Ways to Maximize Business Deductions
As a small business owner, you should always be on the lookout for legitimate ways to minimize your taxes. Waiting for year-end to do your tax planning can be too late and you may miss many possible opportunities. The following are valuable tips that help you maximize your business deductions. New Business – Normally the […]
Grow your Business the Way you Imagine it
A great way to grow your business involves not just learning how to market, but learning how to market correctly. Marketing is a terrific avenue for not only keeping existing customers informed and satisfied but for attracting potential new ones as well. A certain amount of experimentation will be needed and you must spend time […]
How to Grow Your Business to the Next Level
For small business owners, in particular, growing a business has always been something of a challenge. On the one hand, you don’t want to grow too quickly – doing so can significantly damage the trajectory that you’ve set out on. But at the same time, you also don’t want to grow too slowly as this […]
If you want to be able to give gifts tax free, then you’ll want to follow these guidelines
Over the years of doing bookkeeping, I have noticed that some of my clients make financial gifts at the personal level. If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you […]
This Might Be The Best Way to Trigger an Audit
Not reporting all your income The most common and easiest audit trigger I have seen in my years of working in the accounting industry is not reporting all your income. This is a lot easier to overlook than you might think. Even if you don’t report your income to the IRS, the business that pays […]
Make sure you have a bookkeeper or CPA ahead of time
Most people wait to the last minute in December to get all their bookkeeping, accounting, and payroll records to get updated.By this time almost all bookkeepers and CPAs are completely booked working on their clients’ year end bookkeeping. Don’t wait until the last minute, book your free consultation at Beachwood Financial Solutions.
When Can You Dump Your Old Tax Records?
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep records. With certain exceptions, the statute […]
Hiring An Independent Contractor? How QuickBooks Online Can Help
Are you taking on a worker who’s not an employee? QuickBooks Online includes tools for tracking and paying independent contractors. The COVID-19 pandemic created millions of self-employed individuals and small businesses. Whether they chose to, or circumstances forced them to, these new entrepreneurs had to learn new ways to get paid and to prepare their […]
Managing Your Finances During an Inflationary Period
It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking for ways to counter the impact and preserve financial stability can start with these solutions. They’re accessible options that can make a […]
Beath the Rush!
This is the time of year your CPA will be busy. Maximize your time & efforts with these 5 simple recommendations: Gather all 1099’s issued to your company. Make sure you have completed financial reports, at a minimum a completed Profit & Loss, and Balance Sheet report. Make sure 2021’s Franchise Fee payment is properly […]
