Category: Accounting
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Which version of QuickBooks is right for your business?
This post and pricing information is now out of date. Sometimes it is actually useful or necessary to provide a long explanation to a simple answer. I find that is often the case when recommending an accounting system to a small business owner. The best answer for most small businesses is simple and clear. The…
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Sample small matters, financial planning and tax services engagement agreement
This is a sample high-value agreement for ‘piecemeal’ or small matter individual and small business financial, accounting and tax services performed outside of an agreement for comprehensive or ongoing services. The agreement incorporates cost-saving technologies and procedures to save time and money while maintaining a high level of professional service (revised April 4, 2019). Contents:…
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Responding to false tax and accounting advice
I ran across a social media post tonight that was blatantly false. What’s the big deal? We see that every day, right? This specific post on LinkedIn bothered me because the topic was IRS taxes. The post provides entirely incorrect information that a non-professional reader would not likely recognize as false. The author lists advanced…
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The most important tax tip of the year
Take advantage of the most generous part of the Tax Cuts and Jobs Act, known as Section 199A by; 1) Exploring whether your business CAN benefit, and 2) Settling protocol to make sure that your business DOES qualify based on the 184 pages of proposed regulations just released this month. The important thing is to…
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Concern over unsustainable tax policy
Most accountants, as far as I can tell, are concerned about unsustainability of our national deficit spending. This recent tax cut was a big step in the wrong direction. My latest podcast discusses the basics.
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Concern over Tether
I’ve written a series of posts on the theme that investors have good reason for concern about cryptocurrency investments. The latest concern is Tether. Here’s what we know: Tether is the second largest cryptocurrency behind Bitcoin. Tether claims to be backed by US dollars, therefore eliminating market value fluctuation risk. Despite its massive market trading…
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Three QuickBooks insights
Intuit is the world’s leading publisher of tax and accounting software. The company offers both self-serve and professionally assisted platforms. These published insights are useful: 1. QuickBooks dominates QuickBooks is used by 82% of small businesses that use accounting software. The market dominance speaks for itself, 2. Small business prefer getting help Nine out of…
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Simple tip: keep electronic bank statements
This might be the simplest tax tip I ever offer: Download and securely store copies of all your bank statements for all your accounts. Very few individuals and businesses actually do this but in the event of a tax audit, it will save a lot of time and worry. A few other tips along the…
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Accountant’s letter
Please read this if you are required to provide a letter from a Certified Public Accountant. I am pleased to provide accountant’s letters for various purposes. It may be a verification for litigation support or another type of legal proceeding, a letter for a mortgage lender, a bank loan or an employment issue. The American Institute…