We begin this post with a discussion on the necessity of keeping accurate financial records, the first of a two-part series on “Keeping Accurate Financial
Gift Tax Exclusion Increase For the 2024/2025 tax season, the IRS has increased the annual gift tax exclusion to $19,000 per recipient, up from $18,000
The importance of understanding your financial statements. Financial statements, i.e., income statement, balance sheet, statement of owners’ equity (or shareholders’ equity), and cash flow statements, reveal the heartbeat of a
Bookkeeping plays a significant role in the accounting cycle as delineated by the Generally Accepted Accounting Principles (GAAP) accounting cycle. The accounting cycle is a structured
Independent Contracting And Outsourcing Small businesses can use independent contractors and outsourcing to limit their tax liabilities. Both strategies, differing in relationship, scope, and execution, enable businesses to complete
On the way to implementing an efficient bookkeeping system one must consider the nature of bookkeeping systems, the risks and benefits, and workflow, amongst other
