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Business Plan – Review and Renew

January 25th, 2012 | No Comments | Posted in Tips & Advice

When you are first start planning and dreaming of beginning your own business, you often spend many hours drafting your business plan. You determine your objectives and market strategies. You lay out the details of your five year plan with goals and milestones to achieve. This document becomes your portrait of the road ahead, and you proudly present it to potential financiers and business partners. It is an important piece in the launching of a new business. Read More »

Natural Disasters Equal ‘Miscellaneous Deductions’

January 20th, 2012 | No Comments | Posted in Tax Tips

If you’re like most people, you’ve looked over the list of deductible expenses listed as Miscellaneous Deductions for your Schedule A Itemized Deductions and seen the casualty and loss item, but have never actually had a loss that fit within those guidelines. That is actually something to be thankful for. The enormous losses that can come from a natural disaster is one of the items that can fit into those guidelines. Losses that you incur as a result of the natural disaster and are not reimbursed by insurance or other means can be used in the calculation of the allowable miscellaneous deduction. Read More »

Saving Your Accountant Time, Saves You Money

January 18th, 2012 | No Comments | Posted in Tips & Advice

This is just common sense, but something that many business owners overlook when preparing their books to send to their accountant for the preparation of year-end financial statements and tax filings. The more accurate and complete your accounting records are, the less time your accountant needs to spend on reconciling and correcting the details before beginning on the reports and taxes. The less time they spend on your books, the less it is going to cost you. Here are some tips to help make sure that your books are as easy to work with as possible. Read More »

Accounting for Bad Debts

January 11th, 2012 | No Comments | Posted in Tips & Advice

One of the unfortunate issues that companies need to deal with at year-end is accounting for bad debts. Bad debts are not an issue for a company that operates on a cash basis; if you haven’t collected the money, then it isn’t included in your income. For companies that keep their books on an accrual basis, however, it is an important part of their year-end process, since you book your revenue as it occurs or is billed out, not when you receive payment. Read More »

10 Tax Saving Money Moves to Consider

January 4th, 2012 | No Comments | Posted in Tax Tips

As another year end approaches, it is time to look at your financial position both in the business and personal realms. December 31st is the magical deadline for most tax saving transactions to be completed. Here’s a basic checklist of possible tax saving money moves that you might want to consider if you haven’t already taken advantage of them during this calendar year. Read More »

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