and use taxes are often some of the most confusing aspects of running a business. And because these taxes impact your business […]

The Basics of Starting Your Own Business: A Guide

starting a business

Starting your own business can feel daunting. I know — I started my own accounting firm nearly two years ago.  Starting a business involves vast amounts of planning and preparation, and there are seemingly a million and one details to take care of…and that’s all before you even open your doors! It can feel like […]

A Brief Guide to Accounting For Cryptocurrency

Cryptocurrency has gained a lot of interest all over the world in recent years. Both individual consumers and corporations are exploring the addition of cryptocurrency to their investment profiles, and some users are beginning to utilize cryptocurrency as a form of payment for goods and services. Since cryptocurrency is a relatively new and evolving technology, […]

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