HBC CPAs

Virginia's newly adopted budget includes a couple of updates business owners in our area should know about.

Localities across Virginia, including here in Southwest Virginia, now have the option to ask voters to approve an additional 1% sales tax specifically for school construction and renovation projects. Whether this applies locally depends on if Washington County or the Town of Abingdon decides to pursue a referendum, so it's worth keeping an eye on local government meetings this fall.

Separately, Virginia passed new tax conformity legislation, meaning the state won't automatically adopt every change from the recent federal tax bill. This can affect how certain deductions and provisions apply on your Virginia return.

Questions about how any of this affects your business? We're happy to talk it through.

💻 firmcpa.com
📞 (276) 628-1123

Southwest Virginia is built on small businesses. The shop owners, the family restaurants, the makers, the folks who show up early and stay late because this community means something to them.

This week, we're tipping our hats to the local businesses that make Abingdon what it is. When you choose local, you're keeping something good going right here at home.

Tell us in the comments: who's a local business you love?

💻 firmcpa.com
📞 (276) 628-1123

Happy 4th of July from our families to yours! 🇺🇸🎇

If you're self-employed, a freelancer, or a business owner, here's a friendly reminder: the tax system expects you to pay as you go.

Quarterly estimated tax payments help you stay current with the IRS throughout the year and avoid penalties and a big bill come April. The second quarter deadline has just passed, but now is a great time to make sure you're on track for Q3.

Not sure if you should be making estimated payments or how much to pay? HBC CPAs can help you figure it out.

firmcpa.com | (276) 628-1123

You've spent years building your business. Have you thought about what comes next? 🤔

Whether you're planning to pass the torch to a family member, bring in a partner, or eventually sell, having a financial plan in place makes all the difference. At HBC CPAs, we work with business owners across Southwest Virginia to think through the financial side of transitions, so that when the time comes, you're ready.

It's never too early to start the conversation. Reach out to our team today.

firmcpa.com | (276) 628-1123