Maintaining a complete and organized set of records for tax purposes is one of the most important aspects of your small business bookkeeping. Not only does it let you optimize tax deductions, it helps streamline the audit process and prevent costly tax penalties. Simplifying your business tax record keeping comes down to one fundamental task: gathering, documenting, filing, and reporting the right paperwork.
Every business, regardless of size, needs a trusted advisor to help with the planning and achievement of financial goals. As strategic business consultants, Certified Public Accountants (CPAs) have the advanced training and experience necessary to advise on a variety of tax and accounting matters.
Topics: Tax Compliance, CPA
Small business owners are pretty generous people. Whether they’re sponsoring staff events, serving as mentors to budding entrepreneurs, or donating to local charities, many business owners regularly look for ways to give back to the community. The glow that comes from giving is often reward enough for such acts of compassion. But it’s always a bonus when you discover that paying it forward can sometimes mean being paid back.
Topics: Small Business Owner, Tax Tips, Tax Compliance
It's easy for an owner to disregard some of the small mistakes made with their bookkeeping. It's understandable; short on time, deliverability of products or services to clients feels more important, and it can be difficult to keep QuickBooks straight.
Most of the common bookkeeping mistakes are pretty easy to avoid, and just as easy to set up the right way within QuickBooks. These changes will save both time and money, especially during the annual tax-time visit to the CPA.
Topics: QuickBooks, Bookkeeping, Small Business Growth, Tax Preparation For Year End, Tax Tips, Tax Compliance
If you don't currently have a rock star CPA, you need one right away. When we are dealing with a new SLC bookkeeping client, one of the first things we ask them is whether they have a CPA. If they do, we get their contact info and if they don't, we ask them if they want a referral to one of our trusted CPA contacts. I have learned through my own experience and in working with our clients that a solid CPA is critical to the success of your business. Here are five reasons you need a great CPA.
Topics: Starting A Business, Tax Preparation For Year End, Tax Tips, Tax Compliance, CPA
This guest post is written by Brad Evans. Brad is a trusted resource when it comes to Healthcare Reform. His firm Fringe Benefit Analysts is an Employee Health Benefits Consulting Firm that is committed to simplifying benefits management and generating greater employee satisfaction. Feel free to reach out to Brad to learn more. Take it away Brad.....
Topics: Small Business, Tax Compliance
As a small business there are many bookkeeping mistakes you just can't afford to make. A small mistake can mean a minor setback in your operations. However, a big mistake could put you out of business. Here are five fatal bookkeeping mistakes you flat out can't afford to make:
Topics: Bookkeeping Errors, Efficient Bookkeeping, Do It Yourself Bookkeeping, QuickBooks advice, Business Bookkeeping, Tax Compliance, Outsourced Bookkeeping
Today's blog post is a guest Blog post from John Briggs. John is a CPA for Lunsford and Peck and you are welcome to contact him via email.
Topics: Small Business Accounting, Tax Preparation For Year End, Tax Tips, Tax Compliance, CPA
Recently we have had several clients that have been audited with the focus being the validity of independent contractors. Many businesses pay a vendor as an independent contractor. Here is a quick guide for you to determine if a vendor is an independent contractor and how to document each contractor to ensure you have the proper proof.
Topics: Independent Contractors, 1099's, Tax Compliance
Independent contractors are becoming a hot topic with small businesses and the IRS. The IRS is becoming stricter with its regulations and seems to be focusing on small businesses to stay in compliance and follow these rules. I will give you a quick overview of 1099's/independent contractors.
Topics: Independent Contractors, 1099's, Tax Compliance
