Its no secret, running a business is expensive, most new startups wont see a profit in their first year or more. You may be intimidated and hear a lot of people say, thats the cost of doing business. Its true, but it doesnt all have to be a negative expense. There are a multitude … Read more
Monthly reconciliations of bank accounts, credit cards, and even loans serve many purposes. Reconciliations ensure that the transactions entered into your bookkeeping software, such as QuickBooks, match the actual transactions that happened at your financial institution. At the completion of a reconciliation, once you have a $0 discrepancy between deposits and expenses, a … Read more
Self-employed individuals often have an array of issues to worry about when running a business by themselves. There is often a solo focus on only worrying about profitability. Of course, this is important because one is unable to run a successful business without profitability. However, these individuals should not and cannot forget about their future … Read more
Yes, a significant change will be appearing on your financial statements if you have operating leases. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 842, Leases, is effective for private companies and nonprofit organizations annual reporting periods beginning after December 15, 2021. For most of us, this change will impact the financial statements dated … Read more
Lets be honest, retirement plans are not easy to understand no matter how much we attempt to simplify them. They are complex financial workings that require a lot of research and investing. Planning for the future can be intimidating for many individuals, saving for it can be a lot scarier! According to the Social Security … Read more
Often companies are inundated with so many transactions during the month, month-end close is often overlooked or not prioritized. Month-end billings, unusual transactions, and other items take precedent and month-end close becomes quarter end close, which then becomes audit close. Often month-end close is pivotal in determining profitability for the month, assessing adherence to budgets, … Read more
How do you know if your business needs to file an income tax return for the state? It depends! There are three common situations that might give your business nexus within a state. Each state has their own specific rules so it is important to keep detailed records of what is done in each state … Read more
If you have a business that sells goods or services, you need to be aware of your potential sales tax requirements. They may be more complicated than you think. Sales tax should be collected from the buyers during the sale and then remitted to the state. Sales tax reports will later need to be filed … Read more
Sometimes doing business in the United States can be difficult, especially for Non-Residents. Taxes still need to be paid whether you are a resident or not. To file taxes as a non-resident, one needs to have an Individual Taxpayer Identification Number (ITIN). According to the IRS website, examples of Individuals who need an ITIN are … Read more
Adoption is a great way to add to your family. Whether you are just starting your family, or wanting to expand, adoption is an excellent way to give a child a home. The IRS makes it even easier by giving you a tax credit to help with the costs. The credit is reported on Form … Read more