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# Lightheart, Sanders and Associates

Doing Things Differently

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## Posts

- [Cost Segregation Studies Can Reveal Substantial Tax Savings](https://lsa.cpa/2026/05/05/cost-segregation-studies-can-reveal-substantial-tax-savings/) - Businesses that own commercial real property may be sitting on an overlooked treasure chest of tax savings — and a cost segregation study can be the key to unlocking it. This is a strategic tool that combines accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than
- [Individual tax calendar: Key deadlines for the remainder of 2026](https://lsa.cpa/2026/04/27/individual-tax-calendar-key-deadlines-for-the-remainder-of-2026/) - Upcoming Important Dates Yes, the April 15 tax deadline is now behind us. But there are also deadlines during the rest of the year that are important to be aware of. To help you not miss any, here’s when some key tax-related forms, payments and other actions are due. Keep in mind that this list
- [Tax filing FAQs for individuals](https://lsa.cpa/2026/01/20/tax-filing-faqs-for-individuals/) - The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then. Here are answers to some FAQs about filing. When is
- [10 Best Quotes About Saving Money](https://lsa.cpa/2022/07/26/10-best-quotes-about-saving-money/) - We know it can be hard to know how to save, with so many opinions out there. So, we’ve created a list of the best quotes about saving and shared our own thoughts.
- [How to Teach Your Kids the Importance of Saving Money](https://lsa.cpa/2022/09/12/how-to-teach-your-kids-the-importance-of-saving-money/) - Teach your kids the importance of saving money and how it can lead them towards success. Here is our helpful guide on how to save.
- [Year-End Tax Planning for 2022 for Individuals](https://lsa.cpa/2022/11/29/year-end-tax-planning-for-2022-for-individuals/) - It is important that, as the end of the year approaches, individual taxpayers review their year and get ready for next year’s tax return. Read our blog for a couple tips from us! It’s important that individual taxpayers review their year and get ready for next year’s tax return. Read our blog for a couple tips from us!
- [A Cost Segregation Study May Cut Taxes and Boost Cash Flow](https://lsa.cpa/2023/11/30/cut-taxes-and-boost-cash-flow/) - Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Depreciation basics Business buildings generally have a 39-year depreciation period
- [Why Year-Round Tax Planning Matters](https://lsa.cpa/2024/06/03/why-year-round-tax-planning-matters/) - Year-round tax planning maximizes deductions & enhances financial health. Avoid year-end stress by proactively managing taxes, cash flow, and investments all year.
- [Mid-Year Financial Check-Up: Course Correction or Steady As She Goes?](https://lsa.cpa/2024/06/16/mid-year-financial-check-up-course-correction-or-steady-as-she-goes/) - Ensure your business stays on course with a mid-year financial check-up. Identify variances, adapt strategies, and ensure success. Partner with a CPA for expert guidance.
- [Hiring Your Child to Work at Your Business This Summer](https://lsa.cpa/2024/07/16/hiring-your-child-to-work-at-your-business-this-summer/) - With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of
- [From Flights to Meals: A Guide to Business Travel Tax Deductions](https://lsa.cpa/2024/11/06/from-flights-to-meals-a-guide-to-business-travel-tax-deductions/) - As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and
- [The Importance of Bank Reconciliation for Small Businesses: Keeping Your Accounts in Check](https://lsa.cpa/2024/12/06/the-importance-of-bank-reconciliation-for-small-businesses-keeping-your-accounts-in-check/) - The Importance of Bank Reconciliation for Small Businesses: Keeping Your Accounts in Check Running a small business requires attention to detail, especially when it comes to managing finances. One essential but often overlooked task in this realm is bank reconciliation. This process of comparing your business’s financial records to your bank statements is crucial for
- [Understanding the Department of Education Composite Score for Proprietary Institutions](https://lsa.cpa/2024/12/23/understanding-the-department-of-education-composite-score-for-proprietary-institutions/) - Institutions of higher education, including trade schools and universities, must follow financial guidelines from the U.S. Department of Education (ED). A key part of this process is the Composite Score Ratio (CSR), which measures an institution’s financial health. This blog explains what the CSR is, how it’s calculated, and why it matters. By the end,
