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With the holiday season upon us, I felt it the right time to discuss charity. In years gone by not only could you feel good about giving to charity but you could treat your good deeds as a tax write off. With changes to the tax laws over the last several years it has become significantly more difficult for tax payors to qualify for a Schedule A which is where I would record your charitable contributions. These combined with mortgage interest, real estate taxes etc increase your deductions while lowing your taxes owed. Absence of a tax write-off, I have been asked me over and over again why they should continue to give at the levels they presently do. This mind set has been proven to be the case across the country, with documented … [Read more...] about Charity

Tax extensions are designed for individuals and businesses to have more time to gather the proper documentation that is required to file a proper tax return. The common misunderstanding is that with a tax extension is that you are given an extension of time to pay any taxes that are due. It is question that we are asked on a regular basis when the final tax bill comes in and there is a failure to pay penalty added into the total taxes due. This matter can be taken care of with creating tax estimated payment vouchers and making the suggested payments when due. So what happens when a tax payer fall behind not by months but years? This can happen to individuals and businesses and does happen all the time. There are many reasons for falling … [Read more...] about Falling Behind?

We are often asked what type of accounting system they should use for their accounting system. While there are a lot of different systems on the market, we typically recommend QuickBooks. The reason for this is ease of use. It has been a mainstay in the industry, and it is typically the easier to use than some of the others on the market. When you choose QuickBooks Online, you have several options to choose from. For a Sole Proprietor, there is a simple and free version available. A word of caution with the free Sole Prop version, it is extremely limited in. The reporting is restricted to what QuickBooks has provided no matter the industry. Should you choose this version and import you records and start categorizing and realize that you do … [Read more...] about QuickBooks?

The are many different accounting systems available to small business owners, and there are many of those small business owners that have never thought about utilizing them. At our Accounting Firm, we receive many “shoeboxes” full of receipts and bank statements each year. While we can appreciate the lack of time these business owners have, these same owners typically have no exact understanding of the profitability of their business until well after year end. The question today is, given the world circumstances at this time; does it make sense to start developing an accounting system that will make sense for not only the business owner, but for the business? As an Accountant, I believe that this is the perfect time to review your … [Read more...] about Accounting Systems…Is Now The Right Time To Implement?

With all that is going on in the world, businesses are finding themselves in difficult financial times. If they are not there now, they may see tight cash flow months on the horizon. So what does a business do these days when faced with tight cash flow situations? In the past if the company had solid credit score sand had positive equity their traditional bank would extend them a line of credit of straight loan that would be able to help them through tougher months. Unfortunately, those days of traditional financing with ease have come to a close. Banks do not like uncertainty and when uncertainty enters the market, banks become conservative. Now this does by no means state that traditional banks will no longer finance companies, it … [Read more...] about Turned Down For Financing?

Tax extensions are designed for individuals and businesses to have more time to gather the proper documentation that is required to file a proper tax return. The common misunderstanding is that with a tax extension is that you are given an extension of time to pay any taxes that are due. It is question that we are asked on a regular basis when the final tax bill comes in and there is a failure to pay penalty added into the total taxes due. This matter can be taken care of with creating tax estimated payment vouchers and making the suggested payments when due. So what happens when a tax payer fall behind not by months but years? This can happen to individuals and businesses and does happen all the time. There are many reasons for falling … [Read more...] about Falling Behind