Now is when you are finding out what you owe in taxes for the success you created in 2021. Hopefully, you had a lot of success! But the downside is that if you did have solid profits, you likely owe taxes on those profits now. And far too many business owners get “caught” owing taxes...
2022 is closed. Your taxes are in the capable hands of your CPA or already complete. So what’s next for the business on top of its bookkeeping game? Tracking their business property! Most localities require you to report all business property you keep at your location. Sure, this means your computers and big equipment. But...
Now that you have filed your 1099s, it’s time to finalize your 2022 accounting records. In addition to your regular monthly tasks, such as reconciling bank and credit card accounts and reviewing accounts payable and receivable reports, we recommend taking the following actions to ensure a smooth start to 2023: Reconcile all loans to verify...
If you haven’t already, be sure to contact your CPA now! You’ll want to provide them with your actual financials through November and your projection of what will happen in December. In addition, be sure to include information about any assets you purchased during the year. Armed with this information, your CPA should be able...
The IRS requires you to keep receipts for everything you spend on your business. Collecting and managing those receipts is a critical workflow for your business. Done well, this becomes a way everyone works. Not done well, this becomes a time-consuming reconstruction effort well after the fact, and the potential to still miss things is...
I know, I know … you are sick of taxes! And you just paid them (or at least an estimate of what you will owe). But here’s the thing – smart businesses save for taxes throughout the year. So month by month or week by week, they are putting money away for the tax payments...
One of our clients knew in mid-December exactly what their remaining income and expenses would be for 2022. Their account manager, Megan, then used that information to provide them with accurate projected financials for 2022. Result? The client was able to make last-minute decisions on expenses, incentives, and partner distributions well before the holiday break!...
Our newest team member, Alexandra, is already impacting our clients! We have a new client who is an Interior Designer. The client was concerned about the subtleties of sales taxes for her particular industry. She is correct to be concerned – sales tax is not as straightforward for Interior Designers as it would be for...
The new changes impact what can be deducted in the meals and entertainment expense category. The old law allowed a 50% deduction for business-related meals and entertainment expenses and a 100% deduction for meals provided for employees at the employer’s convenience while on the premises of the employer’s place of business. However, the new tax...
Most business people know how important it is to keep receipts when entertaining. But, did you know that this might not be enough? Documentation is key. It is important to document who, why, when, and where. Here are a few tips we find useful. Send out an e-mail invitation or have a guest book at...