- [Understanding Your Composite Score: 3 Key Drivers](https://lsa.cpa/2024/12/23/understanding-your-composite-score-3-key-drivers/) - For post-secondary institutions, understanding the Composite Score is not just a regulatory requirement but a critical part of financial health and stability. This score, calculated by the U.S. Department of Education (ED), is a key indicator of financial responsibility. While most institutions are familiar with the basic calculation, few fully grasp the intricacies of the
- [Navigating the Holiday Hustle: Financial Strategies for Small Businesses](https://lsa.cpa/2024/12/23/navigating-the-holiday-hustle-financial-strategies-for-small-businesses-2/) - The holiday season is a whirlwind of activity for many businesses. While it’s a time of increased sales and heightened customer expectations, it also brings unique financial challenges. Small businesses can often get overwhelmed with the rush and lose sight of the bigger financial picture. To help you navigate the holiday season and maintain strong
- [Spotting Financial Red Flags in Your Business](https://lsa.cpa/2025/01/10/spotting-financial-red-flags-in-your-business/) - In today’s ever-evolving business landscape, financial stability is more crucial than ever. For both new entrepreneurs and seasoned executives, staying vigilant about a business’s financial health can prevent future setbacks and bolster growth. As accounting professionals, we've seen first-hand the signs that often point to bigger problems on the horizon. Here's a closer look at
- [Common Bookkeeping Mistakes to Avoid: Insights from an Accounting Firm](https://lsa.cpa/2025/01/10/common-bookkeeping-mistakes-to-avoid-insights-from-an-accounting-firm/) - As a small business owner, keeping your books accurate and up-to-date is critical for financial health, tax compliance, and overall success. However, many businesses struggle with bookkeeping and may make mistakes that lead to bigger financial issues down the road. At LSA CPA, we’ve seen firsthand how seemingly small errors can snowball into costly problems.
- [A Proactive Approach to Compliance](https://lsa.cpa/2025/01/10/a-proactive-approach-to-compliance/) - Navigating the complex landscape of higher education compliance can be daunting. However, with a proactive approach, institutions can significantly reduce the stress and potential risks associated with audits. By conducting thorough internal reviews and addressing potential issues before they escalate, institutions can streamline the audit process and maintain a strong reputation. The Benefits of Proactive
- [FVT-GE Reporting: Where Do We Stand?](https://lsa.cpa/2025/02/14/fvt-ge-reporting-where-do-we-stand/) - UPDATED 4/2/2025: The initial timeframe for completing required FVT/GE debt reporting and reviewing Completers Lists concluded on January 15, 2025. The Department of Education subsequently reopened the reporting process, extending the deadline for debt reporting to February 18, 2025. Following that, the Department of Education has extended the deadline again. The current deadline for institutional
- [Decoding Retained Earnings: What Your Profits (or Losses) Reveal](https://lsa.cpa/2025/03/11/decoding-retained-earnings-what-your-profits-or-losses-reveal/) - While the term "retained earnings" might sound like something only accountants care about, it’s actually one of the most important indicators of a company's financial health. In simple terms, retained earnings are the profits a company keeps, rather than distributing them to shareholders as dividends. Think of them as the company's savings—funds that are reinvested
- [Why Cybersecurity Matters for Your Accounting Needs](https://lsa.cpa/2025/03/20/why-cybersecurity-matters-for-your-accounting-needs/) - In today's interconnected world, financial data is a prime target for cybercriminals. Whether you're an individual managing personal finances, a business processing credit card transactions, or a company collaborating with an accounting firm, safeguarding your financial information is crucial. A cyberattack on your financial records can lead to identity theft, fraud, and significant financial losses.
