Accu-Tax and Accounting Co

What Is Bookkeeping? Everything You Need To Know

What is the difference between Bookkeeping and Accounting?

What Is Bookkeeping? Everything You Need To Know Bookkeeping is the practice of organizing, classifying and maintaining a business's financial records. It involves recording transactions and storing financial documentation to manage the overall financial health of an organization. Most businesses use an electronic method for their bookkeeping, whe

Retirement Savings Contributions Savers Credit | Internal Revenue Service

Are you eligible for the Retirement Savings Contributions Credit ?

Retirement Savings Contributions Savers Credit | Internal Revenue Service The Saver's Credit is a tax credit for eligible contributions to your IRA, employer-sponsored retirement plan or Achieving a Better Life Experience (ABLE) account.

Standard Deduction 2022-2023: How Much It Is - NerdWallet

Did you know that even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income you have to pay taxes on.

Standard Deduction 2022-2023: How Much It Is - NerdWallet In 2022 the standard deduction is $12,950 for singles, $25,900 for joint filers, and $19,400 for heads of household. Here's how it works and when to take it.

Is a Hybrid Workplace the Right Move for Your Small Business? - NerdWallet

Why you may want to consider a hybrid workplace:

Is a Hybrid Workplace the Right Move for Your Small Business? - NerdWallet A hybrid workplace may give small businesses an advantage when it comes to recruiting new talent and retaining employees.

The Difference Between Bookkeepers and Accountants - NerdWallet

Do you know what the differences are between a bookkeeper and accountant?

The Difference Between Bookkeepers and Accountants - NerdWallet Bookkeepers are often involved in a business's day-to-day operations, while accountants take a higher-level view.

7 Reasons the IRS Will Audit You - NerdWallet

What are your chances of an audit?

7 Reasons the IRS Will Audit You - NerdWallet What makes your return a target for an IRS audit? Math mistakes, missing income and questionable deductions are some big ones. See the rest here.

How to Choose the Right Business Consulting Team | www.financialhotspot.com

When searching for a business consulting firm to help you achieve your goals, there are multiple factors to consider. Read more below:

How to Choose the Right Business Consulting Team | www.financialhotspot.com Many businesses seek out professional consulting firms for their specialized knowledge and access to digital solutions. While some entrepreneurs are independent risk-takers, it's impossible to know everything there is to know about growing a business. Sometimes, it's wise to seek help from people wi...

Why Would I Need a Trust? | www.financialhotspot.com

The key benefits of considering a trust are included in this article, read more below:

Why Would I Need a Trust? | www.financialhotspot.com Basic estate planning typically begins with a will, which outlines important decisions like who will inherit your property and care for minor dependents after you pass away. However, wills are not always the most efficient option to organize your estate, considering the legal proceedings that must h...

Top Business Tax Deductions You Should Be Aware Of | www.financialhotspot.com

Below, we have rounded up the top business tax deductions that business owners should be aware of. But first, let’s understand what business tax deductions are.

Top Business Tax Deductions You Should Be Aware Of | www.financialhotspot.com Running a business is a lot of work. From overseeing day-to-day business operations to hiring employees, attracting new customers, and directing long-term strategy, business owners have a lot on their plates. Accounting and taxes are among the most demanding functions that business leaders must mana...

If you are presenting a business plan or business loan request to a lender, they will most likely ask for a personal financial statement. You may be required to provide a personal guarantee for part of the loan, or you may need to pledge some of your personal assets to guarantee the loan. If you need to pledge your assets, the personal financial statement will be required so the lender can assess if you have enough assets to cover the loan. It is important to be entirely honest on personal financial statements as lying can result in hefty criminal penalties.

A sole proprietorship is one of the most common small business structures. Under this structure, a sole proprietor runs the business as an individual and reports profits or losses on their individual tax return.

Business Debit vs. Business Credit Card | Kabbage Resource Center

For many small business owners, business debit cards and business credit cards can be go-to options. However, there are important differences to consider and circumstances when one type of card could be a better choice than the other.

Business Debit vs. Business Credit Card | Kabbage Resource Center For many business owners, business debit cards and business credit cards can be go-to options. However, there are important differences to consider.

What Is Continuous Accounting? | www.financialhotspot.com

The concept of continuous accounting is grounded on the following fundamental principles:

What Is Continuous Accounting? | www.financialhotspot.com Continuous accounting is an approach to accounting cycle management that embraces advancements in information technology and streamlines financial processes within the broader corporate structure. It's a new alternative to traditional accounting methods, in which the largest amount of work is done a...

