Category: Accounting

Accounting

Accounting For Your Online Business: What You Need To Know

As online shopping continues to expand and become the main source for many to purchase products and services, online businesses need to track their sales and stay on top of their finances. Whether an online business is new or well-established, it’s important to understand the finances behind the business, the

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accounting
Accounting

What is the Difference Between Financial and Management Accounting?

While there are many similarities between Financial and Management accounting there are a few key differences that set them apart. The differences are predominantly centered around compliance, the audience, and typical accounting standards.    Financial Accounting Financial accounting is used to show the financial strength of an organization to its

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Accounting

COVID-19: Updated Tax Filing Facts

With the current COVID-19 pandemic, many of us are finding ourselves doing more virtually. From meetings to happy hours, we are doing more online – including our taxes. In a period of time where most Americans are usually concerned about tax filing, there are now new accommodations as a result

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Accounting

The easy way to maximize depreciation deductions

Depreciation deductions are deductions that are often misunderstood.  Here is a recent example: Sandy took depreciation deductions for his buildings (rental properties) but not for his land. The basis (depreciable cost) of each building was based on his tax preparer’s allocation of value to the buildings and land. The IRS

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Accounting

6 Reasons You Should File Your Taxes Early

Many taxpayers delay filing their income tax returns until late March or early April, but they may not realize there are several benefits to completing their taxes early. Read our list of six reasons why you should complete your taxes sooner rather than later! 1)Receive refund quicker Of course, the

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Accounting

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.

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Accounting

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

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Accounting

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

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