YOU’D BE SURPRISED WHAT YOU CAN WRITE OFF AS A TAX DEDUCTION
Do you have a deadbeat boyfriend or girlfriend? That’s great! At least for tax deduction purposes. “Couples who can claim their significant other as a dependent can also use them as a tax break,” ABC News reports. The claimant must also pay half, or more, of their partner’s expenses. When it comes down to it, […]
THREE REASONS AMERICANS STRUGGLE WHEN FILING THEIR TAXES
There is a good reason Americans hire more than 1 million tax accountants or small business tax preparation professionals per year. Unfortunately, filing taxes — on an individual and/or on a company level — is not necessarily straightforward. In fact, it can be far from it. Why are taxes so complicated? What do individual tax […]
HOW TO CREATE REALISTIC FINANCIAL PROJECTIONS FOR STARTUP COMPANIES
Financial projections for startup companies are incredibly important for several reasons. You will need financial projections to secure financing from prospective lenders and investors, as well as to make sure your business is on the right track. Comparing actual financial statements with projections allows you to determine if your business is breaking even, falling short […]
NEW CLIENT TESTIMONY
We love hearing from our clients. “Thank you guys so much for everything. It was a pleasure doing business with everyone in the organization and it took a load off our shoulders to have such competent and professional individuals taking care of this because God know my wife hates doing it and I try to […]
HOW TO HANDLE SMALL BUSINESS TAXES
It is estimated that Americans spend around $28 billion dollars a year filing tax returns in the United States. If you own a small business, that money might seem like it could be better used somewhere else; why pay someone when you could do them yourself? But the truth is that hiring a small business […]
EMPLOYER REIMBURSEMENT FOR INDIVIDUAL PREMIUMS
Is this practice allowed? In the past, some employers have reimbursed employees for the cost of medical insurance the employees purchased through the individual market. The reimbursements were made pretax. In this way, the employer sought to provide health coverage to their employees without establishing a group health plan. Is this still allowed under the […]
DO YOU QUALIFY FOR THESE WEIRD TAX EXEMPTIONS?
There are approximately $5 million dollars worth of tax exemptions ready and waiting for Americans who are lucky enough to qualify for them. (That figure is up from $1 million just a few years ago.) Taxpayers have plenty of time to prepare for next season, and — with that in mind — the best tax […]
IT’S OFFICIAL; PEOPLE MAKE ILL-ADVISED MONEY DECISIONS DURING THE HOLIDAYS
It’s Christmas in July! Retailer and small business celebrations range from simply having sales to decorating storefronts with Christmas trees and reindeer — and sometimes even snorkeling Santas. Financial risk management firms and certified financial accountants, on the other hand, celebrate Christmas in July by sharing the bizarre, and sometimes even downright twisted, money decisions […]
THREE WAYS TO AVOID CRITICAL BUSINESS RISKS
It is critical for all small businesses to carefully weigh monetary concerns and assess financial risks. Financial risk management can help prevent financial disasters before they happen. What do financial risk management professionals and certified financial accountants recommend to help businesses stay on track? Carefully File Business Taxes Small business taxes should be as accurate […]
TWO IMPORTANT RULES TO MANAGING SMALL BUSINESS FINANCES
It’s a new year and that means startup businesses and small businesses should carefully consider some important questions — questions like, is my business fiscally sound? If the answer is no or even a slightly hesitant maybe, business owners need to carefully reevaluate their expenses and profits, and do something about it. Here are some […]
THE DIFFERENCES BETWEEN ACCOUNTANTS AND FINANCIAL PLANNERS
Managing your money can be fairly straightforward, but for small business owners, it can become quite complicated. Hiring an accountant, financial planner, or both is a great way to make sure your business’ finances are in order. But what is the difference between an accountant and a financial planner? Accountants are often involved in tax […]
THE INSIDER’S GUIDE TO FORENSIC ACCOUNTING AND INVESTIGATION
How is Fraud Defined? Fraud is a deception perpetrated for the intent of personal or financial gain: a lie told and acted upon for profit. The law segregates fraud into four sections: 1. Misstatements and Omissions: misrepresentation of a fact 2. Scienter: an awareness that the misrepresentation exists; deliberate and willful disregard of the truth. […]