The benefits of hiring a bookkeeper extend to almost every aspect of your business! As bookkeepers, we are bringing you expertise with efficiencies and systems that will save you time and allot for you to place your focus on growing your business! Gain confidence in your numbers by reducing errors and keeping your stress levels down. Not only will it save you money, but it can also help build your profit so you can continue doing what you do best: running your business and enjoying your life!

A financial plan is the most important plan to create when starting a business. Without the funds to launch and maintain your business, it is likely that your business will sputter and die when it runs out of financial fuel. Keep in mind that it takes most new businesses months or even years to begin to make a profit. Therefore, it is essential to have your financial bases covered until you’re able to create a healthy cash flow.

A marketing plan helps you to attract customers to your business and begin to create a revenue stream. You can have multiple marketing plans: one to promote business, one to introduce new products, and one to develop new customer outreach. The initial start-up marketing plan is what you will use to promote your new business. Take time to think through the details of how you’ll track the successes and failures of various marketing tactics to make wiser decisions in future marketing campaigns.

Your business plan doesn’t need to be a massively long document that you never look at again. A functional business plan is a working document that can take many forms and acts more as a flexible action-planning tool than a structured concrete document. At minimum, you’ll need a streamlined plan that focuses on vision, mission statement, objectives, strategies, startup capital, expenses, and projected income. By focusing only on the essential items, you can get down to figuring out your business more productively and determine how to get from Point A to Point B.

Tips for Choosing a Credit Card | www.financialhotspot.com

Researching the different types of credit cards and their benefits can help you make an informed and confident decision. Credit card comparison websites are an excellent resource for this. You can also read reviews of different credit cards to see what other consumers have to say.

Here are a few tips to make it a little easier to choose a credit card:

Tips for Choosing a Credit Card | www.financialhotspot.com Credit cards are a popular way to build your credit score and gain increased financial flexibility. However, it can be hard to decide which card is best for you. You have many choices when it comes to choosing the right credit card, with each option offering a different set of benefits. From rewards...

Challenge yourself to 7 days of saving money! Here are a few tips you can follow to save money on a daily basis.

EAs and CPAs can both be tax experts, and the work they do is often similar, but there are some differences between an EA vs CPA. Here are some basic differences between the two!

As a business owner, you need to know how to file your taxes properly. One common question is if you can file your business and personal taxes together. The short answer: Pass-through entity owners file their personal and business taxes together, and C corporations file separately from their shareholders. For further guidance with your taxes, please contact us today!

Working for Uber or Lyft is about more than just driving. As a self-employed worker, you are treated as a business by the IRS. It’s important to understand the tax implications of your side or full-time gig. Here is a basic guide on how to file your taxes when working for a Rideshare company. Our team is here to help you understand and file your taxes. Please contact us today!

The Most Common Tax Filing Mistakes and How to Avoid Them | www.financialhotspot.com

Minor mistakes on your tax return can cost you a lot of money down the road. For example, you may miss out on significant refunds or wind up owing more taxes than you expected, with added interest and penalties. Moreover, tax return issues can invite scrutiny from the Internal Revenue Service (IRS) and may even trigger an audit. The best defense against these problems is to avoid errors on your return.

Here are some common tax filing mistakes and how to avoid them:

The Most Common Tax Filing Mistakes and How to Avoid Them | www.financialhotspot.com Minor mistakes on your tax return can cost you a lot of money down the road. For example, you may miss out on significant refunds or wind up owing more taxes than you expected, with added interest and penalties. Moreover, tax return issues can invite scrutiny from the Internal Revenue Service (IRS)....

Freelancer Taxes: A Guide for Filing With a Side Hustle - NerdWallet

Lots of people want to work more hours and make a living from their side hustle. But, if you did freelance or independent contract work there are some important tax things that need attention before next April!

https://bit.ly/3TKj6sJ

Freelancer Taxes: A Guide for Filing With a Side Hustle - NerdWallet If you became a freelancer or independent contractor last year, here are a few ways that side gig might shift things this tax-filing season.

Qualified Business Income Deduction (QBI): What It Is - NerdWallet

The qualified business income deduction is for self-employed people & small-business owners. Find out who qualifies here:

https://bit.ly/3V2j6FS

Qualified Business Income Deduction (QBI): What It Is - NerdWallet The qualified business income deduction allows some people to deduct up to 20% of their self-employment or small business income. Here's how to get the QBI.

16 Tax Deductions and Benefits for the Self-Employed

16 tax deductions and benefits for the self-employed. These include things like hiring relatives, purchasing home office supplies with your car (or using it as collateral), conducting business on vacation--the possibilities are endless!

