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.
11 December 2020
The end of the year is fast approaching, which means that your ability to take steps to help you during next year's tax season is quickly coming to an end as well. You will want to make sure you are prepared for the tax season by putting the right planning in place. Smart Planning Tip #1: Get in Your Charity Donation As part of the CARES Act this year, you can take an above-the-line deduction of up to $300 for any cash donation made to a charity, even if you don't itemize your taxes.
11 December 2020
Do you want to create a workable budget for your business? Do you need to forecast cash flow? Do you even know if you're really turning a profit? The key to all these important financial challenges is to quantify and manage expenses. Here's a short guide to wrangling your company's expenses by understanding and projecting these three categories of expenses. 1. Fixed Expenses The easiest category of expenses to forecast is fixed expenses.
23 September 2020
Using accounting software can make your life a lot simpler. Accounting software will allow you to stay on top of your business financials easily. Using the software can be a little challenging if you have never used this type of program before. There are a few tips and tricks you can use to help you master your new business financial software. Tip #1: Use the Getting Started Tutorials Integrated into the software are "
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.