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The Importance of Using An Accountant

Filing Married: When To File Your Taxes Separately

Posted by on Nov 11, 2016 in Uncategorized | Comments Off on Filing Married: When To File Your Taxes Separately

Many people expect tax breaks when they get married—in fact, the tax breaks associated with marriage are often considered to be one practical reason to get married. But being married and filing together isn’t always the best choice. Sometimes filing taxes separately could make more sense. One Spouse Has Significantly More Deductions When filing jointly, a married couple has to meet a specific threshold for deductions. In particular, medical costs need to be over 10% of an individual’s adjusted gross income to be deductible. If one...

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Need Accounting Help For Your Business? Who To Hire And How To Use Them Wisely

Posted by on Oct 11, 2016 in Uncategorized | Comments Off on Need Accounting Help For Your Business? Who To Hire And How To Use Them Wisely

If you’re a small business owner, you may have been doing a lot of tasks that aren’t quite inside your comfort zone. The company accounting is usually one of these jobs that you want to hand off to more experienced hands as soon as possible. But, how can you know who you can afford and who you should hire? Here’s a quick guide to getting help with your books. When to Hire a Bookkeeper When you’re hiring someone to handle your business finances, your two most likely options are a bookkeeper and an accountant. And, while...

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How Can Small Business Managers Put Less Time Into Finances?

Posted by on Aug 30, 2016 in Uncategorized | Comments Off on How Can Small Business Managers Put Less Time Into Finances?

When you’re a small business manager, keeping track of your finances is an important aspect of making sure the ship stays on the right course. But unless you specialize in finance, you might wish to spend more of your time and energy on other business matters. Here are some steps to take so that you can have a tight financial strategy without putting in excessive personal effort.  Hire a Specialist The first thing that needs to happen is having an expert to handle most of the financial strategy. For larger businesses, it’s...

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Three Things To Discover During The Last Joint Tax Prep Before Divorce

Posted by on Jul 20, 2016 in Uncategorized | Comments Off on Three Things To Discover During The Last Joint Tax Prep Before Divorce

If you are separated and are filing for divorce, you still have the option to file as married during your separation. As long as the divorce is not yet finalized, you would be able to file as married filing jointly. If this is your last tax preparation with your soon to be ex-spouse, there is some information that you want to find out and keep with you for the future. Here are some things to go over in the last tax preparation while married.  Income over the past two years Income will account for a lot in divorce if someone is asking for...

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2 Tax-Related Accounting Mistakes That Small Businesses Often Make

Posted by on May 26, 2016 in Uncategorized | Comments Off on 2 Tax-Related Accounting Mistakes That Small Businesses Often Make

When it comes to running a small business, your accounting books are vitally important. The tiniest of mistakes can throw everything off the rails and impede your business’s growth. Mistakes aren’t uncommon, though, especially for start-ups. So, to help your new business, here are twp common accounting mistakes that you will want to try to avoid: 1. Failing to Take Care of Accounts Receivable The best part of operating your business is receiving money, but the worst part is tracking the money that you receive. When you receive a...

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Dealing With A Tax Bill That’s More Than You Can Pay

Posted by on May 17, 2016 in Uncategorized | Comments Off on Dealing With A Tax Bill That’s More Than You Can Pay

Sometimes taxes can be surprising. There are times when you may discover that you owe more to the IRS or to the state than you thought — and at that point you might wonder what options are available to you. Though you should see a tax professional as soon as possible, don’t worry. A lot of people end up in this situation and there are ways to remedy it. Get Your Taxes Reviewed If you’ve never had to pay a large tax bill before, it’s possible that there’s something missing in your return — such as...

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How The Wash Sale Rule Can Affect Your Capital Gains Taxes

Posted by on May 2, 2016 in Uncategorized | Comments Off on How The Wash Sale Rule Can Affect Your Capital Gains Taxes

Day traders and long-term stockholders alike can benefit from claiming capital losses on their tax returns, since claiming a capital loss can offset taxes incurred on capital gains. This can often make the sting of a capital loss a bit less and can put more of your capital gains money back in your pocket. However, it’s not always this easy, since the US tax code keeps people from abusing this quasi-loophole via the Wash Sale Rule. Navigating this rule can make a big difference in your tax burden, so for a few tips on strategic tax...

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Crafty Books — A 5-Step Guide To Accounting For Your Crafting Business

Posted by on Apr 25, 2016 in Uncategorized | Comments Off on Crafty Books — A 5-Step Guide To Accounting For Your Crafting Business

Turning your craft skills from a hobby into a viable small home business is a busy, exciting adventure. But amidst the half-done projects, searching for customers and learning the ins and outs of the market, it’s important to pay some attention to setting up and keeping your business books. Here is a handy 5-step guide to getting it right from the start. Separate Expenses. It’s hard enough to make a profit and track your numbers without making things needlessly complicated. Mixing personal and business expenses is one big way to...

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Freelancing Writing Taxes: What You Need To Know

Posted by on Apr 12, 2016 in Uncategorized | Comments Off on Freelancing Writing Taxes: What You Need To Know

If your primary income comes from freelance writing gigs, you might be confused about how to report your income when preparing your taxes. Here are some things you need to know about freelance taxes and how to report them accurately, while also saving as much as you can on your tax return.  Tax Forms During the year, you should keep records of each payment your receive and the payment method you receive it through. For example, some businesses who you sell your work to may pay you through Paypal or a similar online payment service. If...

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Easy Payroll Set-Up Tips

Posted by on Mar 30, 2016 in Uncategorized | Comments Off on Easy Payroll Set-Up Tips

Your business has gotten off the ground and you’ve finally been able to hire some paid employees, but before they can begin working you need to set up a payroll system that will work for your needs as well as theirs. When it comes to payroll, there are some simple things you need to remember in order to create an easy-to-process system that will keep everyone happy while streamlining your business. Here are some simple tips for setting up your payroll system that should get you started on the right track. Pay Types Think about how you...

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