Bookkeeping for nonprofit businesses is mostly similar to bookkeeping for for-profit businesses: both require accurate tracking of income and expenses. Because nonprofits enjoy advantages like tax-exemption due to their designation, they are also subject to a few more rules and standards when managing their books. Nonprofits benefit from high public confidence given their charitable mission. …
As a business leader, you need accurate financial information to make decisions about the company’s future. If your company’s finances are a constant pain point, your business will be unable to grow; however, you might not be ready to hire a full-time accountant dedicated to your business. Enter outsourcing. Outsourced accounting companies can help you …
Circumstances in Which Your Business Should Consider Outsourcing its Bookkeeping Read More »
If you just filed your taxes, you’re probably hoping not to think about it again for at least another nine months. Tax season doesn’t have to be painful! If you’re thinking about taxes year-round as you manage your company’s finances, tax season will be much smoother. Below are six actions you can take to start …
Already Filed Your Taxes? It’s Not Too Early to Start Preparing for Next Year Read More »
Technically your tax return (and any payments that apply) aren’t due until mid-April. Every year, many Americans wait until the very last minute to file their tax returns, often neglecting to even begin preparing them until the deadline has begun to loom large. However, there are many benefits of filing your return early. Here are …
We’re in the thick of tax season, and by now you probably have all of the documents you need to begin filing your return. If you’re dreading having to go through the process by yourself, there’s always the option to work with a skilled tax preparation professional, who can handle preparing and filing your taxes …
Why You Should Work With a Tax Preparation Professional Read More »
In any given year, you can expect somewhere between 1 and 1.5 million individual taxpayers to get an audit notice from the IRS. While the odds are definitely against you being audited, that doesn’t mean you don’t need to take care in filing your taxes to avoid a call from the IRS. Here are just …
The Tax Cuts and Jobs Act, passed and signed into law in December 2017, is the largest piece of tax reform in more than three decades. Tax year 2018 is the first year to be affected by it, which means people and businesses filing their taxes this year will be seeing a lot of changes. …
It’s 2019: What You Need to Know About This Year’s Tax Overhauls Read More »
Tax returns can feel daunting, with a lot of paperwork involved. Your tax preparer is there to help you make sense of it all, but first, he or she needs all the information you can provide. It’s better to bring too much documentation than too little, and staying organized can help you to get the …
Which Documents Should I Bring to My Tax Preparer? Read More »
If you plan to claim itemized deductions on your tax return, it’s important to have as much supporting documentation as possible to get your maximum refund. Receipts will help you determine whether you should take the standard deduction and how much you can gain from the itemized deduction, while also offering proof of expenses if …
It’s hard to believe we’re already reaching the end of the year, but here we are, which means it’s time for you to start thinking about your taxes (if you haven’t been all year long already!). At this time of year, businesses often start to look for ways they can push off some of their …
Tax Deferral Tips for Businesses to Consider for the End of the Year Read More »
