Category: Accounting
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College Pro Bookkeepers
CPA-supervised college students handle remote accounting with great advantages to small business owners. In 1971 a college student named Greig Clark founded College Pro Painters, giving other college students a chance to pay for their schooling and to secure post-graduation careers. I recall that their story was part of the early advertising message and I…
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Would your church or synagogue benefit from a financial tune-up?
Yesterday I finished an engagement setting up a high performance accounting system for a local religious congregation with more than 1,000 members. My total fee was $1,650. The work took about 90 days because of required coordination with the bank and other software systems. They now has a reliable online accounting, verified membership list, automated…
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Tax tip to prevent identiy theft
If you are a small business person operating as a sole proprietor, LLC or partnership then the IRS requires you to provide your business name and address and tax ID along with an attestation statement to anyone who pays you more than $600 during the year. The tax form used to provide this information of…
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Beware ‘house flipping’ sellers
I read an accountant’s story of a client who purchased a $40,000 “house flipper plan” through a seminar buy hasn’t flipped a house yet. I’m guessing that 2017 isn’t looking too good for that strategy. The business has no income, only losses. Now it it time to file the first tax return and the client…
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Warning to small businesses about 1099 filing requirements
Facebook Live video added. Based on a handful of disturbing conversations and online exchanges over the past two days, I feel compelled to send this message to my small business clients: “This year the Internal Revenue Service has moved forward the deadline for filing information returns for payments that businesses made in 2016 to its contractors. Form…
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Easy Button for Small Business Accounting
Forty percent of small business owners said that dealing with bookkeeping and taxes are the single worst parts of owning a company according to a survey conducted by SCORE. Yesterday I spent two hours showing a small business client how to automate most bookkeeping tasks and save thousands of dollars on bookkeeping costs. I introduced our session…
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Have you outgrown your tax preparer?
Fast, cheap, personal, secure online tax filing service. Request a free tax organizer and personal online tax document portal. [contact-form-7 id=”4556″ title=”Boilerplate Contact”]
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How I “wowed” a small business accounting client today
I don’t think that small business accountants have many opportunities to “wow” a client. Marketers would probably say I am short-selling myself on this opportunity and that I could find more ways to impress if I really looked for these opportunities. I get it. But the reality is that daily life of a small business…
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Two changes to tax preparation fees for 2016
The only two significant changes to tax preparation services from 2015 to 2016 stem from changes the IRS implemented to hold tax preparers financially responsibility for tax fraud. IRS knows that a significant amount of fraud comes from two types of tax returns: People who file for refundable tax credits like Earned Income Credit, Child Tax Credit or American…
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Stop wasting time on the worker’s compensation audit
Do you hate worker’s compensation insurance audits? You are not alone. This is an annual time-waster for many small business owners. There is an easy fix. Let me attach the worker’s compensation to you payroll system and a small amount is calculated and withheld each pay period. This eliminates the need for an annual audit…