How to Separate Personal and Business Finances for Better Tax Management
Managing finances can be challenging, especially for freelancers and small business owners. One of the most crucial steps in achieving financial clarity is separating personal and business finances. This practice not only helps streamline tax management but also enhances overall financial health. Here’s how to effectively separate your finances and why it matters. Why Separate […]
Why Tracking Your Expenses is Key to Managing Personal and Business Finances
Managing finances can often feel overwhelming, whether for personal budgeting or running a business. One of the most effective strategies for gaining control over your financial situation is to track your expenses diligently. In this guide, we will explore why tracking expenses is essential for both individuals and businesses and how it directly impacts tax […]
A Simple Guide to Understanding Basic Accounting Terms for Non-Accountants
Accounting can seem daunting, especially if you’ve never had to deal with financial terms before. However, understanding basic accounting terms is essential for managing both personal and business finances effectively. This guide will break down some fundamental accounting concepts, making them accessible and easy to grasp. What Are Assets? Assets are resources owned by an […]
Tax Preparation Tips for 2024: What Small Businesses Need to Know
Tax season can be overwhelming for small businesses, but proper preparation can make the process smoother. In 2024, changes in tax laws and available tools are helping business owners stay organized and compliant. Here are some essential tax preparation tips for small businesses to keep in mind this year. Keep Accurate Financial Records The foundation […]
How AI is Revolutionizing Accounting in 2024
AI is transforming the accounting industry in 2024, leading to faster, more accurate processes that reduce manual effort and increase efficiency. Businesses are now using AI tools to streamline tasks, analyze data, and make more informed financial decisions. Let’s explore some key ways AI is revolutionizing accounting this year. Automating Repetitive Tasks One of the […]
Top Accounting Trends to Watch in 2024
Accounting is changing quickly, and businesses need to keep up with the latest trends to stay competitive. In 2024, several key shifts in the accounting world will impact how companies manage their finances. Automation, sustainability, and new technologies are at the forefront, pushing the industry in new directions. Automation Leading the Way One of the […]
The Standard Tax Deduction in 2018
A huge change that was a result of the 2018 tax bill was that the personal exemption was eliminated. That doesn’t mean you have to panic. There was a sharp increase to the standard deduction – nearly doubling the standard deduction from 2017. What is the standard deduction? The IRS allows you to take the […]
Important Dates for 2018/2019 Tax Filings
Important Dates for 2018/2019 Tax Filings Every year, Americans start to scramble to gather everything they need and file their taxes and meet every deadline. Be aware of all of the important dates and deadlines ahead of time so when filing your 2018 income tax return you are prepared, and keep in mind the dates […]
Taxable Income & Nontaxable Income
Taxable Income & Nontaxable Income You can reduce your tax liability by knowing what to claim as taxable and nontaxable income. Consider income to be all money that increases your wealth – wages, salary, interest, tips, commissions etc. There is very little that is nontaxable, and anything that is will be specifically listed by the […]
You Probably Need These Expense Documents
You Probably Need These Expense Documents When Filing Your 2018 Taxes To get the most out of your tax return in 2019, it is important to know what expenses may be deductible. Not all of the deductions available to you are provided by a third-party reporting source, so it is up to you to maintain […]