The last thing any individual or business wants at tax return time is another bill to pay. Still, a tax consultant could be just about the best money you have ever spent. A tax consultant can help you prepare your accounts, but they do more than that. An experienced tax consultant can help strategize your…
Filing as an S corporation, also known as S subchapters, offers several tax savings, making them appealing to business owners. S corporations don’t pay taxes on revenue—the owner does. The business structure allows the S Corp to avoid double taxation, unlike a C Corps, where the business and the owner must pay income taxes. Business…
You’ve recently started a business and have started representing your company to customers, vendors, and other entities—but should you do these transactions under your name or look into filing for Doing Business As (DBA)? DBA is a status that many small and startup businesses use to legitimate their enterprise and establish themselves as an actual…
A crucial component of any business is proper accounting practices. Without this, business owners wouldn’t be able to run their companies effectively. After all, accounting helps track income and expenses, ensures statutory compliance, and offers quantitative financial data for investors, management, and the government to aid their business decisions. There are two main methods to…
If you could boil down good accounting to one thing, it would be organization. It’s all files, tax returns, income statements, bank statements, invoices—documents everywhere. It’s on the accountant to keep everything organized. Every year around tax time, hundreds of thousands of people seek out accountants for help. Whether finding more deductibles or figuring out…
The lifeblood of any business’s success is its cash flow. Ideally, you want the inflow of revenue to exceed the outflow of cash spent on expenses. However, understanding the importance of your cash flow and knowing how to optimize it are two very different things. The multiple flows of money from investing, operations, and financing…