We hear it often in our Industry “I wish I had hired you guys sooner!” but how do you know when it’s the right time to transition from doing your books on your own to hiring an accounting firm? There are some major benefits to hiring an accounting firm with bookkeeping services:(more…)
As 2019 winds down, it’s a great time to take a look at the year as a whole and begin to set your goals for 2020. Tax Planning is something that you should definitely be doing as 2019 closes. The proper tax planning can help you pay the least amount of taxes that you can.(more…)
The 1099 Process can seem a bit daunting, but don’t let it overwhelm you. Here are nine basics that you need to know about 1099s(more…)
There are two new Mississippi tax credits available to individuals who are interested in donating to charity, with the added benefit of a dollar for dollar tax credit.
A Married Filing Joint taxpayer, with an AGI of at least $100,000, can receive up to an $800 credit for a QCO donation and $1,000 credit for a QFCCO donation for a total of $1,800 in tax credits. The list of eligible charities is below:(more…)
The standard mileage deduction is a perfect example of low hanging fruit that doesn’t get taken advantage of often enough by taxpayers. It can be an extremely effective tax savings method, and takes very little time and effort to track annually. However, in order to capitalize on this opportunity, one should ensure they meet qualification standards, know how to properly log and calculate the mileage, and be able to provide supporting evidence each year.(more…)
It is no surprise that the IRS has recently taken a hit to their budget and audit staff numbers, bringing the chances of an audit to an unprecedented low. Still, as tax season approaches, so does the anxiety of many taxpayers with the question, “What are the chances of me being audited?”(more…)
Every year, new tax laws and IRS regulations change, sometimes mildly and other times, quite dramatically. However, the TCJA (Tax Cuts and Jobs Act) out paces any recent changes to tax legislation by a long shot. Since much of the new legislation will be in affect for 2018 taxes, it is important for all small businesses to take advantage of this new information. Here are some important changes and advantages that small businesses should consider ahead of preparing their 2018 tax return in accordance with the new tax law.(more…)
Have you ever reaped the benefits of offering discounts, promo codes, and coupon deals? If so, you understand the power it has to draw customers new and old in droves. What you should also understand, is that states expect you to know how to handle the sales tax for those different types of purchases.
With few exceptions, sales tax is the gross receipts or gross selling price received from selling products or offering taxable services. Seems simple enough right? Yet, retailers are often stung for mishandling the taxes charged with these purchases.
The time it takes for a new business startup to get up and running is best described as a journey. The end of the trip may not be visible or even feasible at the start-ups beginning, and owners will surely experience difficulties along the way. Fortunately, developing a working relationship with a trusted accountant will supply guidance towards successfully reaching business owners’ goals.
Businesses struggling with cash flow often pose the question, “If my business is profitable, where is all the money?” The way cash moves in and out of a business is vital to understanding business finance and small business accounting. Many small business owners do not realize the difference between making and managing money. An aspiring entrepreneur often starts a business in hopes of creating an innovative new product or service without much small business accounting knowledge or management experience. As a result, important finance terms such as budgeting, forecasting, and cash flow are overlooked until bills pile up and expenses can’t be covered. Here are some things to consider in learning the basics of how cash flow and profits work.
Watkins took one of the biggest headaches in my business and made it simple! Excellent, consistent results.-Travis – Brandon Mississippi