For all taxpayers, getting audited by the IRS is a scary process. When an agency with virtually unlimited power wants to know about your finances, it is understandable that people get nervous. The truth is, the majority of audits are done by mail, these are referred to as “correspondence audits”, and they are usually not […]
What Happens at an IRS Audit? Read More »
For small businesses, it is important to keep accurate and up-to-date books so you always know the financial shape of your company and to ensure you stay in compliance with local, state, and federal tax laws. With that in mind, there are two basic goals of an effective bookkeeping system: Accurately track income and expenses
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When entrepreneurs start a business, many give little thought to the professional services they will need to function smoothly. Individuals go into business because they have a great idea and a vision to turn their passion into a profitable enterprise. The challenge is many of them do not have experience with the legalities and tax
Do Small Businesses Need an Accountant? Read More »
Today’s business climate is more competitive than ever. And with the relatively slow economic recovery, small and medium size businesses are finding it more challenging than ever to survive. A recent poll by Gallup found that there are now more small businesses closing than opening for the first time in 35 years. In addition, the
5 Ways to Improve Business Profitability Read More »
Giving to our family, friends, church, and other charities is an important part of life. The gifts we give strongly reflect our values and what we deem to be important. Whom we give to is important to be sure, but how we go about giving may be just as important from a tax standpoint. The
A typical tax filing can be relatively simple if you are taking that standard deduction. However, a lot of taxpayers become confused if they do not have enough deductions to itemize but they want to deduct expenses for a home-based business. Here is a common scenario: Taxpayer A rents an apartment. But he also has
Can I Take a Standard Deduction and Still Write Off Business Expenses? Read More »
For years, entrepreneurs and small businesses have had essentially two choices for keeping their books; using an old fashioned ledger or using a computer software program such as QuickBooks, often with the assistance of a local accounting firm. Today, there is a new option that is gaining steam called cloud-based mobile apps. With an increasing
There’s an App for That: A New Generation of Apps that Keep the Books Read More »
September 28 has been designated as Ask a Stupid Question Day, a holiday begun in the 1980s by teachers that wanted to encourage their students to step outside their comfort zones and ask questions without fear of looking ignorant. Though the official date is the 28th, the holiday is actually observed each year on the
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One of the biggest trends in the accounting world in recent years is backing up client’s data offsite. This solution is also known as cloud data storage. The slogan that best defines this migration to the clouds is “redundancy is the key to optimal data security.” In other words, it is prudent in today’s world
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