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Pro tip: Don't miss out on the Section 199 tax deduction

Ascension StaffFEBRUARY 1,2017

When we reviewed many of our new clients' tax returns we noticed a disturbing trend: they were giving money away! If you are a sole proprietor or a...

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The Difference Between Marginal And Effective Tax Rates

Ascension StaffJANUARY 13,2017

There are a lot of misconceptions when it comes to personal income taxes, and one of the most misunderstood income tax concepts is the difference...

7 Tax Tips for Oil and Gas Landmen

Ascension StaffJANUARY 11,2017

For individuals that become landmen, this is usually the first time they would be considered self-employed, so they are not aware of all the tax...

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Tax Consequences on Oil and Gas Royalties and Lease Bonus Payments

Ascension StaffJANUARY 5,2017

  If you've leased your land to an oil and gas company for energy production, it important to stat planning and preparing for the taxes you will owe...

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Creating a Profit Map

Jamie Ward, CPAJANUARY 15,2013

Have you ever sat down and made a map of how your business makes money, also known as a profit map?  If you haven't, I highly recommend that you do...

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Cost Segregation Study

Ascension StaffMARCH 10,2012

If you own commercial real estate, you need to know about this tax saving strategy:  cost segregation studies.  

Reality Check For Business Owners

Ascension StaffFEBRUARY 29,2012

I am continually surprised by how many business owners I meet with whose business is their sole retirement vehicle.  When you ask these same business...

When was the last time you gave any thought about your business entity type?

Ascension StaffFEBRUARY 24,2012

Recently we were working on a consulting project for an oil and gas client in Oklahoma.  During the consulting project we asked to see the client's...

Paradise Equipment Retains Sean M. Hugo, CPA, PC

Ascension StaffJANUARY 28,2011

We are pleased to announce we have been retained by Paradise Equipment as their Oklahoma City based CPA firm.  Paradise Equipment specializes in...

Reasons Businesses Fail

Ascension StaffJANUARY 5,2011

I ran across this article tonight regarding the top ten reasons why small businesses fail.  I have to say that I agree with each of the reasons the...

Show A "Profit" But Don't Have Any Cash?

Ascension StaffJANUARY 3,2011

In business cash is king so it is very important to have an understanding of where all your cash is going.  When you look at your profit and loss do...

New Client Oklahoma Select Roofing

Ascension StaffDECEMBER 16,2010

December 10, 2010 - Oklahoma Select Roofing retains Sean M. Hugo, CPA, PC as their new CPA firm.  Oklahoma Select Roofing is a start-up company which...