- [6 last-minute tax tips for businesses](https://lsa.cpa/2025/12/16/6-last-minute-tax-tips-for-businesses/) - Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: 1. Postpone invoicing. If your business uses the cash method of accounting and it would benefit from deferring income to next year, wait until early 2026
- [The 2025 SALT deduction cap increase might save you substantial taxes](https://lsa.cpa/2025/11/05/the-2025-salt-deduction-cap-increase-might-save-you-substantial-taxes/) - If you pay more than $10,000 in state and local taxes (SALT), a provision of the One Big Beautiful Bill Act (OBBBA) could significantly reduce your 2025 federal income tax liability. However, you need to be aware of income-based limits, and you may need to take steps before year end to maximize your deduction. Higher
- [The power of catch-up retirement account contributions after 50](https://lsa.cpa/2025/11/05/the-power-of-catch-up-retirement-account-contributions-after-50/) - Are you age 50 or older? You’ve earned the right to supercharge your retirement savings with extra “catch-up” contributions to your tax-favored retirement account(s). And these contributions are more valuable than you may think. IRA contribution amounts For 2025, eligible taxpayers can make contributions to a traditional or Roth IRA of up to the lesser
- [The One Big Beautiful Bill Explained: What It Means for Your Business and Personal Taxes](https://lsa.cpa/2025/07/25/the-one-big-beautiful-bill-explained-what-it-means-for-your-business-and-personal-taxes/) - On July 4, 2025, the “One Big Beautiful Bill” (OBBBA) was signed into law. This legislation includes significant updates to the tax code for individuals and businesses, making permanent several provisions from the 2017 Tax Cuts and Jobs Act (TCJA) and introducing new deductions and incentives. Below is a summary of the key tax-related changes
- [Turning stock downturns into tax advantages](https://lsa.cpa/2025/07/25/turning-stock-downturns-into-tax-advantages/) - Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be something you’d rather forget, there’s a silver lining: you can claim a capital loss deduction on your tax return. Here are the rules when a
- [Why “Profitable” Doesn’t Always Mean “Cash-Healthy” — A Common Misunderstanding for Small Businesses](https://lsa.cpa/2025/07/29/why-profitable-doesnt-always-mean-cash-healthy-a-common-misunderstanding-for-small-businesses/) - At LSA CPA, one of the most frequent points of confusion we see with business owners is this: "If I'm making a profit, why is my bank account still tight?" The answer lies in the difference between your profit and your cash flow—and it's more important than most realize. Profit Doesn’t Tell the Whole Story
- [How Can You Make Numbers Fun? Yes, It’s Possible.](https://lsa.cpa/2025/07/20/how-can-you-make-numbers-fun-yes-its-possible/) - Let’s face it: most people don’t associate numbers with fun. For many business owners, bookkeeping, budgeting, and financial reports can feel like a necessary chore—something you endure rather than enjoy. But at LSA CPA, we believe numbers don’t have to be boring or intimidating. In fact, when framed the right way, numbers can be inspiring,
- [Why It’s Still Important to Have a Human Do Your Bookkeeping in a World of AI](https://lsa.cpa/2025/07/10/why-its-still-important-to-have-a-human-do-your-bookkeeping-in-a-world-of-ai/) - There’s no doubt about it—AI has changed the game in bookkeeping. Automation tools can import transactions, categorize expenses, and generate basic financial reports in seconds. But as powerful as these tools are, they don’t replace the value of human oversight. In fact, relying only on AI can often lead to costly mistakes, missed insights, and
- [Why Understanding Your Balance Sheet Is Imperative to Overall Financial Health](https://lsa.cpa/2025/07/01/why-understanding-your-balance-sheet-is-imperative-to-overall-financial-health/) - When most business owners think about their finances, they go straight to the profit and loss (P&L) statement. While tracking income and expenses is important, there’s another financial report that often gets overlooked—but is just as critical: the balance sheet. At LSA CPA, we believe understanding your balance sheet is non-negotiable when it comes to
- [Understanding Charitable Donations and Tax Deductions: What You Can (and Can’t) Deduct](https://lsa.cpa/2025/05/21/understanding-charitable-donations-and-tax-deductions-what-you-can-and-cant-deduct/) - Charitable donations are a great way to support meaningful causes, and they can also offer tax advantages—if you understand the rules. However, not every donation qualifies for a tax deduction, and even those that do are subject to certain limits and documentation requirements. Here’s what you need to know about how charitable deductions work, what
- [How A CPA Firm Can Help Your Salon And Spa](https://lsa.cpa/2023/06/06/how-a-cpa-firm-can-help-you/) - In this blog, we’ll dive into the ways that teaming up with a CPA firm can empower your salon and spa.
