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Uncategorized February 2, 2018

What can I deduct from my taxes?

Tax season is here. For many Americans, this time of year means completing forms and reviewing finances. You may not be aware, but there are tax deductions and adjustments that can be applied to your situation. Below is a simple list of deductions you can make on a tax return: Medical and dental According to […]

Uncategorized January 4, 2018

What is Self-Employment Tax and why do I have to pay it?

Self-employment tax is Social Security and Medicare paid by self-employed individuals. When you are a sole proprietor (which includes the sole member of a single-member LLC), you get paid the complete amount you earn. No deductibles or taxes are taken out of your payments made to you by your clients. Throughout the year, you are […]

Uncategorized December 18, 2017

What You Need to Know About Gift Tax Returns

April 15 might be one of the dates people think of the most as they rush to file their taxes. One form that is often forgotten is the gift tax returns form, also known as Form 709, which covers taxable gifts that were bestowed the previous year. What does this mean? In your lifetime, you […]

Uncategorized November 14, 2017

How to Cut Costs in Your Business

This year is coming to an end and many business owners are taking a closer look at their finances. As a business owner, your goal for the new year may be to cut back unnecessary or extravagant costs. Implementing small, preemptive steps while your company is financially secure is an excellent way to avoid drastic […]

Uncategorized October 24, 2017

3 Reasons Why Talking to Your Accountant Can Help

Have you ever looked over your payroll statement or tax form and scratched your head in confusion? Your next step might be to scour the Internet for answers to your financial questions. This can be a frustrating and fruitless process, filled with conflicting answers. You may avoid asking an accountant for direction because you might […]

Uncategorized September 25, 2017

Why You Shouldn’t Co-Mingle Your Finances

Balancing between your personal and professional lives is not an easy feat, but we know how to help simplify this dilemma: don’t co-mingle your business and personal finances! Combining these accounts causes confusion, unnecessary hassle during tax season, and could potentially lead to an IRS audit. Also, most importantly, the co-mingling of business and personal […]

Accounting General Tax Tip August 29, 2017

How do I know if I need to file a tax return in more than one state?

During tax season, many clients who moved to another state or have income coming from different states ask if they need to file taxes in more than one state. You may be thinking that this is not something you need to worry about since it isn’t tax season; but it is important to understand what […]

The Important of Incorporating a Small Business

As a small business owner, you most likely have had conversations with a professional to discuss which business entity is right for your growing company. Whether you choose to incorporate your small business as a limited liability company (LLC) or an S corporation, you should consider the various benefits of incorporation. You may wonder about […]

Benefits of Good Bookkeeping

Now that tax season is complete, you may be wondering how to better prepare and organize your business’ finances. If you are managing a growing business’ finances yourself, you have most likely noticed the importance of organization and updated reports – especially when you are trying to provide an accountant with accurate numbers. Read below […]

Work-Life Balance: When to Spend & Save

You have filed your small business taxes, and now you are waiting for your tax refund. Many business owners may use their refund money to spruce up the office, travel for business or hire services. Here is a list that outlines some tips on when to save and when to splurge on your business expenses. […]

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