PROFITS ARE GOOD, CASH FLOW IS GREAT

Importance of Cash Flow in Small Business Accounting

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.

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Are We in a Recession?

There has been so much chatter about America being in a Recession or for sure a Recession is coming.  This often times goes over a lot of heads.  Who even knows what a Recession is really?  Most of us are focused on keeping over inflated food on the table, making sure we have enough high-priced gas to get to the next paycheck, or preparing for kids to go into the next school year.  So, when we are hit with this conversation the chatter seems very distant.  Often times our willful ignorance can get the best of us.  Do we know if there is a way to prepare for a Recession?  These are the questions everyday citizens would like to know.  But if you are living from paycheck to paycheck is there a such thing as preparation for a Recession?  Do you remember the last time we were in a Recession?  It was not too long ago and that does not make us any more prepared for what is to come.   

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Get ready for year-end tax planning

As 2022 winds down, it’s a great time to take a look at the year as a whole and begin to set your goals for 2023. Tax Planning is something that you should definitely be doing as 2022 closes. The proper tax planning can help you pay the least amount of taxes that you can.

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Is Financial Planning for you?

Do you have a financial plan?  If not, what are you waiting on?  Financial planning is equally vital to individuals as well as business owners.  If you have income there is always the thought of what you have to do versus what you want to do.  So many questions to answer should you create a budget, seek professional help or the alternative which is keep doing what you have been doing.  Well with the market as it is today it would be wise to make sure to plan and strategize for the unexpected. 

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Tax Planning for Individuals & Small Businesses Plus 3 Tips to Save on Taxes Right Now

Tax planning is always important for individuals and businesses, it is possibly more important than ever before this year. There are hundreds of rules, laws, and techniques to delve into regarding tax law and incentives. Let’s start with the basics – what is tax planning? Essentially, it’s the financial assessment and arrangement of an individual and/or business to capitalize on tax savings and minimize tax liabilities. Tax laws are increasingly complicated, so we advise consulting a tax advisor for questions or concerns for the tax year.

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Difference Between a CPA and a Tax Preparer

When filing taxes as an individual or a business you have options.  If you have a simple return, you may consider filing your taxes yourself.  However, if you have a more complex tax situation you may consider seeking a tax professional nearby.  There are several different options when it comes to hiring a tax professional to handle your sensitive information.  There should be several things you want to consider based on your specific tax circumstances.

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New COVID-19 Relief Bill & Stimulus Checks

In response to economic hardships caused by COVID-19, lawmakers finally struck a deal on a near-trillion-dollar economic stimulus package. The most anticipated aspect of Covid-relief is the issuance of direct stimulus checks to taxpayers and their dependents. The measure includes an extension of unemployment benefits previously set to expire at the end of the year. The package also includes extensions of earlier pandemic relief programs such as rent assistance and PPP loans. Although the bill still needs to pass the House and Senate, there are numerous implications to explore ahead of voting. What does this new stimulus package mean for you?

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STIMULUS CHECKS – What you need to know

Many taxpayers have begun receiving their economic stimulus checks this week but there is still a lot that is unknown about these payments. Here are some frequently asked questions about these payments and what you need to know.

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PAYROLL 101

Payroll taxes can be a very detailed and confusing part of owning a small business. This is a basic guideline to follow when beginning payroll for your small business.

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TAX DEADLINE 2020: WHAT YOU NEED TO KNOW

In these strange and uncertain times nothing is concrete, not even our tax filing deadlines. On March 11, it was announced that the treasury secretary was working with President Trump to extend the March 16th small business deadline, and also the April 15th individual deadline. On March 17th it was confirmed that individuals could delay payment of their taxes by up to 90 days. The filing of their returns is set to remain April 15th. This includes small business returns as well, with their payment deadline pushed back 90 days from their original March 16th deadline. If you owe on your taxes all interest and penalties will be waived during that 90 day period as long as the return was filed timely.

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