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Small Business Advice

Jul 16
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tax responsibilities for cryptocurrency

How Should You Report Cryptocurrency on Your Taxes Next Year?

By Accounting Advice, Small Business Advice

Cryptocurrency or “crypto” is a digital form of exchange, not a physical currency. In this form of exchange, values and transactions are stored online in databases that use strong cryptography to secure transaction records, verify the transfers of ownership, and control the creation of additional crypto. The records are maintained by a decentralized system instead of by centralized authorities.   The idea of cryptocurrency has been around for many years, but the concept became reality in 2009 with the launch…

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Jun 25
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Child tax credit

What To Do About The “Child Tax Credit” Notice From The IRS

By Accounting Advice, Small Business Advice

As part of the stimulus law, there was a provision added that required IRS to begin distributing the child tax credit on a monthly basis for certain taxpayers.  This is nothing more than sending you a monthly check for the child tax credit you received in the past when you file your income tax return.   Many people are confused and think this is another stimulus check (money they never got before).  Here are a few things to consider:  …

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Jun 14
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Why It’s Important to Keep Business Expenses Separate

By Accounting Advice, Small Business Advice

A key thing that every small business owner should do is to keep his/her personal and business expenses and all other finances separate.   Who Must Keep Personal and Business Finances Separate?   If a business is formed as a corporation, it is considered a separate legal entity so all finances and business expenses must be separated. If a business is formed as a sole proprietorship, there is no legal distinction between the business and its owner. Therefore, all profits,…

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May 17
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Smart Ideas for Spending Your Tax Refund

By Accounting Advice, Small Business Advice

So, you have filed your annual tax forms and this year you get a tax refund. Yahoo! You are one of nearly 80 percent of Americans that get a refund on their tax returns. But what does that mean? What are Tax Refunds? Tax refunds are not a “lucky strike” or a surprising bonus. They represent a payback of an excess amount that taxpayers have remitted to the government as documented on their tax returns, essentially an interest-free loan to…

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Apr 17
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Are You Owed Additional Stimulus Money?

By Small Business Advice

The COVID-19 pandemic caused significant economic strain throughout the country, causing massive business restrictions, slowdowns, and many closures. In response, the federal government has taken complex actions to provide economic assistance, involving various new programs and multiple rounds of stimulus relief money.    Navigating business taxes is normally challenging, but this year it makes even more sense to secure professional tax and accounting assistance so that your business doesn’t miss out on the funds owed to you.   Federal Government…

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Feb 28
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Is Competition Good for Business?

By Small Business Advice

Competition always exists in a healthy business marketplace. It is the rivalry between firms who are trying to secure the attention and sales of their goods and services from the same customers who are being pursued by another firm. Competitors, often many more than two parties, seek to increase their revenue by growing sales and market share. Business leaders sometimes tire of dealing with competitors. Wouldn’t business be easier without them? As American newspaper columnist George Matthew Adams stated, “There…

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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 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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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 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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