Category: Best Practices

Understanding Payroll Tax & Gross Receipts Tax

Payroll and gross receipts taxes are two types of taxes businesses may have to pay. Payroll tax is a tax on an employer’s total payroll expenses, including salaries, wages, bonuses, and employee benefits. The exact amount of payroll tax owed depends on the jurisdiction and the specific tax laws in place. In the United States,...

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The Importance of Business Valuation

When valuing a company, traditional methods often involve looking at industry comparatives and applying valuation multiples, commonly a multiple of EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization). But for small business owners, who often strategize to lessen their tax burden by reducing profits, EBITDA might not accurately reflect the business’s true value. That’s where...

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Why Inventory Management Matters: Boosting Business and Compliance with ZümiFi’s Bookkeeping Services

When managing a business, inventories are not merely an accounting requirement but an essential tool for strategic planning and compliance. At ZümiFi, we understand that proper inventory management does more than satisfy tax obligations. It provides invaluable insights into your capital budget, helps manage your resources effectively, and even aids in planning to replace assets...

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Navigating AB5 in 2023

New Law Alert: Navigating AB5 in 2023 Attention, California businesses! We’re three years into the implementation of AB5, but its nuances continue to echo in the business sector. If you haven’t aligned your operations with this regulation, now’s the time! Navigating AB5 in 2023 ZümiFi’s Pro Tip for 2023: As you gear up to prepare...

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Employees vs Contractors

CA AB5 clarified things but was also stricter regarding who is legitimately considered a contractor vs. who is an employee. This new law (passed in Sept 2019) takes effect on January 1, 2020. ZümiFi is encouraging ALL clients to be aware of these new legal requirements and understand how this may (or may not) impact...

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Attach Those Records!

Why Documentation is Essential in Business We all hope to avoid audits. But if that day ever comes, producing accurate documentation is the key to validating what you’ve declared on your tax returns. At ZümiFi, our primary approach as a virtual bookkeeping firm is to be as electronic and efficient as possible. This is why...

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