Balancing the Books

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How To Obtain An Accurate Form W-4 From Each New Employee

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One of the first requirements of hiring a new employee is obtaining a specialized form to determine how much income tax to withhold. IRS Form W-4 is used to calculate federal withholding. Employers can ensure that their payroll withholding is accurate by obtaining a completed Form W-4 from each new employee. After explaining the purpose of Form W-4, allow new employees an adequate amount of time to read over the contents of the form. Read More»

Declare Your Financial Independence This 4th Of July

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We’re halfway through the year already, and that means you should already be preparing your business records for next years’ tax returns. The 6-month mark is the time to: review 1st and 2nd quarter financial statements adjust marketing budgets if necessary tweak 3rd and 4th quarter marketing strategies based on previous quarters’ earnings results prepare financials for September 15 payroll tax deposit file annual tax return October 15 if you requested a 6-month extension As you review your 1st and 2nd quarter financial statements, clean up your entries. Read More»

2 Things To Look For In A New Accountant

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When your business grows large enough that you can’t handle your own finances anymore, you might start looking for an accountant. However, with all of the tax professionals and accounting services out there, it might be hard for you to decide who to work with. Here are two things to look for in a new accountant, and why it might matter down the road: 1: Someone Who Has Time For You Read More»

Is It A Small Business Or A Glorified Hobby? Tips For Making Money In A Cottage Business

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One of the best things about being a small business owner is making money while doing something you love or something you are passionate about. This is especially true for cottage business owners who work long hours on their craft and sell it for a profit. The question is, by the time you spend long hours working on a project, are you actually making any money? Are the goods that you are offering worth the investment that you are putting into them? Read More»

Be Cautious: All Tax Tips Are Not Meant For You

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Have you ever had a friend tell you about their tax write-offs and thought, “Man, I’ve got to try that out”? Well, be cautious before you do. You see, there are many write-offs you may think are suitable for your situation, but if not, you can find yourself in trouble with the three most feared letters of the alphabet – the IRS. So take heed to the following info as all tax tips simply are not meant for you. Read More»

How To Approach A Surprise End-Of-The-Year Tax Bill

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What happens when you realize that you owe a great deal more in taxes than you anticipated? This can happen for a variety of reasons, and it’s not always related to financial irresponsibility. Taxes can be difficult to project in advance and there are many financial decisions you could make – such as selling a home or even moving across state – that can affect your tax bill. File Your Taxes On Time Read More»

4 Advantages To Using A Certified Public Accountant

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Are you looking for a bookkeeping service? There are general bookkeeping services and there are also certified public accounting firms. Certified public accounting services are generally held to higher standards; though a regular bookkeeping service may be suitable to some needs, there are usually significant benefits to working with a CPA instead. Working with a CPA doesn’t necessarily have to be more expensive, either.  1. CPAs Are Extremely Knowledgeable Many bookkeepers are highly experienced and very well-educated, but CPAs need to pass four rigorous exams in addition to advanced educational credits to achieve their certification. Read More»

Answers To Two Of Your Pressing Tax Questions

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There is little doubt that tax season is probably a major source of stress for you. In addition to spending hours completing paperwork, you may also be forced to pay thousands of dollars at the end of this process. Not surprisingly, the complexity of tax season can be overwhelming, and you may need a couple of questions answered about the ramifications of what can happen if you are unable to complete this process by the deadline. Read More»

Call A Small Business Accountant To Help With Local Tax Payment Plans

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While the federal government and, possibly, the state may present relaxed rules and requirements for payment plans on taxes due, the requirements for local authorities could be much more stringent. For a small business that runs into trouble affording past due taxes, working with a skilled small business accountant to set up a payment plan without any undue burdens or hassles. Booms Followed by Busts Sometimes, the need for a payment plan arises unexpectedly and catches a business owner off guard. Read More»