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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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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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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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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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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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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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1099 Filing Requirements Have a New Form this Year

1099 Filing Requirements Have a New Form this Year

By Accounting Advice, Small Business Advice

Every business owner’s favorite: the 1099 filing requirements.  Business owners must understand there is a new form when preparing 1099 forms this year.   Every year business owners must file a 1099 form reporting nonemployee compensation paid to subcontractors, etc for all types of services.  Here are four things you should be aware of as a business owner:   Many businesses chose to ignore this filing requirement and just not file 1099s.  Just be aware the maximum penalty for not…

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How to Keep Current with Cash Flow

By Accounting Advice, Small Business Advice

Cash flow is simply the flow of funds into and out of a company. The cash flow statement is the essential summary of the cash coming into a business including sales, collecting accounts receivable, investments, and loans. And it reflects the funds going out of a business including accounts payable, operating expenses, payroll, sales and marketing expenses, and loan repayments. Cash is a current thing, not a yesterday thing, and not a tomorrow thing. As American businessman and author Robert…

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Ready, Set…AUTUMN Accounting Readiness

By Accounting Advice, Small Business Advice

We’ve all heard the old quotes about time like “Time waits for no one,” and “There is no time like the present.” It is true that time matters a lot. And in business, the time taken to plan and prepare in advance is critical to achieving success. It is amazing to think that the autumn season is already upon us and that means that it is indeed time to make important financial preparations as the end of the year approaches….

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IRS Sends Out Incorrect Notices of Balance Due. Don’t Put a Stop Payment on the Check with Your Bank!

By Accounting Advice

In recent weeks taxpayers have received many IRS notices stating they have not paid their 2019 taxes even though the tax was timely filed and paid.   It seems during the pandemic when IRS workers were off, the IRS accumulated unopened mail in trailers set up outside the IRS facilities.  With the electronic filing system the actual tax return and balance due goes into the IRS computers immediately when efiled.  As a result the system is generating balance due notices…

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