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10 Questions To Ask Your CPA

If you are hiring an accounting or tax and business firm, it should go without saying that you have a CPA involved in looking over all of the work. However, not all accounting firms are created e…

Annual Meeting Minutes Can Save You During an Audit or Lawsuit

“Why does the IRS care about my minutes?” Stephanie asked. She was a new consultation and we were coming into an IRS inquiry rather late in the game. She had received a letter from the IRS and had immediately called the name on the form. It took several hours of waiting, but she finally got […]

How to Handle Erroneous Journal Entries in Quickbooks

If you entered the wrong information in a journal entry of Quickbooks, you should consider deleting or reversing it. In the desktop version of Quickbooks, journal entries are used for several different purposes. You can use them to enter transactions of debits and credits; you can use them to transfer amounts between two or more accounts; you can use them to transfer amounts from an equity, asset or liability account to an income or expense account; and you can use them to enter…

How to View Transaction Changes in Quickbooks Using Audit History

As a business owner, it’s important that you monitor your business’s financial transactions on a regular basis. If you don’t know where your money is going, or where it’s coming from, you won’t be able to optimize your business’s operations to achieve the highest possible profits. Using Quickbooks, however, you can easy view transaction changes using the accounting software’s Audit HistoryWhat Is Audit HistoryAudit…

Is Hiring a CPA Worth it? 5 Tips for Getting Your Money’s Worth

Often when people find out I’m a tax accountant, I get asked, “How much does a CPA cost?” It’s like me asking “How much does a home cost?” We all understand that a 1,000 square-foot home in Kansas has a different cost than a 1,000 square-foot penthouse condo in New...

Tax Deductions You Won't Believe

Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative.

4 Practices That Keep a Life Crisis From Creating a Business Crisis

Nurture relationships and practice equanimity while life is calm and you will be prepared to navigate a personal trauma that could upend your business.

Are You Missing Tax Deductions?

EVERYONE thinks about this. Those of you have already filed your personal income tax returns and those still getting their documents together. There are MANY deductions that are missed that general…

You Might Need an Accountant If.....

While there’s never a “wrong” reason or a “bad time” to hire an accountant, you’ll want to make absolutely sure that

5 surprising items you can deduct from your income tax returns

The Value of a Good Accountant

If you are like me, you probably started out in your business doing “shoe box” accounting. Some of you may still be doing it. That is where you put all your receipts, invoices and checks into a “shoe box” and take it to someone to “straighten it out” at the end of the month or end of the quarter. For those of you that really hate the numbers part of the business, you probably wait until April 14 and then take it to…

TurboTax vs. CPA Firms

TurboTax vs. CPA Firms It’s a question that plagues all of us as Tax time approaches. Which method is better? What are some Pros and Cons? Certainly both have their individual benefits. …

How To Calculate Mileage Deduction with Personal Stop

Most of us mix business and personal errands. Learn how to calculate the mileage you need when drives include a personal stop.

5 Common Causes of Prevalent Tax Mistakes

If you want a better tax strategy for the future, chances are you could be doing a better job throughout the year to save on income taxes. The following are mistakes that many taxpayers are liable to make now and in future years.Featured Item: off 1Money: Taxing Times

What Could Get Your Tax Return Audited? Here's What to Watch

When filling out their tax return, some docs wonder how precise they should be, what they can deduct, and what will happen if they make a mistake. Here's the information you need.

Looking for the Truth behind Popular Myths

Information about Looking for the Truth behind Popular Myths.

Understanding IRS tax audits

The IRS may decide to audit your small business to check whether the reported taxable loss, income, deductions, and expenses comply with the federal tax laws. If there was a mistake, your business