As 2022 arrives, many of the opportunities to improve your tax situation for 2021 have passed. After all, you can't change past income or expenses now. But what can you do to make both 2021 and 2022 taxes better? Here are five steps anyone can take.
1. Fund Retirement Accounts. Did you know you can still contribute to last year's retirement savings until April 15? Adding more to a traditional IRA or Roth IRA before tax day is one of the best ways to reduce your tax bill retroactively.
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Poor accounting practices are the reason why small businesses close operations within a few months of their launch. Essentially, your accounting department exists to steer your company towards the right financial path. With an accountant on board, you have a 360-degree view of your business projections, revenue, operation costs, and the money you owe to suppliers or lenders.
Your startup is subject to a whole range of bookkeeping regulations, taxation, and payroll laws.
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Are you considering buying a business? A transaction this large calls for the help of experienced professionals. And one of those pros on your team should be an experienced accountant. How can they help you make this big decision? Here are five key things accountants can do.
1. Examine Financials. You want to know the real financial and operational situation of the business, so you need all the lines of evidence you can get.
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If you started to work as a freelancer this year, it is essential to understand how to take care of your tax planning. As a freelancer, you are responsible for making sure your taxes are paid, not your employer. That is why you need to have a tax plan in place to not be surprised when tax season rolls around.
1. Put Part of Your Paycheck in Savings
When you are working as a freelancer, it can be tempting to think that all of the money you are getting from each job is money that you can just spend.
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As a small business owner, one of the vital elements that dictate the success of your business is bookkeeping. With proper records of financial transactions, you can keep track of deposits, debts, and unpaid invoices.
Improper bookkeeping can quickly render an establishment bankrupt since records of profit or expense are not clearly outlined. Data obtained from your financial transactions is critical in making major business decisions. Inaccurate data is detrimental to the success of your business.
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