Accounting firms do more than just accounting. The services they provide can maximize profits and support your finances. Businesses and people should consider accountants a critical element of financial planning. No accounting firm offers every service, so ensure your advisors are best suited to your specific needs. Knowing where to start is the first hurdle.…
If you’ve recently received debt forgiveness, you may feel relieved that you will no longer have to worry about monthly payments. However, you’re not out of the woods just yet. Borrowers who have debts forgiven must still pay income taxes on them. However, there are a few exceptions. Depending on the situation, those who qualify…
There are times in a person’s life when the amount of tax debt catches up to them and makes repayment seem impossible. In those situations, debt forgiveness may be an option. However, it’s not always the best choice as it can impact your financial rating. Still, it’s worth exploring this option if you feel you…
Accounting isn’t just an annual task for small business owners as tax time approaches. Neither is it a quarterly, monthly, or even weekly task. Accounting and bookkeeping occur daily, as any business can attest to. With everything else that goes into running your small business, it’s no wonder many business owners seek help from accountants.…
Business owners wear a lot of hats. But one major job should be left to the pros – taxes. A CPA manages your books, offers accounting consultancy, and reduces your tax liabilities. Hiring one will save you time, frustration, and money so that you can focus on more important activities. Read on to learn more…
Small businesses have a lot of financial responsibilities, and many entrepreneurs handle their own accounting to save money. But is this the best decision for your business? Hiring an accountant can save you money in the long run and free up your time to focus on other aspects of running your business. How much will…
Business owners must file taxes yearly, and hiring a CPA can be a cost-effective solution to avoid the year-end tax filing scramble. However, the cost of hiring a CPA can vary. It’s worth reviewing the factors that affect the cost of hiring a CPA to determine whether it’s worth it to hire a CPA for…
Accountants are human and make mistakes just like the rest of us. The bad news is that when they do, it can cost you. Depending on the nature of the mistake, there can be legal and financial repercussions, and you could end up paying for an error that wasn’t your fault. The good news is…
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…