Tag: Taxes

Success Stories – Getting It Right

Impacting Our Clients for the Better We are thrilled to welcome Alexandra to our team here at ZümiFi, and she’s already making a big impact! As a financial management services provider, we understand that our clients’ concerns and challenges can be complex, and it takes a team of experts to navigate them successfully. Alexandra has...

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Stay on Top of Tax Law Changes!

The tax law changes greatly impact what can be deducted from 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...

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Creating a Paper Trail

As a business owner, you may know keeping receipts when entertaining clients is important. However, did you know that receipts may not be enough? In addition to receipts, documentation is key to entertaining clients and writing off associated expenses. Here are some tips to help you keep track of the necessary documentation: Create a guest...

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Track Your Physical Inventory in Real-Time!

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...

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Close Your 2022 Books!

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...

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Closing Out the Year

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...

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Save Those Receipts

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...

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Start Saving for Taxes Now!

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...

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