Benefits of having an accountant/bookkeeper
Accounting for Derivatives Financial derivatives are contracts whose value is derived from the performance of an underlying asset, index, rate, or other financial instruments. Major kinds of derivatives include futures, i.e., contracts to buy or sell an asset at a predetermined future date and price that are standardized and traded on exchanges; options which are […]
Benefits of having an accountant/bookkeeper
Financial Negotiations Financial negotiations for a small business involve discussions and agreements that impact the company’s financial health and survival. Negotiations can have many goals including securing funding (financing and investments,) forming partnerships, purchasing assets, selling the business, or even developing the terms for proposals and sales contracts. For a small business, to sustain its […]
Benefits of having an accountant/bookkeeper
Compliance and Legal Requirements Small businesses must comply with or adhere to many laws and regulations to ensure their smooth and lawful operations. Compliance requires an understanding of the morass of laws and regulations that apply to specific business activities. This complicated situation includes federal, state, and local regulations, tax laws, employment laws, health and […]
Benefits of having an accountant/bookkeeper
Tax Accounting Tax accounting involves all the methods and principles to comply with tax laws and regulations, strategizing financial decisions to minimize tax liabilities, and the preparation and submission of tax returns accurately and on time. Compliance with tax laws and rules ensures that all economic activities align with the current tax laws. This includes […]
Annual Inflation Adjustments Announced for Tax Year 2025
As tax year 2025 approaches, the IRS has announced its annual inflation adjustments, impacting over 60 tax provisions. These adjustments, outlined in Revenue Procedure 2024-40, affect everything from standard deductions to tax rate brackets and benefit limits, with increases set to reflect inflation. Understanding these changes is crucial for taxpayers to plan their finances and […]
Social Security Wage Base for 2025 Announced
The Social Security Administration (SSA) recently announced an increase in the Social Security wage base for 2025. This adjustment affects the maximum amount of individual earnings subject to Social Security taxes, which impacts both employees and employers. These changes come as part of the SSA’s annual adjustments, aimed at accounting for inflation and maintaining the […]
Common Tax Filing Mistakes and How to Avoid Them
Filing taxes can be a stressful task for individuals and small business owners alike, and even a small mistake can lead to penalties, delayed refunds, or an IRS audit. By being aware of common tax filing mistakes, you can take the necessary steps to avoid them, making tax season smoother and stress-free. Here are some […]
Accurate Financial Records for Small Business Owners
Keeping accurate financial records is one of the most crucial tasks for any small business owner. It not only helps you stay organized but also ensures you’re prepared for tax season, enables better decision-making, and allows you to track your business’s performance over time. Here’s why maintaining accurate financial records is essential for your small […]
Basic Tax Deductions Every Small Business Owner Should Know
As a small business owner, understanding tax deductions can significantly reduce your taxable income and save you money. By taking advantage of allowable deductions, you can keep more of your hard-earned profits and reinvest them into your business. Here’s a breakdown of some common tax deductions every small business owner should be aware of. 1. […]
The Importance of Keeping Financial Records and Receipts for U.S. Tax Filing
Accurate tax filing is crucial for both individuals and businesses in the U.S. One of the key components of a successful tax filing process is maintaining proper financial records and receipts. This practice not only helps ensure compliance with tax laws but also provides peace of mind during audits. Here’s why keeping detailed financial records […]