The Effects Of Poor Financial Data Bookkeeping And How Accountants Can Help
15 October 2017
Owning and operating your own business is an ideal situation for many people. It is the chance for them to be their own bosses and make their own success. However, a lot of people that start their own businesses fail miserably at one very important aspect: financial data bookkeeping. Here are just some of the effects of poor financial data bookkeeping, and how accountants can help.
Your Business is Heading for Bankruptcy
How To Protect Your Business From A Tax Audit
11 October 2017
As a business owner, you might find yourself constantly stressing about taxes. Along with worrying about how much you have to pay, you might also be worried about things like being audited. These are certainly legitimate concerns, and tax audits can happen to any business owner. However, following these tips can help:
Do Your Research
For one thing, as a business owner, it is important to do your research about your tax responsibilities as a business owner.
Small Business Owners: Don't Let These Employee Payroll Mistakes Cost You Money
10 October 2017
Many small businesses don't start out with any employees: it's just the proprietors handling everything themselves. When you reach a point where you have to hire employees, this is a good sign; your business has grown to where you need and can support help. However, this also means that you have to handle a payroll, and payroll mistakes can end up costing you a lot of money if you aren't careful.
How To Report A Gain On The Sale Of A Second Home
5 October 2017
Because of a special provision in federal tax regulations, many individuals pay no income tax on a profit from the sale of their main residence. In addition to a main home, however, some individuals also own a second residence. Unlike the gain realized on the sale of a main residence, a gain realized on the sale of a second home may be fully taxable.
The tax code allows individuals to deduct interest on two homes, as long as the combined mortgage balance is $1 million or less.