A bookkeeper records your daily transactions, reconciles your accounts and keeps your books current. A CPA is a state-licensed professional who has passed the four-part Uniform CPA Exam and can plan your taxes, review your financials and represent you before the IRS....
Most small businesses need a professional bookkeeper once they add payroll, collect sales tax, or spend more than 5 hours a month on their books. Another clear sign is falling more than 30 days behind on reconciling your bank accounts. A bookkeeper keeps your records...
Switching your bookkeeping to a professional team takes three steps. First comes an honest, no-judgment review of your current books. Next is a handoff where the accounting team does the cleanup and setup. Last, you get a short list of approvals. The best time to...
Proactive bookkeeping means closing your books every month, not once a year. Reconcile your accounts, categorize your transactions, and review your financial statements with your CPA within 15 to 20 days after each month ends. Businesses that wait until March, just...
A tax return only reports decisions you already made – a proactive tax strategy creates them. Business owners who plan ahead can deduct up to $1,250,000 in equipment purchases under Section 179, claim a 20% deduction on qualified business income, and contribute...
Yes, if you expect to owe $1,000 or more in federal tax this year and it isn’t already covered by withholding, you’re required to make estimated tax payments. This applies to anyone with income from interest, dividends, capital gains, rental property,...
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