- [Can I itemize deductions on my tax return?](https://lsa.cpa/2025/03/26/can-i-itemize-deductions-on-my-tax-return/) - You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the
- [Why Your Beauty Business Needs an Accountant: More Than Just Bookkeeping](https://lsa.cpa/2025/02/15/why-your-beauty-business-needs-an-accountant-more-than-just-bookkeeping/) - At Lightheart, Sanders, and Associates, we understand that running a beauty salon, spa, or cosmetology school is about more than just creativity and artistry—it’s about financial success, stability, and growth. While you’re busy transforming clients with stunning hairstyles, glowing skin, and flawless makeup, managing your finances can quickly become overwhelming. That’s where we come in—not
- [The standard business mileage rate increased in 2025](https://lsa.cpa/2025/02/27/the-standard-business-mileage-rate-increased-in-2025/) - The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup
- [The Importance of Budgeting for Small Business Owners](https://lsa.cpa/2024/12/28/the-importance-of-budgeting-for-small-business-owners/) - Budgeting is the backbone of financial management, especially for small business owners looking to maximize profits and sustain growth. A well-structured budget offers a clear financial roadmap, helping business owners manage cash flow, make strategic decisions, and avoid surprises. In this post, we explore the importance of budgeting and shares practical tips to help small
- [Understanding 1099 Forms for Small Businesses: A Complete Guide](https://lsa.cpa/2024/12/20/understanding-1099-forms-for-small-businesses-a-complete-guide/) - As a small business owner, managing finances and staying compliant with tax regulations is crucial. One essential part of this is understanding and properly handling IRS 1099 forms, which are commonly used for reporting income paid to contractors, freelancers, and other non-employees. In this guide, we’ll go over the basics of 1099s to help you
- [Navigating Audit Season: A Proactive Approach](https://lsa.cpa/2024/12/06/navigating-audit-season-a-proactive-approach/) - Navigating Audit Season: A Proactive Approach The annual audit season can be a stressful time for many organizations. However, with proper planning and preparation, it can be a smooth and even beneficial experience. In this blog post, we'll explore key strategies to help you navigate the audit season with confidence. Key Strategies for a Successful
- [Why Keeping Personal and Business Expenses Separate Is Crucial for Your Success](https://lsa.cpa/2024/12/06/why-keeping-personal-and-business-expenses-separate-is-crucial-for-your-success/) - Why Keeping Personal and Business Expenses Separate Is Crucial for Your Success As an entrepreneur or small business owner, managing your finances can be overwhelming, but one principle can make a world of difference: separating your personal and business expenses. While it may seem like a minor detail, keeping these accounts distinct is vital
- [Navigating the Holiday Hustle: Financial Strategies for Small Businesses](https://lsa.cpa/2024/12/06/navigating-the-holiday-hustle-financial-strategies-for-small-businesses/) - Navigating the Holiday Hustle: Financial Strategies for Small Businesses The holiday season is a whirlwind of activity for many businesses. While it's a time of increased sales and heightened customer expectations, it also brings unique financial challenges. Many small businesses can get overwhelmed with the rush and lose sight of the bigger financial picture. Key
- [Make year-end tax planning moves before it’s too late!](https://lsa.cpa/2024/10/17/make-year-end-tax-planning-moves-before-its-too-late/) - With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard
- [Using Data To Make Decisions](https://lsa.cpa/2024/09/27/using-data-to-make-decisions/) - I recently listened to a podcast from a sports/business performance psychologist. It was intriguing to listen to him talk about the need to start with finding the truth before finding solutions. This concept has been working in my mind for several days as it applies to so much of what we do as leaders of
- [Maximizing Deductions for Small Business Owners: Key Strategies and Common Deductions](https://lsa.cpa/2024/09/26/maximizing-deductions-for-small-business-owners-key-strategies-and-common-deductions/) - As a small business owner, maximizing your tax deductions can significantly reduce your taxable income, allowing you to reinvest more into your business. By understanding and utilizing common deductions such as office supplies, travel expenses, and professional services, you can enhance your financial health and operational efficiency. Here’s an overview of these deductions and how
- [Unlocking Tax Benefits: The Advantages of Owning Your Business Property](https://lsa.cpa/2024/09/26/unlocking-tax-benefits-the-advantages-of-owning-your-business-property/) - For many business owners, the decision to purchase the building in which their business operates can be a strategic move with substantial financial benefits. Beyond the immediate advantage of having a stable and predictable location, owning your business property can offer a myriad of tax benefits that enhance your overall financial health. From depreciation deductions
- [Planning your estate? Don’t overlook income taxes](https://lsa.cpa/2024/08/15/planning-your-estate-dont-overlook-income-taxes/) - The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs.
