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What do fuzzy socks bring to mind? For me, it's simple: Winter. And as an accountant, Winter is AKA Tax Season. So, while most people start focusing on the year ahead in January, to us accountants, the new year doesn't begin until the snowflakes are gone, and April showers are preparing the way for May flowers. Like all small businesses, cash flow management is essential to our firm. Much of our income is seasonal, so luckily, there...
This is not a joke! Here’s what to do if the IRS could consider your business a hobby. I’ll admit it; I’m not very “fun.” I’m really kind of boring - my favorite thing to do is read. All of the time – any spare moment I get! And, I’ve often wished I could somehow read for a living. That would be my dream job. I’ve gone as far as listing the possible ways to earn money by reading: Book reviews? Creating home s...
While a deduction can reduce the amount of taxable income, credits can directly reduce the amount of tax owed, dollar for dollar, so they offer a greater tax benefit. Here's the difference between tax credits and tax deductions: Both reduce your tax bill, but in very different ways. For instance, a tax credit valued at $1,000 lowers your tax bill by the corresponding $1,000. Tax deductions, on the other hand, reduce how much of your...
A business plan is a document setting out a business’s future objectives and strategies for achieving them – Oxford Dictionaries A strategic business plan is vital to the health of your business. In general, it’s a written description of your business’s future; specifically, the next three to five years. That’s all there is to it – the contents of a business plan simply describe how your business will work and the steps you ...
ATTENTION S CORP SHAREHOLDERS!! Anyone remember when the Tax Cuts and Jobs Act(TCJA) was first enacted? Or, even know what it is, lol? If you don't remember, it was the biggest rewrite of the tax code in decades. One of the fallouts from the TCJA is the increased scrutiny by the IRS of S Corporations and their shareholders. The IRS has been especially interested in several tax liability issues regarding distributions, officer loan rep...
There are a number of financial reports that can g...
Who loves their Virtual Assistants? We have dealt ...
You might not have a choice. Having extra time...
The word "audit" is one of the things that scares ...
So, you're determined to live your best financial ...