16 Tax Deductions and Benefits for the Self-Employed Running your own business poses risk. Knowing where you can save money is crucial, and there are a number of tax breaks that can help you do just that.

How can I get a copy of my wage and tax statements (Form W-2)?  · FAQ | SSA

Did you know that you can get a copy of wages and tax statements?

How can I get a copy of my wage and tax statements (Form W-2)?  · FAQ | SSA We can give you copies or printouts of your Forms W-2 for any year from 1978 to the present. You can get free copies if you need them for a Social Security-related reason. But there is a fee of $126 per request if you need them for an unrelated reason. You can also get a transcript or copy of your ...

Form 1099-K and Online Payments: The New Tax Rule Business Owners Should Know | www.financialhotspot.com

Form 1099-K and Online Payments: The New Tax Rule Business Owners Should Know

Form 1099-K and Online Payments: The New Tax Rule Business Owners Should Know | www.financialhotspot.com The IRS recently changed the reporting requirements for business payments received through online payment services like PayPal and Venmo. In order to ensure all income from these apps is accounted for, the IRS substantially lowered the threshold for required reporting. Now, if a business earns over....

Must I pay taxes on Social Security benefits?  · FAQ | SSA

Do you have to pay taxes on social security benefits?

Must I pay taxes on Social Security benefits?  · FAQ | SSA NOTE: “Combined income” includes your adjusted gross income, tax-exempt interest income and half of your Social Security benefits.

You can invest more in your 401k and IRA in 2023 — but should you be maximizing your contributions?

Do you know what the contribution limit for employees who participate in 401k is?
https://cnb.cx/3UYOCo7

You can invest more in your 401k and IRA in 2023 — but should you be maximizing your contributions? The IRS is raising contribution limits for 401(k) and IRAs in 2023.

Publication 969 (2021), Health Savings Accounts and Other Tax-Favored Health Plans | Internal Revenue Service

Did you know that contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income?

https://bit.ly/3GfIN1e

Publication 969 (2021), Health Savings Accounts and Other Tax-Favored Health Plans | Internal Revenue Service Publication 969 - Introductory Material Future Developments What’s New Reminders Introduction Comments and suggestions. Getting answers to your tax questions. Getting tax forms, instructions, and publications. Ordering tax forms, instructions, and publications. Publication 969 - Main Contents Heal...

Business owner--this can help you understand the difference between employees and independent contractors: http://ow.ly/t4AQ50K6R0Q

How Secure Is Virtual Accounting? | www.financialhotspot.com

How Secure Is Virtual Accounting?

How Secure Is Virtual Accounting? | www.financialhotspot.com Increasingly, day-to-day business operations are going virtual. In recent years, numerous brick-and-mortar companies have adopted digital business practices to achieve greater flexibility and lessen their dependence on physical offices. This trend has extended to the professional services sector. In...

Offering services through an app? has a Gig Economy Tax Center that offers you tax tips and resources: http://irs.gov/gig

Can you avoid backup withholding?
https://www.americanexpress.com/en-us/banking/online-savings/faq/backup-withholding/

Can First-Time Home Buyers Get a Tax Credit?

Though the first-time homebuyer tax credit is no longer an option, there are many ways you can save money on your taxes as a new homeowner.

Can First-Time Home Buyers Get a Tax Credit? Though the first-time homebuyer tax credit is no longer an option, there are many ways you can save money on your taxes as a new homeowner.

has an online resources to help business owners navigate their tax responsibilities when closing a business. Learn more from this : http://ow.ly/ZOfq50KbJYC

How to Choose the Right Business Consulting Team | www.financialhotspot.com

Tips for Choosing the Right Business Consulting Team

How to Choose the Right Business Consulting Team | www.financialhotspot.com Many businesses seek out professional consulting firms for their specialized knowledge and access to digital solutions. While some entrepreneurs are independent risk-takers, it's impossible to know everything there is to know about growing a business. Sometimes, it's wise to seek help from people wi...

Is HELOC Interest Tax-Deductible?

A home equity line of credit (HELOC) is a common way for homeowners to borrow money at affordable rates by tapping into their home equity. It works similarly to a credit card in that you have a line of credit you're free to draw from as needed and you only owe interest when you borrow. This article explains if the interest tax is deductible.

Is HELOC Interest Tax-Deductible? HELOC interest may be tax-deductible, but it depends on how you plan to use the funds. Find out what expenses qualify and how tax laws changed in 2018.

Accounting troubles? Struggle no longer! We are here to assist you with all your financial needs. Let us help you to set up a prosperous future! When considering accounting, audits, tax consulting, and bookkeeping, one call can make all the difference! Call us today – we look forward to working with you!