- [Handling Tips and Gratuities: Proper Reporting and Tax Treatment for Salon Owners and Staff](https://lsa.cpa/2024/07/23/handling-tips-and-gratuities/) - In the salon industry, tips and gratuities form a significant portion of the income for many professionals. Properly managing and reporting these tips is essential for compliance with tax laws and ensuring fair treatment of both salon owners and staff. This article provides an overview of the correct reporting and tax treatment of tips, offering guidance for salon owners and their employees.
- [Booth Renters vs. Employees: Tax Implications in the Salon Industry](https://lsa.cpa/2024/06/15/booth-renters-vs-employees-tax-implications-in-the-salon-industry/) - Discover the tax implications of being a booth renter vs. an employee in the salon industry. Learn about tax responsibilities, deductions, and financial planning for better decision-making.
- [The Case of the Vanishing Hairspray: Why You Should Outsource Bookkeeping (and Save Your Salon)](https://lsa.cpa/2024/06/20/why-you-should-outsource-bookkeeping/) - Discover the benefits of outsourcing bookkeeping. Lightheart, Sanders & Associates explains how outsourcing can save time, reduce costs, & improve financial accuracy.
- [Pros and cons of turning your home into a rental](https://lsa.cpa/2024/05/20/pros-and-cons-of-turning-your-home-into-a-rental/) - If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts of the country, rents are much higher or lower than the
- [The tax deadline is almost here: File for an extension if you’re not ready](https://lsa.cpa/2024/04/10/the-tax-deadline-is-almost-here-file-for-an-extension-if-youre-not-ready/) - The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to
- [Beware of a stealth tax on Social Security benefits](https://lsa.cpa/2024/04/01/stealth-tax-on-social-security-benefits/) - Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case.
- [Taking your spouse on a business trip? Can you write off the costs?](https://lsa.cpa/2024/03/21/can-you-write-off-business-trip-with-spouse/) - A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having
- [Filing Jointly or Separately as a Married Couple: What’s the Difference?](https://lsa.cpa/2024/02/15/filing-jointly-or-separately-as-a-married-couple/) - When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately, Head of household, and Qualifying surviving spouse. If you’re married,
- [Answers to your tax season questions](https://lsa.cpa/2024/01/22/answers-to-your-tax-season-questions/) - Answers to your tax season questions The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. 1.What are this year’s
- [It’s possible (but not easy) to claim a medical expense tax deduction](https://lsa.cpa/2023/12/22/its-possible-but-not-easy-to-claim-a-medical-expense-tax-deduction/) - It’s possible (but not easy) to claim a medical expense tax deduction One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several
- [Business automobiles: How the tax depreciation rules work](https://lsa.cpa/2023/11/15/business-automobiles/) - Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined.
- [What types of expenses can’t be written off by your business?](https://lsa.cpa/2023/10/11/what-types-of-expenses-cant-be-written-off-by-your-business/) - In the world of tax deductions, it's crucial to know what you can't claim. Explore this blog to unveil the expenses your business can't write off
- [Choosing An Auditor For Your School](https://lsa.cpa/2021/04/06/choosing-an-auditor-for-your-school/) - As a beauty school, you understand how important the audit process is. It’s important to work with a CPA firm that understands as well. At Lightheart, Sanders and Associates, we specialize in auditing for beauty schools. Check out this blog to learn more!
- [Evaluate Whether a Health Savings Account is Beneficial to You](https://lsa.cpa/2023/09/20/is-a-health-savings-account-beneficial-to-you/) - For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs.
- [Moving Mom or Dad Into a Nursing Home? 5 Potential Tax Implications](https://lsa.cpa/2023/08/16/nursing-home-5-potential-tax-implications/) - If you have a parent entering a nursing home, you’re probably not thinking about taxes. But there may be tax consequences. Here are 5 possible tax breaks.
- [Traveling for business this summer? Here’s what you can deduct](https://lsa.cpa/2023/07/20/what-you-can-deduct-while-traveling-for-business/) - If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Here's what you can deduct!
- [Key Characteristics of a Successful Relationship Between a Salon and Spa and a CPA Firm](https://lsa.cpa/2023/06/07/characteristics-of-a-successul-relationship/) - We explore the key characteristics of a successful relationship between a salon and spa and a CPA firm, shedding light on the benefits of a good partnership.
