You just recently had your personal and/or business taxes filed and now you’re reviewing your previous year’s expenses and asking yourself why couldn’t I write off that gift I bought my client? Or that meal? As a general rule, a business can write off any ordinary and necessary expense it incurs. These are quality questions that you wish you had someone to explain to you. Here are some of the common questions many bookkeepers and accountants are asked during tax season. (more…)
Are you behind in your bookkeeping? Let’s assume that you are behind with your QuickBooks tasks. You haven’t entered data, you have stacks of receipts and some missing ones too, reconciliations…what is that? Your Accounts Payable and Accounts Receivable are outdated and you don’t have the smallest idea if you are making or losing money. Now it’s April and your CPA is asking for year-end information to make estimates. What do you do?
Whether you are preparing your taxes on your own or have a CPA do it for you, it helps to start gathering and organizing your documents now. Here is a short list of some of the most common documents you will need to complete your taxes. What you will need will vary depending on your situation and whether or not you plan to itemize. (more…)
3 Quick Tips…To avoid the new penalties for inaccurate information on returns: