Tag: financial advisor
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Beneficial Owner Information (BOI) Reporting
Beneficial Owner Information (BOI) Reporting refers to the requirement for certain entities (such as companies, trusts, or other legal structures) to disclose information about the individuals who ultimately own or control them, known as beneficial owners. In many jurisdictions, regulations require businesses to report the identities of their beneficial owners to prevent money laundering, terrorism […]
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How are prepaid expenses adjusted on the general ledger?
How are prepaid expenses adjusted on the general ledger? Prepaid expenses are items that a company has paid for in advance but has not yet consumed or used up. These expenses are initially recorded as assets on the balance sheet because the company has a future benefit from them. To adjust prepaid expenses on the […]
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Quarterly Estimated Tax Payments
Quarterly estimated tax payments are payments made to the IRS and, in some cases, to state tax authorities, on a quarterly basis to cover your tax liability for the year. These payments are typically required for individuals and businesses that do not have taxes withheld from their income, such as self-employed individuals, freelancers, and business […]
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Common Bookkeeping Mistakes and How to Avoid Them
Common Bookkeeping Mistakes and How to Avoid Them Bookkeeping is a crucial part of running a business, but it’s easy to make mistakes that can lead to financial inaccuracies and potential legal issues. Here are some common bookkeeping mistakes and tips on how to avoid them. 1. Not Keeping Receipts Mistake: Failing to keep receipts […]
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Sensible Investing Benefits
Sensible investing offers several benefits, both in the short term and over the long haul: Risk Management: Sensible investing focuses on diversification, which spreads out risk across different assets, sectors, and geographical regions. This helps mitigate the impact of any single investment performing poorly. Consistent Returns: By avoiding speculative or overly volatile investments, sensible investing […]
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The importance of internal bookkeeping audits
Internal bookkeeping audits, often referred to as internal financial audits or financial statement audits, are a vital component of an organization’s financial management and reporting processes. These audits involve an independent and systematic examination of an organization’s financial records, transactions, and accounting practices. The importance of internal bookkeeping audits can be understood through the following […]
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A Guide To Sending Out 1099s
Sending out 1099 forms is an important tax-related task for businesses in the United States. These forms are used to report payments made to non-employee service providers, independent contractors, and other individuals or entities. Here’s a business guide to sending out 1099s: Determine Who Needs a 1099: Identify all individuals or entities to whom your […]
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Level up your Small Business
Starting a business is great! It’s fun, exciting, and can be very promising. Just like any new venture, the thrill can be addicting. All startups begin this way but only those that persevere can keep it going. Let’s say you’re startup has been going for a while now and you’re seeing some pretty good results […]
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Common Errors in Tax Preparation
Mistakes can happen when you’re preparing your taxes, even with all the technological automation on hand. A good way to avoid the oversight is to keep a list of common errors that can happen when making your report. •Assuming the wrong due date•Confusion over the most advantageous filing status•Not claiming the Earned Income Tax Credit•Failing […]
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Guide to Tax Returns for Small Business Owners
Tax season may come as a challenge if you’re a small business owner and most will find it to be such a headache. If this is your first tax season, you will need to check out this guide to tax returns. Prepare your documents to be filed accurately and in a timely manner so that […]