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Investment Basics – Understanding Your Gains And Losses

Investing is a fundamental aspect of building wealth and securing financial stability. Whether you’re a seasoned investor or just starting out, understanding the basics of investments is crucial for making …

Avoid Penalties: Understand the BOI Reporting Requirement

The Corporate Transparency Act (CTA) of 2021 mandates that millions of entities report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Beneficial ownership refers to the …

4 Reasons Why Bookkeepers are Worth Every Penny

Why Hiring a Bookkeeper is a Smart Move for Small Business Owners As a small business owner, you’re likely watching every penny. While this financial vigilance is commendable, it might …

2024 Solar Tax Credit: What You Need to Know Before Installation

As a tax professional, I often receive questions from clients about the federal solar tax credit, officially known as the Residential Clean Energy Credit. This tax incentive can provide significant …

Tax Deductible Expenses for Startups

Launching a startup is an exhilarating journey filled with numerous challenges and opportunities. Among the myriad tasks that startup founders must manage, understanding deductible expenses is crucial. Not only do …

Utilizing Energy Credits to Power Up Your Tax Savings

By improving your home to be more energy-efficient, you could score a tax credit of up to $3,200. You’ve got until 2032 to claim that credit for any upgrade you …

What to do if you get audited by IRS

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by IRS …

Separating personal and business expenses

There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be …

10 Money-Saving Tips for Freelancers

While working at home as a freelancer sounds like the ultimate dream for anyone who tires of the rat race, freelancers still have more than their fair share of financial …

Strengthening your balance sheet

Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you …

Tax tips for new business owners

Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, …

8 Common Problems New Freelancers Face

Freelancers in all industries deal with the same problems due to the nature of their work. Typically, freelancers are solo work-from-home contractors that manage every aspect of their business. If …

How to Maximize your Assets before Retirement with Tactical Investing

Risk tolerance, time horizon, and asset allocation – you’ve dealt with these factors for a good part of your life, but now, in the face of retirement, they take on …

How to set payment terms if you’re a freelancer or contractor

Following up on late or non-paying customers is no freelancer’s favorite task. Which is precisely why you need to set payment terms up front – and in writing – before …

The three most important financial reports

While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review …

Reasons to consider hiring a financial planner

For business owners who want financial security now and freedom in retirement, having a financial planner on the team is a must. A financial planner will create a customized, strategic …

Bookkeeping Basics for Small Business Owners

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier …

Insights from your Profit and Loss account

Most small business people would agree that their Profit and Loss account (now more correctly called a Statement of Financial Performance) is among the easier – if not the easiest …

Three Ways an Accountant Can Save You Money

Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring …

Why Bookkeeping is Crucial to Your Success

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current …