Accounting

Understanding Statute of Limitations on Tax Audits Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS is going to audit them. Luckily, there is a statute of limitations on IRS audits and tax assessments. This time period is called the...

Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts have been around a long time, so many people are used to them and may even be resistant to moving...

Introduction The Augusta Rule is a tax exemption that has received much attention in recent years. It is often used by homeowners to reduce their tax liabilities and increase their tax-free rental income. Essentially, the rule allows owners of properties that are used for fewer than 15 days per...

Maximize Savings with Year-End Tax Planning! Even though taxes might not be on your mind at the moment, it's actually the perfect time to start thinking about the upcoming tax year. By engaging in year-end planning now, you can set the stage for a more seamless and tax-efficient financial...

Introduction Real estate accounting can be a daunting task for beginners. There is so much to learn and understand! However, with a little bit of guidance, you can be on your way to mastering real estate accounting. In this blog post, we will provide an overview of real estate...

Since 1986, lawmakers have limited business meal deductions: first to 80 percent, and then to 50 percent (unless an exception applies). But on December 27, 2020, in an effort to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new, temporary 100 percent business meal deduction...

Introduction Tax resolutions are a vital aspect of personal finance that demands attention and comprehension. Many individuals find themselves overwhelmed by the complexities of tax obligations and often need help understanding the significance of tax resolutions. However, acquiring knowledge in this domain is crucial for maintaining financial stability, avoiding...

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be...

When it comes to creating a budget, it's essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. 1. Not Setting Goals. It's almost impossible to set spending priorities without clear goals for the coming year. It's important to identify, in...

Introduction to Small Business Finances Importance of Managing Finances Effectively Managing finances effectively is crucial for the success and survival of any small business. Proper financial management clearly understands the company's financial health and enables informed decision-making.  Maintaining a strong grasp of...