Dodging Tax Penalties

Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the impact they can have on their wallet. As tax season approaches, let’s look at some of the more commonly encountered…
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How to Check Your Credit Report for Evidence of Identity Theft

Imagine finding the home of your dreams. It's the perfect location, the perfect style, even the perfect price. Excitedly, you start the loan application process. You know this part of the process will be easy since you've always paid your bills…

Individual Taxpayer Identification Number (ITIN)

Find out the new procedures for getting an Individual Taxpayer Identification Number (ITIN). You can also go to www.irs.gov/itin

10 Ways To Protect Yourself From Online Identity Theft

Identity theft is becoming a bigger problem as more and more people are making the internet a bigger part of their lives. You may not think that an accounting or tax firm should worry about identity theft, but it is a major problem for us these…
small business planning

Give Your Business a Boost in the Coming Year

The New Year is right around the corner. Before it’s upon you, why not make a plan right now to give your business a boost. Give yourself and edge and start planning now. Step #1 - Review the data. Spend some time reviewing your business…

Smart Hiring Check List

Your business’s assets aren’t just the financial and physical objects owned by the company. In fact, the most important business assets the company possesses are the employees hired to get business done. The hiring process should include…
Depreciation

Depreciation

Depreciation is a term we hear about frequently, but don't really understand. It's an essential component of accounting however. Depreciation is an expense that's recorded at the same time and in the same period as other accounts. Long-term…

Inventory and expenses

Inventory is usually the largest current asset of a business that sells products. If the inventory account is greater at the end of the period than at the start of the reporting period, the amount the business actually paid in cash for that…
accounts receivable

Revenue and receivables

In most businesses, what drives the balance sheet are sales and expenses. In other words, they cause the assets and liabilities in a business. One of the more complicated accounting items are the accounts receivable. As a hypothetical situation,…