Keeping track of income and expenses is essential, even if you don't own a business. And if you do own a business, things get even more complicated. There are paychecks to issue, taxes to track, and subcontractors to pay out. All of these details are a whole lot less challenging when you hire an accountant to oversee them. However, it is still important to know a little bit about accounting yourself. Dig into the articles on this website, and you'll gain a better understanding of accounting principles, what services accountants really offer, and the benefits of hiring these professionals to assist with your finances.
14 September 2020
Having a child changed your life in more ways than you may have anticipated, even when it comes to your taxes. When a person welcomes a child into the world, the Internal Revenue Service (IRS) wants to know, and for good reason. Before you begin the tax preparation process, learn about some important information all new parents should know. Bundling Tax Credits Many people already understand that they have the opportunity to claim the Child Tax Credit once they have a child.
18 August 2020
It may not seem like it, but 2020 is more than halfway over, which means it is time to start thinking about the tax implications for this year. There are some important changes you need to be aware of when it comes to filing your taxes for the 2020 tax year in 2021. Important Change #1: Increased Standard Deduction If you choose to take a standard deduction, you will be able to enjoy a slightly bigger standard deduction this year.
17 July 2020
As a small business owner, you are going to want to make sure that in addition to staying on top of your business, that you stay on top of your accounting as well. Staying on top of your accounting is essential if you want your business to succeed. Essential Accounting Tip #1: Set an Accounting System in Place First, you need to set an accounting system in place. You need to decide if you want to use an accounting software program or work with a bookkeeper.
16 July 2020
Depending on the type of business you operate, you might find your account encouraging you to adopt what is known as GAAP. The Generally Accepted Account Practices were designed by the Securities and Exchange Commission to make sure all publicly traded companies were present their numbers in the same way. GAAP has since expanded well beyond the world of stocks, and it's not unusual for a business accountant to work with any client to use its methods.
9 July 2020
As a contractor or freelancer, you do have some freedom to pick and choose the jobs you want to take on, and maybe you can even set your own schedule. While this line of work definitely has its perks, it may also come with some additional considerations when it comes to tax preparation. If you want to make sure that you get your taxes in on time while reporting everything as accurately as possible, here are some tips that might help.