- [What Should I Ask A CPA Before I Hire Them?](https://lsa.cpa/2023/06/08/questions-for-a-cpa/) - Finding the right CPA for your needs requires careful consideration. We’re giving you some questions to ask a CPA before hiring them.
- [4 Tax Challenges You May Encounter If You’re Retiring Soon](https://lsa.cpa/2023/06/05/tax-challenges-if-youre-retiring-soon/) - Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications.
- [Paperwork You Can Toss After Filing Your Tax Return](https://lsa.cpa/2023/05/10/paperwork-you-can-toss-after-filing-your-tax-return/) - Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records.
- [Defer Capital Gains using Like-Kind Exchanges](https://lsa.cpa/2015/09/01/defer-capital-gains-using-like-kind-exchanges/) - If you're a savvy investor, you probably know that you must generally report as income any mutual fund distributions whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed. But if real estate's your game, did you know
- [Recordkeeping for Charitable Contributions](https://lsa.cpa/2015/09/01/recordkeeping-for-charitable-contributions/) - You must keep records to prove the amount of any cash and noncash contributions you make during the year. Which records you must keep depends on the amount you contribute and whether they are cash or property contributions. New recordkeeping requirements were established for all contributions made after January 1, 2007. You cannot deduct a
- [Leaving a Business: Which Exit Plan is the Best Option for You?](https://lsa.cpa/2015/09/15/leaving-a-business-which-exit-plan-is-best/) - When leaving a business, the best exit plan depends on you and your needs. Here are four different options that could be the right strategy for you!
- [What You Need to Know About Beauty School HEERF Audits: Our Complete Guide](https://lsa.cpa/2021/04/07/what-you-need-to-know-about-beauty-school-heerf-audits-our-complete-guide/) - Do new HEERF audit requirements have you wondering how to make sure your beauty school is prepared? We’ve got you covered. Find out what you need to know about rules, requirements, and more so you can pass your HEERF audit!
- [What Beauty Schools Need to Know About Digital File Solutions](https://lsa.cpa/2021/05/18/what-beauty-schools-need-to-know-about-digital-file-solutions/) - Why should your beauty school move to a digital filing system, and what features should your system have? Find out these things and more on our blog to help your school run smoothly!
- [How To Make Your Audit Work For You](https://lsa.cpa/2021/05/27/how-to-make-your-audit-work-for-you/) - You got your audit, but what do you do with it? Read our guide to see how your audit can help you.
- [What is Advance Child Tax Credit?](https://lsa.cpa/2021/06/25/what-is-advance-child-tax-credit/) - There are some exciting changes to Child Tax Credit. See how these changes could benefit you!
- [2022 Tax Filing Year Summary](https://lsa.cpa/2022/01/27/2022-tax-filing-year-summary/) - In 2021 we saw a lot of tax law changes. Read more to see how it could affect you and what you need to know for 2022.
- [Your 2021 Tax Filing Guide](https://lsa.cpa/2022/03/07/your-2021-tax-filing-guide/) - Tax season is here and it’s time to start filing. Check out our Tax filing guide below to get started.
- [A Guide to Deducting Home Office Expenses](https://lsa.cpa/2023/03/29/deduct-home-office-expenses/) - If you’re self-employed and run your business from home, you might be able to claim deductions for home office expenses against your business income.
- [Does My Small Business Need a CPA?](https://lsa.cpa/2023/03/09/does-my-small-business-need-a-cpa/) - An accountant can be a great investment for your small business! Here are a few factors to consider if a CPA is right for your business and financial needs.
- [2022 Tax Filing Guide](https://lsa.cpa/2023/01/26/2022-tax-filing-guide/) - This a reference guide for use with 2022 tax return filing. 2022 Tax Brackets and Federal Income Tax Rates Tax Rate Single Married Filing Joint Married Filing Separate Head of Household 10% $0 to $10,275 $0 to $20,550 $0 to $10,275 $0 to $14,650 12% $10,276 to $41,775 $20,551 to $83,550 $10,276 to $41,775 $14,651
- [Roth vs. Traditional IRA – Which Retirement Plan is Best for You?](https://lsa.cpa/2023/01/03/roth-vs-traditional-ira-which-retirement-plan-is-best-for-you/) - An individual retirement account can be an important part of your retirement strategy. Read more to know if a Roth or traditional IRA is best for you.
