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Accounting Advice

Feb 15
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Make Your Tax Preparation List and Check it Twice

By Accounting Advice

Tax preparation. Those two words can cause anxiety and bring fear and trepidation into the hearts of many small business owners. After all, tax preparation isn’t particularly pleasant, and every minute spent on this function is a minute diverted from income-producing and business-building activities. At the same time, accurate record-keeping and tax filing are critical functions that enable and protect the very life of a company. So, fear not. Review some important small business tax info and forms that are…

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Feb 01
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So, What Does the Deferral Mean to My Taxes?

By Accounting Advice

The United States, and indeed the entire world, was rocked by the COVID-19 outbreak. In response, the U.S. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and it was signed into law by President Donald Trump on March 27, 2020. It included one-time cash payments to individuals, increased unemployment benefits, forgivable loans for small businesses, loans for corporations, and funding for state and local governments. Additional relief was provided in the Consolidated Appropriations Act 2021, signed into law…

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Jan 15
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Business Support Strategies Help Clear the Fog

By Accounting Advice, Small Business Advice

Business success requires three things: vision, a strategic plan, and effective execution. Easy to say but difficult to deliver. According to author Bill Hybels, “Vision is a picture of the future that produces passion.” Strategy is defined as the plan of action developed to achieve an aim or vision. And visionary inventor Thomas A. Edison completes the triad by stating, “Vision without execution is delusion.” What is Vision and Why is it Important? Vision is simply an image or picture…

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Dec 17
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30 Documents You Need Before You Die

By Accounting Advice

It seems every year we get to assist someone who lost a loved one unexpectedly and there is one statement we hear over and over…..”I wish I had known that before he or she died”.  To help those who want to organize their financial affairs we put together a list of 30 documents you need before you die. After death, it is too late to ask questions of where items are kept, too late to change how items are titled,…

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Dec 16
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Year-End Tax Planning Advice

By Accounting Advice, Small Business Advice

Everything we do is focused on the core belief that we succeed in life by helping others succeed. This letter is one complimentary piece of our intense planning and research effort throughout the year to help in your success.  Feel free to share it with anyone you know who could benefit.     What changed with the IRS as a result of COVID? COVID drastically changed the way the IRS does business and they are still trying to adapt and…

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Dec 14
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Are Holiday Business Gifts, Prizes, or Parties Taxable?

By Accounting Advice

Ah, the holiday season is in full swing and that means it is time for important holiday parties and celebrations. But to avoid a troublesome “bah, humbug” event at tax time it is important to plan the celebration carefully, including the consideration of gift tax rules and implications. Why Holiday Parties are Important Even during the COVID-19 pandemic, holiday business parties, gatherings, and celebrations are still important, even if they need to be handled a bit differently than in prior…

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Nov 30
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Outsourced Accounting – It’s a Good Thing

By Accounting Advice, Small Business Advice

If outsourcing sounds foreign and undesirable, think again, because it’s actually a very good thing. Outsourcing has become quite popular in the United States as it is world-wide, and outsourced accounting is a major go-to tool for small to medium-sized businesses. What Is Outsourced Accounting? Outsourced Accounting is the process of using an outside of the company or third-party resource to perform accounting and financial functions that otherwise could be accomplished in-house. According to a survey by Clutch, 37 percent…

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Nov 16
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Help Yourself to Year End Tax Advice

By Accounting Advice

Taxes. Like em or not, they are with us, both for public and governmental good. Preparing for year end taxes makes great sense for both individual taxpayers and businesses. Protecting income and saving tax expenses are good reasons to follow some valuable year end tax tips. Reasons to Pay Attention to Tax Deadlines Paying attention to year end tax deadlines offers these benefits: Planning ahead gives every tax preparer adequate time to assemble and put all the right documents in…

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Nov 04
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Accounts Receivable—What is That?

By Accounting Advice, Small Business Advice

Accounts receivable is the amount of money owed to a business for sales of goods or services on account (on credit) and it represents an amount of cash that will be received at a near-future date. This category of current assets is typically among the largest assets on a company’s balance sheet. Cash flow is frequently described as the “lifeblood of a business” and accounts receivable can aptly be called a key part of the “blood flow.” Why are Accounts…

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Oct 15
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CPA? Accountant? How do I Choose?

By Accounting Advice

Proper financial accounting is foundational to the success of every business. Yet the financial responsibilities and functions of an enterprise can be daunting, especially for small businesses. Typically, there needs to be at least one bookkeeper who handles the day-to-day financial functions including entering data and making reports, sending invoices, recording payments, managing accounts payable and receivable, making payments, running payroll, and paying state taxes. An accountant operates at a higher level, verifying the accuracy of the bookkeeper’s work, managing…

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