Tag: quickbooksonline
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Year-End Accounting Tips
Year-end accounting is a critical time for businesses to ensure that their financial records are accurate and compliant. It’s a time to wrap up the current year’s financial activities while also preparing for the upcoming year. Here are some essential year-end accounting tips for businesses to consider: 1. Reconcile Your Accounts Bank and Credit Card […]
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TAX EXTENSIONS DEADLINE
TAX EXTENSIONS for 2023 are due October 15, 2024 – Deadline to file your extended 2023 tax return to avoid possible penalties. Silicon Harbor can help with preparing your financials for tax preparation and continue to assist with monthly bookkeeping maitenance. Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice […]
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Payroll Taxes- Information to know
Payroll Taxes- Information to know Payroll taxes are mandatory deductions from employees’ wages to fund social insurance programs. Here’s a comprehensive overview of payroll taxes, including schedules and key information: Types of Payroll Taxes Federal Income Tax Withholding: Based on the employee’s W-4 form and the IRS tax tables. Schedule: Withheld each pay period and […]
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6 KEY MONTHLY BOOKKEEPING CHECKLIST ITEMS
6 KEY MONTHLY BOOKKEEPING CHECKLIST ITEMS Balance your checkbook Review your budget and compare it to your actual spending Reconcile your bank statements Update your contact information for bills, subscriptions, etc. File away any important receipts or documents Check in on your retirement and investment accounts Silicon Harbor Business Services is based in Mount Pleasant, SC. […]
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What is Sensible Investing?
Sensible investing is an approach to managing investments that prioritizes long-term growth, risk management, and financial stability. It typically involves several key principles: Diversification: Spreading investments across a variety of asset classes, such as stocks, bonds, real estate, and cash equivalents, helps reduce the impact of any single investment’s poor performance on the overall portfolio. […]
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All About Owners Equity
Owner’s equity, also known as shareholders’ equity or stockholders’ equity in the context of corporations, represents the residual interest in the assets of a business entity after deducting liabilities. It’s essentially the owner’s or shareholders’ claim on the company’s assets. Owner’s equity is a crucial concept in accounting and finance, as it reflects the net […]
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Tips on tax reduction for businesses
Reducing taxes for your business legally and ethically is a sound financial strategy that can increase your profitability and cash flow. Here are some tips on tax reduction for businesses: Choose the Right Business Structure: The structure you choose for your business (e.g., sole proprietorship, partnership, corporation, LLC) can significantly impact your tax liability. Consult […]
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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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Reasons Why Your Business Needs an Accountant
Do you ever think your business needs an accountant? There is a high percentage of small business owners shutting down after just a year of operation and most of the time it is due to making wrong financial decisions. Most small business owners don’t hire an accountant so they take on all the financial responsibility […]
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Payroll Guide for Small Business Owners
Payroll is the business process of paying employees. Running payroll consists of calculating employee earnings and factoring out federal and state payroll taxes. As a small business owner with employees, you need to know how to do payroll. This payroll guidewill make sure that you’re paying wages properly and stay in line with US tax […]