- [How the Student Loan Debt Relief Plan Works](https://lsa.cpa/2022/11/09/how-the-student-loan-debt-relief-plan-works/) - Learn more about how the student loan debt relief plan works and who is eligible for student loan forgiveness. We are here to answer any questions you may have.
- [Industries We Serve: What Can We Do For Your Business?](https://lsa.cpa/2022/10/24/industries-we-serve-what-can-we-do-for-your-business/) - Lightheart, Sanders, & Associates is proud to work with the beauty industry and other small businesses. Learn more about how we can serve you on our blog!
- [How Can I Lower My Business Taxable Income?](https://lsa.cpa/2022/10/07/how-can-i-lower-my-business-taxable-income/) - Worrying about your taxes is just part of owning a business. But did you know there are ways to lower your taxable income? Read more about them on our blog!

## Pages

- [Home](https://lsa.cpa/) - At LSACPA in South Carolina & Mississipi, we offer tax, audit, accounting, and consulting services to clients in the beauty school, franchise, and film industries. Contact us today to learn more!
- [Contact](https://lsa.cpa/contact/) - Looking for a CPA that can provide your business with accounting and consulting services? Contact Lightheart, Sanders and Associates! We have offices in Mississippi and South Carolina.
- [Manning](https://lsa.cpa/manning/) - Searching for a CPA in Manning, SC? Lightheart, Sanders and Associates provides tax, audit, and accounting services for small businesses and beauty industry professionals.
- [Moncks Corner](https://lsa.cpa/moncks-corner/) - Need a CPA in Moncks Corner, SC? Lightheart, Sanders and Associates provides tax, audit, and accounting support for small businesses and beauty industry professionals.
- [Mississippi](https://lsa.cpa/mississippi/) - Looking for a CPA in Madison, MS? Lightheart, Sanders and Associates offers tax, audit, and accounting services for small businesses, salons, and beauty schools. Contact us today.
- [Beauty](https://lsa.cpa/industries-beauty/) - Our mission is to help you thrive as a beauty school. We want to help you with your finances so you can focus on educating future beauty professionals.
- [Barber](https://lsa.cpa/industries-barber/) - We specialize in SFA and school audits. Our audit approach is tailored to work with barber schools and provide them with innovative auditing solutions.
- [Salon and Spa](https://lsa.cpa/industries-salon-and-spa/)
- [Small Business](https://lsa.cpa/industries-business/) - If you’re running a small business, having a professional CPA is a must. We take care of running the numbers of your business, so you can focus on making revenue.
- [Staff](https://lsa.cpa/staff/)
- [Home - Copy](https://lsa.cpa/home-copy/)
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- [AACS Landing Page](https://lsa.cpa/beauty-schools/)
- [test](https://lsa.cpa/test/)
- [About Us](https://lsa.cpa/about/) - Accounting, taxes, and audits don’t have to be stressful. Lightheart, Sanders and Associates is your go-to firm for beauty schools, barber schools, and small businesses.
- [Careers](https://lsa.cpa/careers/) - We’re hiring! If you’re looking for a new exciting career, consider applying at Lightheart, Sanders and Associates. Contact us for more information about who we are and the benefits we offer!
- [Services](https://lsa.cpa/services/) - LSACPA provides tax, audit, and accounting/consulting services to clients in industries like beauty schools, franchises, and films. Contact our Mississippi or South Carolina office to learn more!
- [Tax Services](https://lsa.cpa/services-tax/) - Taxes don’t need to be overly complicated or time-consuming. We’re here to make the process as efficient and simple as possible. Let us make it stress-free for you!
- [Industries](https://lsa.cpa/industries/) - Our CPA firm in MS & SC serves a variety of industries, including beauty schools, film/TV, and restaurants. To learn more about Lightheart, Sanders and Associates, contact us!
- [Audits](https://lsa.cpa/audits/) - Lightheart, Sanders and Associates (LSA) has worked with more than 130 beauty/barber schools and specializes in beauty school-specific audits. Call our office today!
- [Accounting & Consulting](https://lsa.cpa/services-accounting/) - We offer straightforward, accessible accounting services to beauty schools, small businesses and a variety of clients in other industries. Give us a call today!
- [Thank You](https://lsa.cpa/thank-you/)
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- [Audits](https://lsa.cpa/category/audits/)
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- [Studen Loan Debt Relief](https://lsa.cpa/category/studen-loan-debt-relief/)