Can you be sure that you’re not making tax planning mistakes for your business? As an entrepreneur, too often you have to wear many if not all the hats and juggle many if not every ball. Which is why it’s not surprising so many entrepreneurs regularly put their tax planning on the back burner. ThisContinue reading “5 Common Tax Mistakes Made by Business Owners”
Tag Archives: growth
A Guide to a Successful Financial Audit for Businesses
The financial audit planning process requires careful bookkeeping and good organization. Auditors typically evaluate a business’s bookkeeping and gather supporting documents that will back the journal entries. On occasion an auditor may even conduct a physical procedure like visiting a facility. If your company doesn’t follow the rules, you may end up with penalties toContinue reading “A Guide to a Successful Financial Audit for Businesses”
Major Differences Between In House Audits and External Audits
While in house and external audit functions are complementary and may need to work closely together, their purposes and areas of focus are different. The Institute of Internal Auditors (IIA) emphasizes that the two functions do not compete or conflict; rather, they both contribute to effective governance. Purpose- An in house audit analyzes and improvesContinue reading “Major Differences Between In House Audits and External Audits”
General Ledger VS General Journal
A double-entry system that uses both a general ledger and a general journal is the best method for checking overall statistics and keeping things running smoothly…and profitably. However, to understand how a double-entry accounting system works it is first important to understand the different functions associated with the general ledger and the general journal whenContinue reading “General Ledger VS General Journal”
Payment App Regulations & Taxpayers
Beginning January 1, 2022 the new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, Zelle, etc. This has led to some confusion for app users, however; this should help you understand how it may (or may not) affect your taxes next year. Prior to this year, payment platformsContinue reading “Payment App Regulations & Taxpayers”
Tax Prep vs. Tax Planning
Tax preparation and tax planning are two different services. Tax preparation is a service that helps to make sure your tax reporting complies with both federal and state tax laws. However, tax planning is a service that assists you in optimizing your tax situation before reporting. The purpose of tax planning is to use legitimateContinue reading “Tax Prep vs. Tax Planning”
Key Items Taxpayers Should Know
We strongly encourage taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include charitable contributions, economic impact payments, and advance child tax credit payments. For online tools, publications, and other helpful resources, taxpayers can visit IRS.gov/getready. Changes to the charitable contribution deduction If you don’t itemize deductionsContinue reading “Key Items Taxpayers Should Know”
IRS Changes to Retirement Plans in 2022
This year, taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost of living adjustments that may affect pension plans and other retirement-related savings next year. The contribution limit for employees who participate inContinue reading “IRS Changes to Retirement Plans in 2022”
Saying Goodbye to 2021
The end of a year is filled with celebration of Christmas and festivities of ringing in a new year. However, for business owners it is also an important time to reflect on your financials, review your last year’s goals, and compare how your year went in regards to your budget and actual numbers. Business ownersContinue reading “Saying Goodbye to 2021”
Daily & Weekly Accounting
Accounting is something small businesses should do on a regular basis. Small business owners often put off accounting when they become busy with assisting customers. However, when audit season comes small business owners will likely spend hours catching-up and trying to identify and resolve any accounting discrepancies. Accounting isn’t a monthly, quarterly, and yearly task,Continue reading “Daily & Weekly Accounting”
TK Accounting & Consulting 