Many accountants know that being compliant with sales tax can be a bit tricky, and it can turn out to become an accounting nightmare. There is a lot that goes into place when it comes to preventing errors on your business taxes. A slight error can lead to a tax audit, and this is something many business owners desire to avoid. Here are a few tips on how you can avoid errors in your business taxes. [Read More]
Understanding How To Do Payroll And What To Do If You Can't
You would think that paying your employees would be easy, right? Write a business check, deduct the amount from your business checking account, done. Yet it is not so simple as all that. There is more to payroll than just writing a check. There is also help if you need it, as you shall see below. Deductions Even if you have only five employees to pay, you still have to make deductions. [Read More]
3 Ways To Plan For Your Company's Financial Well-Being
As a business owner, you need to take an active interest in protecting your company's financial well-being. Here are a few actions you can take that will help you drive your business to ensure that you turn a profit and stay in business. #1 Keep Loans & Receivable Payments Separate When you take out a loan, you are going to want to keep that money separate from the money that you bring in from receivable payments. [Read More]
Have You Included Incapacitation In Your Estate Plan?
Most people think an estate plan is for managing what happens to your assets after you pass away. That's an estate plan's primary purpose, but it's not the only purpose. You can also use your estate plan to manage a substantial risk that you could face near the end of your life. It's called incapacitation, and it's the inability to make or communicate decisions due to your physical condition. Incapacitation is often caused by cognitive diseases like Alzheimer's, but can also happen as a result of strokes, heart attacks, cancer, and more. [Read More]