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Salt Lake City Bookkeeping Blog

Planning a Party? Everything You Need to Know about Deducting Entertainment Expenses

Posted by Matt Roberge on Oct 24, 2016 9:00:00 AM

Many new business owners are surprised to learn that it’s perfectly legitimate to deduct the business expenses associated with meals, events, and other entertainment costs on their income tax returns. The fact is that the IRS considers feeding and entertaining clients, business associates, and employees to be a necessary part of running a business – so long as these expenses meet the necessary criteria.

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Topics: Small Business Bookkeeping, Tax Tips, Expense Management

Why Taxes Are Just a By-product of a Solid Bookkeeping System

Posted by Austin Walker on Mar 30, 2016 8:30:00 AM

There is a big difference between businesses that have their bookkeeping done so they can hand off stuff to their CPAat the end of the year and businesses that actually use their books to make better financial decisions. The difference is all about which of the businesses is going to win. Having a solid bookkeeping system in place can help run the business, drive profits, fix problems, and stop theft. 

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Topics: Bookkeeping, Small Business, Tax Tips, Outsourced Bookkeeping

[Infographic] When Does It Make Sense To Stop Making Money

Posted by Austin Walker on Mar 23, 2016 8:30:00 AM

Taxes can be a really great thing. If you're paying taxes, it means you're making money. A CPA would tell you that until you are paying 100% tax, you should never stop trying to make more money. Paying taxes also puts money toward social services, and for some, can even be thought as a way of helping others.

Tax Refunds are Poor Financial Decisions

When you're filling out the W-4 for employment and it asks for the amount of dependants you have, along with whether there is any extra you'd like to contribute, make sure you check none. It may be fun to receive that return at the end of the year, or think of it as an additional way to save some money. However, you're giving the government a 0% interest loan, which they can then bank in order to gain interest on it for themselves! Instead, keep the funds in your own pocket and keep the interest for yourself, or invest the money.

Come into Tax Season Prepared

April is not easy, especially if you're a small business owner. You know what this season means: having to pay last year's taxes plus the expected taxes for the current year. Some may suggest that you delay paying, if possible; but instead, we recommend that you just get them out of the way. There are so many different tax penalties along with the interest that the IRS charges for late payments, it's just not in the best interests of the company. Unless, somehow, the company thinks it can beat the interest investing in the short-term. The IRS keeps the penalties and interest amounts pretty steep, though, to minimize the risk of companies attempting to do just that.

Don't ever file for an extension again. Be prepared.

Have a plan going into this tax year and build a plan for next. Have your financials ready and be open with your CPA about what your goals are now and your projected income for next year. They may help you put together a plan to minimize your company's tax liability for the next year.

Pay your taxes on time.

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Topics: Bookkeeping, Small Business Growth, Small Business, Tax Tips, tax

How To Never File A Tax Extension Again

Posted by Matt Roberge on Mar 15, 2016 8:30:00 AM

Are you going to file a tax extension again this year? Are you pissed about it? If you are in the habit of filing a tax extension each year, you are not alone. According to the IRS, 20 to 25 percent of taxpayers put off their taxes until the final two weeks of the tax season. Additionally, 7% of taxpayers file for an extension each year. However, did you know that a tax extension is an extension on the filing date, but not the due date? That means you may still be subject to penalties and interest even if you file a tax extension. 

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Topics: Small Business Growth, Tax Preparation For Year End, Tax Tips, Outsourced Bookkeeping, Growth Coach

5 Critical Year End Bookkeeping Items to Increase Your Bottom Line

Posted by Austin Walker on Jan 6, 2016 8:45:00 AM

The end of the year tends to be a festive time. A lot of time away from work, Christmas, New Year's, and seeing family. However, that doesn't stop the mind from thinking about the year end tasks that come from owning or working in a business. In the case of a company's books, there are five critical year end bookkeeping items that not only help a business forecast the upcoming year with accurate numbers, but also slide into the new year with relative ease.

It's no secret that tax season is coming, either. At the end of the year there tends to be a lot of talk around tax liability, 1099s, and meetings with CPAs regarding the tax plan. These critical bookkeeping items can help make these year end tasks more simple.

 

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Topics: Bookkeeping, Small Business Bookkeeping, Tax Tips, Year End Planning

7 Checks for Small Businesses at the End of the Year

Posted by Austin Walker on Dec 30, 2015 2:40:23 PM

Christmas has come and gone, and now it's time to get cracking on the end of year tasks. For a small business, this can tend to be a lot of work. We've compiled a checklist for entrepreneurs that are looking to try and save some time. The checklist is compiled of 7 important things that all small business owners should be looking at before the end of Q4. Not only do some of these checks get a business ready for tax season, but it also prepares them for the year as a whole. Business News Daily also put together a decent article for tax prep.

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Topics: Bookkeeping, Small Business, Tax Tips, Year End Planning

[Infographic] 5 Common Bookkeeping Mistakes

Posted by Austin Walker on Oct 22, 2015 7:57:02 AM


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. 

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Topics: QuickBooks, Bookkeeping, Small Business Growth, Tax Preparation For Year End, Tax Tips, Tax Compliance

[Infographic] Why Your Small Business Needs a Payroll Specialist

Posted by Austin Walker on Oct 14, 2015 7:30:00 AM

Taxes, in general, are always a pain.  When it comes to payroll and dealing with employee tax, along with the other state and federal taxes for a business, it can be a slew of problems or worse, fines.  

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Topics: QuickBooks, Outsourced Payroll, Small Business, Tax Tips

5 Reasons You Need A Great CPA For Your Small Business

Posted by Matt Roberge on Jul 23, 2015 7:30:00 AM

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.

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Topics: Starting A Business, Tax Preparation For Year End, Tax Tips, Tax Compliance, CPA

End of Year Tax Planning for Your Small Business

Posted by Marti Major on Oct 29, 2014 7:00:00 AM

Be proactive – start planning for taxes now.

Before the holidays hit, before the snow flies, before the busiest time of the year, you want to start your tax planning. Take the time to think about your 2014 taxes. Failure to plan and implement can cost you big time. Your time and your money are at stake. Leaning into the process and meeting it head on will reward you both in terms of less effort and likely less taxes to pay.

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Topics: Year End Accounting, Tax Preparation For Year End, Tax Tips, Year End Questions, Year End Bookkeeping