More common accounting terms to know in 2023
In our last accountancy terms post, we discussed 9 key terms you should familiarize yourself with in 2023, covering essential aspects of Accounting Basics. For this post, we wanted to add several more to that list. Accruals: Accruals are revenues or expenses that have been incurred but not yet recorded in the financial statements. They […]
How to find a good accountant for your business
Finding a good accountant for your business is crucial for a variety of reasons. Not only is a good accountant needed to help you maintain accurate financial records and comply with tax regulations, they can also help you make informed financial decisions for your company. The right accountant can provide valuable insights, help you maximize […]
9 common accounting terms to know in 2023
Accounting is a complex field with a significant amount of industry-specific terminology, including important accounting terms that business owners should familiarize themselves with in 2023.” Accounts Payable: Accounts Payable (AP) refers to the amount of money a company owes to its suppliers or creditors for goods or services they’ve received but have not yet paid […]
How To File an Extension on Your Tax Return?
When you file a tax extension, you are essentially asking the Internal Revenue Service (IRS) for more time to submit your tax return. However, it is important to keep in mind that a tax extension does not extend the deadline for paying any taxes owed. After filing a tax extension, there are a few things […]
How to Find a Good Accountant for Your Business
If you’ve decided that it’s time to outsource your accounting processes, you’ll want to make sure that you hire the best person (or firm) for the job. Hiring a qualified, experienced accountant is a process that requires several diligent steps. Remember, knowing that you need an accountant, versus understanding how to hire one, are two […]
How to Improve Accounting Systems in 2022
It’s not unusual for business owners to seek out ways to improve operational efficiency. Not only do streamlined operations help organizations run more smoothly, improving operations, including accounting systems, can often help businesses boost their bottom-line. Below are just a few of the ways you can maximize the efficiency of your accounting systems. Choose the […]
Signs it’s Time to Hire a CPA
Filing your taxes can be an arduous task- especially if you don’t have a straightforward return. If you own a business, have lots of deductions (and/or you have questions about deductions you may be eligible for that you haven’t been taking advantage of), or you have questions about tax planning, it may be time to […]
What is Biden’s tax plan?
In 2017, then-president Donald Trump signed the 2017 Tax Cuts and Jobs Act. In addition to lowering income tax rates for single filers, heads of household, and married couples (filing jointly or separately), it raised the standard deduction to $12,000 for single filers, to $18,000 for heads of household, and to $24,000 for married couples […]
Don’t Forget to Bring These Things to Your Next Tax Appointment
When it comes time to file your taxes, you’ll want to be prepared. As we’ve noted many times in the past, showing up at your CPA’s doorstep with a shoebox full of receipts is good– but tallying them (and organizing them) in advance is much better. Although the 2020 tax filing deadline was May 15 […]
What Happens if You Miss a Tax Filing Deadline?
Life can be hectic—and if you’ve found yourself in a place where you’re going to meet the federal tax filing deadline you may be wondering how you’ll be impacted. For this blog post we wanted to discuss some of the things that could happen if you file late. First things first: File for an extension […]