Did you experience a drop in your expected refund when doing your taxes this year? Many Americans did, so you’re not alone. But why did this occur this year, and what should you do to avoid any surprises next year? Here are a few answers.
The Tax Cuts and Jobs Act
In late 2017, a large-scale change to federal income taxes was enacted. The Tax Cuts and Jobs Act (TCJA) altered something on just about everyone’s tax forms, from the rate at which they’re taxed to what can be deducted to how even the standard numbers are calculated. Read More»
When you are first starting a business, accounting can be a difficult task to master. However, there are several things you can do that can make your job much easier as you open your doors to the public.
Keep Your Finances Separate
Make sure to keep your personal and business finances separate. Do not place your personal assets and your business assets in the same bank account. If you are a sole proprietor, you are not legally required to keep a separate bank account, but doing so is highly recommended. Read More»
If you own a small painting business and have recently branched out by adding additional manpower by hiring a few more individuals, it may be burdensome to keep track of what you are actually earning and how much money is being spent on supplies, wear and tear to your work vehicles, and salaries. Hire a certified accountant to help take the guesswork out of your finances and streamline the payment process. Read More»
E-commerce businesses allow you the ability to sell items in the digital world, often without having to hold onto any of your own inventory. You are able to order inventory from manufacturers and have them send that inventory directly to your customers. If you are interested in getting into the world of ecommerce, you need to make sure that you know how to take care of the financial end of things. Read More»
If you own an automotive shop and have recently been swamped with customers, resulting in you haphazardly handling accounts receivable and payable, it may be difficult for you to keep track of the amount of money profited each week or the money needed to satisfy recuring bills. Get your finances in order by following the tips below.
Reduce And Organize Paperwork
If you are someone who tends to hold onto every scrap of paper that you encounter and neglects to file documents or dispose of what isn’t needed, you may feel overwhelmed with the mess you see whenever you go into your shop’s office. Read More»
